August 2019 | Decker, Farrell & McCoy, LLP

Pass It On: Accounting Tips to Share With Kids

It’s never too early to helps kids understand accounting – the concepts of earning and spending. Here are a few ways to teach your little ones about how money works and even have a little fun.Play Money GamesOne way to explain the principles is by playing games like Monopoly and The Game of Life. However, if you want to be more homegrown and less commercial, bake some cookies, bag and price them, and turn your kitchen into a store. You might even get a toy cash register and calculators to [...]

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

How the Accountant Role has Morphed with Technology, and What New Skills are Necessary

Accountants are no strangers to inventions. Known inventions such as the abacus, calculators and computers have helped complete tasks quickly and in less time. However, today’s technology is complex and is reshaping the world of accounting. Such new technologies include big data, cloud computing, artificial intelligence, block chain, payment systems, mobility and social collaboration, among many others.How Technology has Changed the Accounting IndustryAccounting, a traditional field, has not been immune to technological innovations. Initially, an accounting department would rely on IT leaders to make its technology decisions. Today, CFOs are [...]

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

3 Big Tax Issues to Look Out for in Your Estate Plan

There are three big tax issues that can derail an otherwise well-executed estate plan. These include Family Limited Partnerships, Revocable Trust Swap Powers and Trust Situs. Below we explore the pitfalls with each issue.Fixing FLPsFamily Limited Partnerships (FLP) are often created to hold investments or business assets in order to leverage a valuation discount, exert control and provide asset protection.First, to understand the valuation discount, take the example in which an FLP owned a family business valued at $10 million. A straight 25 percent interest in this business would therefore [...]

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

How Will the July 17, 2019 Beige Book Impact the Economy?

The Federal Open Market Committee (FOMC) recently met at the close of July, bringing to light many questions on the Federal Reserve’s future monetary policy.While there was much speculation that the Fed would lower the federal funds rate at its most recent meeting, there are many factors impacting this decision. One relevant factor is the Beige Book. Understanding what the Beige Book is and how it’s factored into the FOMC’s decisions gives us a better understanding of our economy. What is the Beige Book?According to the Board of Governors of [...]

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

Understanding and Applying Accounting Reports and Ratios

When it comes to tracking incoming sales and outgoing expenses, there are many ways businesses can keep up with their invoices and implement strategies to reduce the time they spend on unpaid sales.Accounts Receivable Turnover RatioSimply defined, the accounts receivable turnover ratio is a way of showing what percent of a company’s receivables or invoices are paid by clients. The U.S. Small Business Administration explains this ratio is determined by "dividing average accounts receivable by sales." Determining average accounts receivable is done by adding the beginning and ending figures -- be [...]

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

Proposed Changes For Retirement Plans

Laws regarding retirement savings plans don’t change all that often or all that much. Occasionally, new regulations are issued mandating disclosures that no one ever reads – and inflation-adjusted contribution limits tend to inch up each year. However, there is one phenomenon that has been increasing over the past decade, and Congress is finally starting to address it.This phenomenon is that retirees are living much longer than in the past. According to Olivia Mitchell, Wharton professor of business economics and public policy, demographers have reported that the baby who will [...]

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

Relief for Immigrants, Attempts to Deter Foreign Election Interference and Failed Resolutions to Condemn Foreign Arms Sales

Emergency Supplemental Appropriations for Humanitarian Assistance and Security at the Southern Border Act, 2019 (HR 3401) – This legislation provides $4.5 billion in emergency supplemental appropriations to federal departments and agencies for humanitarian assistance and security to respond to migrants attempting to enter the United States at the southern border for the rest of the fiscal year. This funding is available for appropriations for U.S. Customs and Border Protection, U.S. Immigration and Customs Enforcement, the Federal Emergency Management Agency, and the Department of Health and Human Services for the Administration [...]

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