April 2022 | Decker, Farrell & McCoy, LLP

What Every Taxpayer Needs to Know This Season

The IRS is currently suffering a severe backlog in processing returns from 2021 for the 2020 tax year. As of Dec. 31, there were still more than 6 million unprocessed individual returns with notices and pending refunds. There are a few things every taxpayer should know that can help them navigate any delays in filing or speeding up the process to make filing this year as smooth as possible.Pass on the PaperNothing speeds up the process like electronic filing. Despite the uptick in electronic filing over recent years, the agency [...]

Considerations When Selling a Business

According to the U.S. Small Business Administration and Project Equality, 60 percent of business owners plan to cash out of the business in the next 10 years. For the baby boomer generation, it's especially important as they contemplate retirement, with this generation reportedly owning 2.3 million businesses. When it comes to getting a business ready for sale, there are many components to review and get organized before looking for prospective buyers.The first thing owners looking to sell their business are being asked is why they're selling. This may occur for [...]

The 50/30/20 Budgeting Rule Explained

You may or may not have heard of the 50/30/20 budgeting rule, but it’s a good one – one that will help make organizing your finances a lot simpler. The basic idea is to divide up your after-tax income and allocate it to spend this way: 50 percent on your needs, 30 percent on wants and 20 percent on savings. Below are more details on how to do this.Spend 50 percent on needs. These bills are those that are necessary for survival, such as rent/mortgage, groceries, utilities, health care, insurance [...]

The Rise in Ransomware Attacks and How to Keep Safe

Cybersecurity experts estimate that there is a ransomware attack every 11 seconds. This makes it a challenge to individuals, businesses and even governments.In ransomware attacks, cybercriminals encrypt a victim's network or data, making it inaccessible until a ransom is paid. Despite organizations' efforts to reduce the attacks, cybercriminals also are advancing their attack methods. For instance, an organization may have backups they can use to restore their systems, but the criminals also demand ransom not to publish the sensitive company information they have in their possession.Ransomware is not a new [...]

Banning Masks, Banning Russian Oil, Making Lynching a Federal Hate Crime and Saving Sunshine

Blog, Congress at Work

Banning Masks, Banning Russian Oil, Making Lynching a Federal Hate Crime and Saving Sunshine

Consolidated Appropriations Act, 2022 (HR 2471) – This legislation will fund the federal government through September 2022, but also includes a plethora of other bills folded within for the purpose of quick passage by both the House and Senate. Among them is the reauthorization of the Violence Against Women Act and the allocation of $13.6 billion in additional aid to support Ukraine in its conflict against Russia. The bill was signed into law by President Biden on March 15.STANDUP Act of 2021 (S 1543) – STANDUP is the anacronym for [...]

Service2Client2022-04-01T12:00:01-08:00April 1st, 2022|