July 2019 | Decker, Farrell & McCoy, LLP

Disaster Relief Funding, Expanded Benefits for Neglected Vietnam Veterans, and Bipartisan Reforms for the IRS

National Flood Insurance Program Extension Act of 2019 (S 1693) – This bill reauthorizes the National Flood Insurance Program, which was set to expire on May 31, through June 14. The bill was introduced by Sen. John Kennedy (R-LA) on May 23, passed the Senate and the House in one week and was signed into law by the president on May 31.Additional Supplemental Appropriations for Disaster Relief Act, 2019 (HR 2157) – This bill adds $17.2 billion to this year’s budget for supplemental emergency funding available to many federal departments [...]

Service2Client2019-07-01T12:00:07-08:00July 1st, 2019|

New from Apple: iPhone iOS 13 Upgrades, All-New Mac Pro

During its annual Worldwide Developers Conference (WWDC) on June 3, Apple introduced a lot of new technology. Here, we will have a look at iPhone iOS13 upgrades and the all-new Mac Pro.iOS 13The main reason for this upgrade is to have a faster and more secure iPhone. Some of the new features that Apple has added to entice buyers include:New map tools that enable consumers to zoom in on a location and have a tour around the place.A dark mode color scheme that users can switch to, replacing the usual [...]

Service2Client2019-07-01T12:00:06-08:00July 1st, 2019|

How To Use AI For HR

There is a lot of new technology being used to automate functions and save money in large corporations, but many small organizations are shut out of those advancements. This is largely because of the cost, training, knowledge and resources it requires to take advantage of such new technology.But while small business owners might not be able to afford such advances, it’s good to keep up with what’s going on in the tech world – particularly innovations that can help a business owner automate processes and save money on personnel expenses.One [...]

Service2Client2019-07-01T12:00:05-08:00July 1st, 2019|

Why Some People Are Afraid of the Hobby Loss Rules

Many tax advisors are very cautious when it comes to claiming hobby losses – and some would argue overly so. This conservative view stems from the impression that the taxpayer usually loses when challenged by the IRS. While technically true that the odds aren’t in your favor of winning a challenge, the overall risk often works out in the taxpayer’s favor over the long run. Below we’ll look at why tax advisors should start from the assumption of taking the losses.Always a LoserTaxpayers usually lose hobby loss cases. Typically, the [...]

Service2Client2019-07-01T12:00:04-08:00July 1st, 2019|

How Increased Tariffs on Chinese Goods Will Impact Market Earnings

With the Office of the U.S. Trade Representative announcing the increase of tariffs on imported Chinese goods from 10 percent to 25 percent on $200 billion worth of goods, and a directive from the executive branch to increase tariffs on an additional $300 billion in Chinese goods, how will publicly traded companies’ earnings be impacted?According to a May 10 press release from the office of the United States Trade Representative (USTR), tariffs of 10 percent on imported Chinese goods, consisting of $200 billion, increased to 25 percent. The press release [...]

Service2Client2019-07-01T12:00:03-08:00July 1st, 2019|

How to Define and Calculate a Break-Even Analysis

According to data from a U.S. Small Business Administration Office of Advocacy report from August 2018, businesses have varied longevity.Nearly 80 percent (79.8 percent) of business startups in 2016 lasted until 2017. Between 2005 and 2017, the SBA mentions that 78.6 of new businesses lasted 12 months. Similarly, nearly 50 percent lasted at least five years. While there are many reasons why a company goes out of business – one is profitability. Knowing when the business is breaking even and will start making a profit can be accomplished with a [...]

Service2Client2019-07-01T12:00:02-08:00July 1st, 2019|

Financial Tips for Recent College Graduates

Members of the college graduating class of 2017 owed an average of close to $30,000 each in student loan debt. Imagine starting out adult life with that kind of debt load?The prevalence of this type of mounting debt for a 21- or 22-year-old is unprecedented in U.S. history – and all the more reason why young adults need sound financial advice. Financial advisors might not necessarily market to this demographic; instead, waiting until they’re older and have assets worth their while. However, if today’s young adults don’t get off on [...]

Service2Client2019-07-01T12:00:01-08:00July 1st, 2019|