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It’s that time of year again. Halloween has just come and gone – and now we’re hurtling headlong into Thanksgiving and Christmas. For holiday shopping, it’s tempting to turn a blind eye and put everything on your credit cards. However, if you don’t want to have a financial hangover in January, February (and so on), you might want to take a look at these tips. Create a Budget and Stick To It The earlier you sit down and do this, the better. Decide on a financial cap per gift per person, then shop. Then, get creative. For instance, what if you bought a pre-loved itemRead More →

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Social media has evolved from a simple networking platform to a powerful business tool. Businesses today use these platforms with billions of active users worldwide to connect with their target audience. Social media allows businesses of all sizes to reach audiences in a way that traditional advertising, such as print or television, cannot. The Role of Social Media Marketing in Business Growth Social media marketing uses social media platforms such as Facebook, LinkedIn, Instagram and TikTok to promote a business’ products or services. This is done through sharing content like posts, videos and ads to engage a targeted audience and eventually make sales. With 5.22Read More →

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Enhanced Presidential Security Act of 2024 (HR 9106) – During an election year, the Department of Homeland Security identifies major presidential and vice-presidential candidates in consultation with a committee of congressional leaders. This bipartisan bill instructs the U.S. Secret Service to use the same criteria for establishing the level of protection for major candidates as provided for presidents and vice presidents. The bill was introduced by Rep. Michael Lawler (R-NY) on July 23. It passed in the House on Sept. 20, in the Senate on Sept. 24, and was signed into law by the president on Oct. 1. COCOA Act of 2024 (HR 6513) –Read More →

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Looking at accounting and journal entry considerations, if accounts receivables are debited and revenue is credited, it can be interpreted as the business recognizing revenue without the customer paying. As such, the U.S. Securities and Exchange Commission (SEC) sees the potential for intentional manipulation of earnings. It is important to review this type of transaction to see how the U.S. government and accounting standards treat deviations from these activities. Defining Bill-and-Hold Arrangements This type of agreement permits sellers to recognize revenue before delivery is made. Instead of shipping the product first, the seller bills the customer first, and delivery is arranged for a future date.Read More →

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Former President and current candidate Donald Trump introduced a new policy of his in a recent Arizona rally: No more income tax on overtime pay. This follows both Trump and Vice President Harris’ proposal for a no income tax on tips policy, as well. Below we will look at the two recent proposals and what they could mean for both taxpayers and businesses. No Tax on Tips The no tax on tips policy looks to lighten the tax burden on service industry workers. According to the Fair Labor and Standards Act, anyone who “customarily and regularly” receives $30 or more in tips per month isRead More →

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Analyzing a company’s Accounts Receivables is an effective way to measure its current cash flows and the likelihood of maintaining healthy cash flows. According to the U.S. Chamber of Commerce’s Small Business Index (Third Quarter 2024), 68 percent of small business owners reported being content with their third quarter cash flow performance. This illustrates the importance for small business owners to do everything possible to maintain healthy cash flows, including evaluating the quality of accounts receivables (A/R). Defining Accounts Receivables This account or line item on the balance sheet gives the business’ managers/owners and investors a measure on how much money a business expects toRead More →

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Step 5: Estate Plan The value of an estate plan is twofold. Yes, you want to pass your assets on to heirs in a seamless and tax-efficient manner. But it is also a roadmap to help your heirs understand the full breadth of your assets, where they are located, and how they should be disseminated according to your wishes. Two important components of your estate plan come into play before you pass away. The first is a Power of Attorney. This document appoints someone you trust – a relative, a friend or a custodial like a bank – to handle your finances on your behalfRead More →

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Annuities are one of many products that folks have in their nest egg. But first, what exactly is an annuity? Simply put, it’s a contract with an insurance company that promises to pay the buyer a steady stream of income in the future. It can be either a fixed or variable income stream. The term “annuity” can also refer to a sum of money payable yearly or at other regular intervals. There are some things to know before you charge headlong into putting your assets into an annuity. So, here are a few watch outs to consider before you head in that direction. Ask the Right QuestionsRead More →

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Annuities are one of many products that folks have in their nest egg. But first, what exactly is an annuity? Simply put, it’s a contract with an insurance company that promises to pay the buyer a steady stream of income in the future. It can be either a fixed or variable income stream. The term “annuity” can also refer to a sum of money payable yearly or at other regular intervals. There are some things to know before you charge headlong into putting your assets into an annuity. So, here are a few watchouts to consider before you head in that direction. Ask the Right Questions FirstRead More →

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As technology evolves, so have data breaches, which have become a significant threat to businesses of all sizes. We frequently hear reports of high-profile attacks on major organizations, global corporations, and even government agencies. Emerging technologies such as generative artificial intelligence and machine learning make cybersecurity more challenging. They enable cybercriminals to automate attacks, create sophisticated phishing schemes, and develop advanced malware to evade traditional security measures. Hence, companies have no choice but to change how they approach cybersecurity. To deal with these modern threats, Zero Trust security models are gaining widespread adoption as the preferred standard for effectively protecting against data breaches. What isRead More →