Taxation of Legal Settlements and Fees

The taxation of legal settlements and fees is a complex topic. While the mechanics to make a proper claim are now easier, the rules are still complex. Below we look at six rules to consider when it comes to the taxation of legal settlements and the deduction of legal fees on your taxes.Taxes depend on the origin of the claim; or in plain English, according to why you are seeking recovery. For example, in a case where the plaintiff is suing another business for losing profits, the settlement would be [...]

2022-03-01T12:00:05-08:00March 1st, 2022|

How Businesses Can Stay Current with the Digital Economy

According to the U.S. Chamber of Commerce, the level of usage and data swirling around the internet is expanding at an accelerating pace. The amount of data on the internet globally during 2020 amounted to 3 trillion gigabytes; and 2022's traffic is expected to increase to 4.5 trillion gigabytes. As a result, the U.S. Chamber of Commerce is concerned about the challenges American companies will have when it comes to business competitiveness.According to a survey from Statista titled “Challenges encountered as a result of digital transformations in global organizations as [...]

2022-03-01T12:00:04-08:00March 1st, 2022|

How to Manage Your Aging Parents’ Finances

Taking over your aging parents’ finances is not easy. But it’s something that can be handled in an organized, compassionate way. Here’s a roadmap that shows how to embrace it and do the right things for everyone involved.Start the conversation early. Right now, your parents might not need any help. They might be handling everything just fine. But there will come a day when they can’t – and they’ll need your help. The National Institute on Aging recommends that parents give advance written consent to designated family members so they [...]

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

What Does the Metaverse Mean for Businesses

Metaverse has become a buzzword with much debate on its potential implications once it is fully realized. As far as businesses are concerned, the metaverse presents new opportunities and challenges, especially for marketing, branding and communication professionals.Understanding MetaverseMetaverse became a hot topic thanks to Facebook announcing its rebrand to Meta in October 2021. However, the metaverse is not new and can be traced back to 1992 in the fiction novel “Snow Crash” by Neal Stephenson. Stephenson used the term to refer to a virtual world where people can do different [...]

2022-03-01T12:00:02-08:00March 1st, 2022|
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Relief for USPS Financial Requirements, Plus Support for Victims of Sexual Harassment and Online Child Exploitation

Amache National Historic Site Act (HR 2497) – This Act was introduced by Rep. Joe Negusa (D-CO) on April 24, 2021. The bill authorizes the Department of the Interior to acquire land in Colorado in order to establish a park called the Amache National Historic Site. It is to be included as part of the National Park System for the purpose of preserving, protecting and interpreting resources associated with the incarceration of civilians of Japanese ancestry during World War II at the Granada Relocation Center, as well as the military [...]

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

2022 U.S. Tax Legislation Forecast

No one knows for sure what 2022 will bring in the form of tax legislation, but there is certain to be some action. Top tax analysts think there are several topics that are likely to come up in 2022. Most predict that a lot of potential changes that were discussed but never made much traction in 2021 will be revisited.Rolling Back Corporate Tax RatesBack in 2017, then-President Trump’s Tax Cuts and Jobs Acts (TCJA) reduced corporate tax rates. While a bid raise them again failed in 2021, many believe there [...]

2022-02-01T12:00:05-08:00February 1st, 2022|

What’s the Future for Measuring Employee Performance?

Yearly performance evaluations just might be heading out the door, according to a recent WorkHuman Analytics & Research Institute Survey. Findings reveal that these appraisals are less than effective and used less often. Based on select findings, 55 percent of employees responded that yearly evaluations don't help them become better in their role. Almost as many, 53 percent, indicated that annual reviews recognize an employee's complete workload. The survey also found that only 54 percent of businesses used annual reviews in 2019, compared to 82 percent of workers saying their [...]

2022-02-01T12:00:04-08:00February 1st, 2022|

8 Ways to Negotiate Medical Bills

According to statistics from the Society for Human Resource Management (SHRM), employer-budgeted healthcare costs increased to an average of $12,792 per employee in 2021. Employees can help keep employer healthcare costs – and their premiums – down by planning ahead and negotiating fees for service.Call Before Your TreatmentWhen you’re busy, sending an email might expedite your request. However, it’s best to stop, take a little time to pick up the phone and talk to a real person. Ask for the hospital’s billing department and get an estimate of how much [...]

2022-02-01T12:00:03-08:00February 1st, 2022|

Importance of Cloud Accounting Certification

Certifications are not a new thing in the accounting industry. However, with new technology trends, accounting departments are faced with the challenge of taking courses in technology in order to carry out their tasks. Many businesses are ditching desktop-based accounting software and turning to cloud-based software. This requires that the users be well-versed with necessary skills to use the cloud accounting solution.What is Cloud Accounting?Among the cloud-based solutions that businesses have adapted is cloud accounting. Cloud accounting has all the functionalities of desktop accounting. However, in cloud accounting all processes [...]

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

Pursuing Voting Rights, Critical Therapies, VA Online Education Benefits and Condemning Forced Labor

Freedom to Vote: John R. Lewis Act(HR 5746) – This act is comprised of two previous bills that were combined and passed in the House using a procedural workaround, then sent to the Senate where it did not pass under current Senate rules. A Senate bipartisan committee is taking action to draft another bill containing components of this one, but it is yet to be seen. This Freedom to Vote Act was designed to expand voting access, standardize voting election laws across the country, and restore provisions of the Voting [...]

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