5 Money-Saving Ideas for Back-to-School Shopping

Just when you’ve finished spending a bunch on swimsuits and stuff for grilling out, summer’s over and it’s time for the kids the head back to school. How did this happen? Here are some ways to cut expenses while shopping for all those inevitable, seemingly never-ending things that the season demands.Create a BudgetThis might seem like a no-brainer, but it’s worth mentioning and well worth it before you enter headlong and breathless into the frenzy of a superstore. Make a list of the things you need before you leave the [...]

2019-09-01T12:00:07-08:00September 1st, 2019|

The Rise of Biometrics Security and Why You Should Take Precaution

Biometric technology has been on the rise as it promises to make the authentication process more secure and convenient. Unlike passwords and key cards, biometrics are something you will always have, can’t share and can’t forget. This makes the biometric approach convenient and at the same time it has lower password management costs.Biometrics also are said to be difficult to steal or hack; difficult, but not impossible.Any technology can have loopholes that can be exploited, and that’s why you need to understand it well and take precautions if you decide [...]

2019-09-01T12:00:06-08:00September 1st, 2019|

The Five Key IRS Rules of Taxation for Lawsuit Settlements

Coming out on the winning side of a lawsuit as a plaintiff can be a gratifying feeling, especially if there is a financial settlement involved. There is likely a sense of both relief and vindication. Unfortunately, far too often people are in for a shock when they realize that they must pay taxes on the award. You can even be taxed on your attorney fees! However, a little tax planning can go a long way, especially if you do it before the settlement is finalized and the award is substantial. [...]

2019-09-01T12:00:05-08:00September 1st, 2019|

How Will Tariff Developments Impact the Stock Market Going Forward?

According to an Aug. 13 press release from the office of the United States Trade Representative (USTR), there will be a 10 percent tariff levied against $300 billion of Chinese imports effective Sept. 1. The same press release announced a modification, after hearing from the public and business owners, exempting some of the $300 billion in Chinese imports from the 10 percent tariff until Dec. 15.Items Subject to the 10 Percent Tariff on Sept. 1Highlights from the USTR’s list include select types of coffee, fruit, vegetables, insects and bees. Along [...]

2019-09-01T12:00:04-08:00September 1st, 2019|

Payroll Management Tips

When it comes to an employer's responsibility for non-exempt workers, according to the U.S. Department of Labor, there are many requirements businesses must follow related to payroll. In one example, there are strict regulations on what information employers must document for each non-exempt worker. While there's no requirement on how the information is recorded, there are three main categories.Personal details: This should include the employee’s name, complete address, Social Security number, date of birth and gender.Job details: This must include the worker’s job description and hours clocked in each day [...]

2019-09-01T12:00:03-08:00September 1st, 2019|

Lost Inheritance: How To Find a Deceased Parent’s Assets

If you have a relative who recently died and left you in charge of his or her finances, you are not alone. You probably have colleagues at work in the same boat. A neighbor or two (or 10) and even your millennial yoga teacher might very well be working through a quagmire of wills, probates and assets nobody can find. You are definitely not the only one.The internet has made it much easier to keep track of our checking, savings and investment accounts. But the elder generation generally missed out [...]

2019-09-01T12:00:02-08:00September 1st, 2019|

Extending Medicaid Funding, the Debt Limit, Membership into the American Legion, and Support For 9-11 Victims, Law Enforcement Officers, and Breastfeeding Moms

Sustaining Excellence in Medicaid Act of 2019 (HR 3253) – This bill authorizes appropriations through fiscal year 2024 and makes changes to several Medicaid programs and funding mechanisms. Some of the provisions include allowing state Medicaid fraud control units to review complaints regarding noninstitutionalized patients; temporarily extending Medicaid eligibility to protect against spousal poverty for recipients of home and community-based services; repealing the requirement for drug manufacturers to include the prices of authorized generic drugs when determining the average manufacturer price (AMP) of brand name drugs; and excluding manufacturers from [...]

2019-09-01T12:00:01-08:00September 1st, 2019|

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 [...]

2019-08-01T12:00:07-08:00August 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 [...]

2019-08-01T12:00:06-08:00August 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 [...]

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