June 2021 | Decker, Farrell & McCoy, LLP

The Biggest Winners and Losers in President Biden’s Proposed Individual Tax Plan

President Biden presented his $1.8 trillion American Families Plan, which focuses on expanding benefits for education, children and childcare. The Biden administration intends to pay for the plan with a series of tax hikes on certain individual taxpayers. Depending on your income and source of wealth, there are some clear winners and losers of this proposal, so let’s look at each and start with those who lose.Losers Under the PlanHigh Earners: The proposed plan would increase the highest individual tax rate from 37 percent up to 39.6 percent. Currently, this [...]

Vaccine Hesitancy: Why We Have It and How It Affects Employers and Employees

According to a Tufts University survey, six in ten of those surveyed are now vaccinated against COVID-19. However, almost 40 percent of the unvaccinated respondents said they won't get the vaccine. Only 28.5 percent of the remaining unvaccinated respondents said they will get vaccinated against COVID-19 in the future, with the remaining unvaccinated respondents unable to decide whether they will take the vaccination. With vaccine hesitancy a concern, how can employers encourage more people to get the vaccine?It is important to understand why some view vaccines skeptically in order to [...]

6 Ways to Make Saving Money Fun

Let’s face it. Saving money is a challenge at best – and really hard the rest of the time. But what if you made it a fun game to inspire yourself to save? Here are a few ways to do just that.Keep the Change ChallengeAnytime you receive or find loose change in your pockets or house, put it in a jar. Don’t touch it for a year, and then see how much you save. But here’s a great plus-up for this habit: download a money-saving app like Acorns and watch [...]

How to Choose the Right Accounting Software for your Business

Business accounting activities can be tedious when performed manually and are prone to errors. For these reasons, many businesses have shifted to accounting software that offers numerous benefits, including data accuracy, time savings, easier auditing and on-demand reports.With so many available options, it’s overwhelming to choose the right fit for a particular business. As more software vendors join the market with different enticing offers, it’s wise to be equipped with the right information.Making a Decision Between Different Accounting SoftwareEach business is different and varies with industry. For efficient accounting operations, [...]

Addressing Hate Crimes, Banks Serving the Cannabis Industry and Unilateral Power to Restrict Immigration

Comprehensive Debt Collection Improvement Act (HR 2547) – This bill would expand financial protections and restrictions on debt collection activities for consumers, in particular for private student loans and medical debt. The legislation would require lenders to discharge private student loan debt if the borrower dies or becomes permanently disabled. It would prohibit consumer reporting agencies from adding any information related to certain situations, such as debt arising from a medically necessary procedure, and restrict certain debt collection practices.The bill was introduced by Rep. Maxine Waters (D-CA) on April 15. [...]