October 2019 | Decker, Farrell & McCoy, LLP

Debt Relief for Military Service Members, Veterans, Family Farmers and Small Business Owners

Small Business Reorganization Act of 2019 (HR 3311) – Scheduled to take effect starting in February 2020, this new law offers small businesses more agreeable terms when filing for Chapter 11 bankruptcy status. The bill gives owners:More time (90 days) to file a reorganization plan with easier rules for extensionThe ability to retain ownership of the company even if debts are not paid in fullA new formula for debt payments based on projected disposable income over three to five yearsReduced red tape through the appointment of a “standing trustee” (instead [...]

Service2Client2019-10-01T12:00:07-08:00October 1st, 2019|

What is VPN and Why Do You Need It?

The rise in the number of data breaches reported every other day has become a major concern – even to the ordinary internet user. As a result, we have all become aware of the need to maintain privacy while online. One of the measures promising to keep you safe on the internet is the use of a virtual private network (VPN). But before rushing to install one of the many VPNs available, it’s important to understand what a VPN is, why you need it, if it is foolproof and other [...]

Service2Client2019-10-01T12:00:06-08:00October 1st, 2019|

How Parents Can Save Money for College-Bound Kids

No matter how old your children are, it’s always a good idea to start saving for college as soon as possible. (Yes, even when they’re still in diapers.) This might sound overwhelming, especially if you haven’t started, but take heart, it’s never too late. Here are a few things to do before you start saving, as well as smart ways to gather the resources you’ll need.Figure Out How Much College Will CostIs your child interested in a state school? A small private university? Or a trade school? Create a list [...]

Service2Client2019-10-01T12:00:05-08:00October 1st, 2019|

How to Inflation-Proof a Retirement Portfolio

Statistics indicate that the average life expectancy is longer than it used to be, but empirically we see this every day among elderly people who have lived much longer than they probably expected. This phenomenon spotlights a particular component of retirement planning that was not as significant in the past as it is now: long-term inflation.While we’ve not experienced annual inflation rates this century as high as the latter part of the 20th century, inflation can balloon at any time. But what can be even more devastating to a retiree [...]

Service2Client2019-10-01T12:00:04-08:00October 1st, 2019|

Will China’s Recent Soybean Purchase Begin Thawing the Trade War?

With the United States Department of Agriculture’s Foreign Agriculture Service announcing a purchase of 204,000 metric tons of U.S. soybeans by private Chinese importers, there are hopes that the trade war is beginning to dissipate.Seeing that the last significant purchase of U.S. soybeans by China was in June, professional traders see the September acquisitions as a potential weakening of the U.S.-China trade war. With the USDA's Foreign Agricultural Service announcing more than 600,000 tons of U.S. soybeans purchased by private Chinese operators on Sept. 13, 16 and 17, there are [...]

Service2Client2019-10-01T12:00:03-08:00October 1st, 2019|

When Full Costing Accounting Makes Sense

With more than 1.4 million accounting jobs in 2018, according to the Bureau of Labor Statistics, there are many different uses for accountants and their skills. With the need for accuracy and transparency in private and public accounting, one important concept to explore is absorption, or full costing.Absorption or full costing is an accounting method that is used by businesses to determine the complete cost of producing products or services.When it comes to calculating the full cost, there are three main categories taken in account:Direct Costs – How much material, [...]

Service2Client2019-10-01T12:00:02-08:00October 1st, 2019|

How to Get the IRS to Pre-Approve Your Taxes

It might seem odd, but it is possible to get the IRS to give you a straight-forward and binding answer to ambiguous tax positions in advance. How does this happen, you ask? The answer is through an IRS private letter ruling.IRS private letter rulings provide many benefits, but they are not easy to obtain. There are costs, potential delays, and even then, you run the risk of not being granted a ruling. This dynamic might seem odd as the entire point of applying for a private letter ruling is to [...]

Service2Client2019-10-01T12:00:01-08:00October 1st, 2019|