Electric Vehicle Tax Credits and the Future of the Automotive Industry

One highlight of the recently passed Inflation Reduction Act of 2022 (IRA; HR 5376) includes modifications to what is more commonly referred to as EV credits. Specifically, Section 30D of the Act is where the most important modifications are, and where the present tax credit for electric vehicles is spelled out in the U.S. Code. There is also new stimulus for previously owned electric vehicles, industrial vehicles and “alternative fuel refueling property.”According to the Joint Committee on Taxation's estimates, in lieu of what was previously known as the credit for [...]

2022-09-01T12:00:05-08:00September 1st, 2022|

How Cost Accounting Helps Businesses Measure Performance

Cost accounting is a type of accounting that analyzes a business' complete production costs by looking at both variable and fixed costs. This includes the concepts of marginal costing, lean accounting, standard costing and activity-based costing. It's used by a business' management to evaluate fixed and variable costs involved in the manufacturing operations.The initial step is to assess and document such costs one-by-one. Once production is finished, it will contrast projected costs to what actual costs ended up being and see how processes can be improved. Management gleans information on [...]

2022-09-01T12:00:04-08:00September 1st, 2022|

Top Side Hustles

In our current economy, or anytime actually, it can’t hurt to have a side hustle to bring in extra cash. Some of these options can be quite lucrative, but like everything, it takes a little work to create a steady income stream. However, with a little pre-planning, you can do it. Let’s take a look.Become a TutorAre you a math whiz? A wordsmith? History nut? Whatever your specialty, you can earn between $10 and $75 an hour. You might vary your price based on whether you’re tutoring high school, college [...]

2022-09-01T12:00:03-08:00September 1st, 2022|

Risk of Browser Extensions and How to Stay Safe

Web browsers such as Google Chrome, Firefox, Safari and Edge, among others, play an essential role in enabling access to websites on the internet. Most browsers allow users to install extensions, also referred to as add-ons or plug-ins. These extensions are applications or small software modules that add functionality and other useful features to a browser.By means of the extensions, users can carry out various tasks such as password management, cookie management, ad blocking, interface modification, productivity tracking, grammar and spell-checking, etc.However, although the extensions offer different useful functionalities, cybercriminals [...]

2022-09-01T12:00:02-08:00September 1st, 2022|
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Productive Month Passing Domestic Manufacturing and Prescription Drug Allowances, Climate and Gun Violence Mitigation, and Veteran Burn Pit Healthcare Legislation

Inflation Reduction Act of 2022 (HR 5376) – This legislation was originally introduced as the Build Back Better Act, President Biden’s signature bill of 2021. After suffering defeat in the Senate, the bill was later revised with fewer provisions to enhance its likelihood of passage, and renamed the Inflation Reduction Act. The bill authorizes funding for investments in domestic energy production and manufacturing with the goal of reducing U.S. carbon emissions by 40 percent by 2030. The bill provides tax credits for clean energy home enhancements and electric vehicle purchases, [...]

2022-09-01T12:00:01-08:00September 1st, 2022|

Expanding the Net Investment Income Tax

Despite borrowing massive amounts of money, the government still needs to find ways to raise revenue to pay for new programs and spending. The current democratically controlled Congress is looking to potentially implement new social programs and a climate bill. As a way of funding these initiatives, they are considering an expansion of the Net Investment Income Tax (NIIT).The NIIT is proposed to raise revenue since it is seen as politically more palatable, given that it typically only impacts a small group of wealthier taxpayers. Critics, however, say the plan [...]

2022-08-01T12:00:05-08:00August 1st, 2022|

How Businesses Can Mitigate Inflation & Maintain Pricing Power

Whether it's tariffs, trade wars or post-pandemic inflation caused by kink-ridden supply chains and what many experts believe to be excess money printing, inflation is an insidious drag on businesses' operations. When it comes to energy's contribution to inflation, the U.S. Energy Information Administration (EIA) reports that crude and natural gas prices in 2022 have increased on an annualized and weekly basis. Looking at the snapshot of 7/21/2022, WTI crude on the futures market was $96.35 a barrel. This was up more than $26 compared to 12 months ago, and [...]

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

8 Ways to Save on School Supplies

Even though summer is still somewhat in full swing, school will be starting soon. Yes, you heard that right. This means that you probably need to get prepared for the inevitable cash outlay ahead. But it doesn’t have to cost an arm and a leg. Here are some ways to navigate the upcoming expenditures and save a penny or two.Start EarlyWe’re talking a few weeks ahead, if possible. If you wait until the last minute, supplies might run out. You may have to spend time online searching and/or driving from [...]

2022-08-01T12:00:03-08:00August 1st, 2022|

What Are NFTs and How Can Businesses Benefit?

Non-fungible tokens (NFTs) are rising in demand, and some brands are already generating great results in their campaigns and providing a unique experience to customers. As the hype around NFTs continues, businesses need to understand how they can benefit.What is an NFT?An NFT is a valuable digital asset created using blockchain. Unlike cryptocurrencies, NFTs are not mutually interchangeable as each NFT represents a different asset with a different value. Hence, an NFT verifies the authenticity of a non-fungible asset. This means that the purchaser of the asset/product can only use [...]

2022-08-01T12:00:02-08:00August 1st, 2022|

Strengthening the Supply Chain, the Professional Workforce, Cybersecurity and Coastal Ecosystems

Supply Chain Security Training Act of 2021 (S 2201) – This legislation is designed to identify supply chain risks and develop a government program to train federal officials with supply chain risk management responsibilities to prepare and mitigate those risks. The training program would cover the complete acquisition life cycle, including funding for data access and processing as well as appropriate technology and communication vehicles. The bill was introduced by Sen. Gary Peters (D-MI) on June 23, 2021. It passed in the Senate on Jan. 11 and in the House [...]

2022-08-01T12:00:01-08:00August 1st, 2022|