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  • IRS Plans to Shake Up Leadership

    Posted Date January 1, 2024 Posted Time 12:00 pm Published in

    The top leadership in the IRS is set to change. IRS Commissioner Daniel Werfel believes the changes are needed for the agency to meet its new goals. He aims to create greater flexibility and efficiency over the agency by streamlining internal processes. The changes also are needed, in his view, to adapt to the evolving landscape around tax administration – which has undergone changes due to new tax laws and technology. What Are the Changes? Changes to the organizational structure include reducing the Deputy Commissioner post to a single position (there are currently two); as well as creating four new... View Article

  • Documenting Fiduciary Accounting Practices

    Posted Date January 1, 2024 Posted Time 12:00 pm Published in

    Fiduciary accounting, which is also referred to as court accounting, is a way to document and report financial activity during a discrete period of time for legal entities, such as a conservatorship, estate, trust or guardianship. It’s meant to give adequate notice to all relevant parties when it comes to every consequential financial activity impacting the administration that occurred over the accounting time frame. It shows every disbursement and receipt that is managed by the legal entity’s fiduciary. It accounts for transactions beginning with the initial funding or principal, and the resulting future transactions, including income. When it comes to... View Article

  • Considerations For Paying Off a Mortgage Early

    Posted Date January 1, 2024 Posted Time 12:00 pm Published in

    For many, buying a home is the biggest asset they will ever own. However, you aren’t able to fully benefit from that asset until you pay off the mortgage; until then it is technically a liability. The most common length of a mortgage loan is 30 years, but most people either sell their home, refinance their mortgage – or even pay it off before the end of that term. What are the pros and cons of paying off a mortgage early? Obviously, you no longer have to make monthly payments, so money can be directed elsewhere. It is advisable to... View Article

  • How a No-Spend January Can Kickstart Your New Year

    Posted Date January 1, 2024 Posted Time 12:00 pm Published in

    Here we go again. The new year is approaching and those resolutions are staring us in the face – and the most common? Saving money. In fact, according to YouGov, this is the most important resolution for American adults. Now certainly, you can’t not spend money in January (you have to eat), but the idea is to rid yourself of any unnecessary cash outflow so you can kickstart the year with some solid financial habits. Limit Trips to the Store Of course, you’ll need food, toiletries and general household staples, but here’s your chance to step back and make lists,... View Article

  • Technology Trends for Businesses to Watch in 2024

    Posted Date January 1, 2024 Posted Time 12:00 pm Published in

    The unrelenting advancement of technology is still going strong even as we enter 2024. The business landscape is poised for transformative changes, driven by ongoing developments that demand organizations to be innovative and adaptive. Below, we explore some key technology trends that businesses should keenly observe to remain competitive. 1. Artificial Intelligence (AI) Advancements: Unlocking New Possibilities The year 2023 witnessed widespread adoption of generative AI in various applications, from design tools to search engines and office software. This transformative shift changed the way businesses interact with technology. Continued integration of AI is expected to redefine automation, decision-making processes and... View Article

  • Relaxing Small Business Accountability and Supporting Veteran Homelessness and Substance Abuse Disorders

    Posted Date January 1, 2024 Posted Time 12:00 pm Published in

    A joint resolution providing for Congressional disapproval under Chapter 8 of Title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to Small Business Lending Under the Equal Credit Opportunity Act (SJ Res 32) – This resolution was introduced on June 13 by Sen. John Kennedy (R-LA). It nullifies a rule issued by the Consumer Financial Protection Bureau (CFPB) that requires financial institutions to collect and report credit application data for small businesses to the CFPB. The bill passed in the House and the Senate on Dec. 1, but President Biden has threatened... View Article

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