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Author Archives for Service2Client

  • Securing Your Identity: The Role of Decentralized Identity Systems in Data Breach Prevention

    Posted Date October 1, 2023 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min readData breaches have been on the rise as cybercriminals keep coming up with new ways to steal user-sensitive information. Just in the second quarter of 2023, 110.8 million user accounts were breached. Of these accounts, 49.8 million were from the United States, accounting for 45 percent of the global figure. However, amid the rising threats, a revolutionary concept known as decentralized identity systems has created a solution to reduce data breach cases. Data Breaches and the Current State of Identity Management A data breach happens when unauthorized individuals or entities gain access to sensitive information, often... View Article

  • Common Financial Reporting Mistakes and How to Correct Them

    Posted Date October 1, 2023 Posted Time 12:00 am Published in

    🖨 Print⏱ 3 min readWith accounting fraud and financial reporting mistakes creating a lack of confidence, understanding how financial reporting mistakes occur and are detected is an important topic. According to the Association for Federal Enterprise Risk Management and the U.S. Securities and Exchange Commission, the first nine months of 2018 saw 8.8 percent more accounting fraud enforcement action cases versus 2017. Controls are procedures implemented to lower the chance of financial reporting issues. While these mechanisms are meant to prevent an overload of problems, they are not always foolproof. Corporations also are required to show that sufficient financial oversight... View Article

  • Work and Social Security Benefits

    Posted Date October 1, 2023 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min readYou can work and still receive Social Security benefits, but how much you receive depends on a number of factors. First, if you do plan to continue working after becoming eligible to receive benefits, you might consider delaying filing for benefits for as long as possible. That’s because the earlier you begin drawing benefits, the lower the amount you will receive. In fact, your monthly payout will be permanently reduced from what you’ll receive if you wait until full retirement age (FRA). Your FRA depends on the year you were born (note that for people born... View Article

  • IRS Announces End of Unannounced Taxpayer Visits (Mostly)

    Posted Date September 1, 2023 Posted Time 12:00 am Published in

    🖨 Print⏱ 3 min readYou wake up in the middle of the night. Heart racing, drenched in sweat, and breathing heavily. Thankfully, it was just a nightmare when the IRS showed up at your doorstep unannounced. Recently, however, this was the reality for some taxpayers – and not just a bad dream. The IRS just publicized a significant shift in policy, effectively ending the vast majority of surprise taxpayer visits. The change comes in an effort to create safer conditions for IRS officers as well as ease public concerns. Who’s Knocking at My Door? In order to understand the change... View Article

  • 2021 Vs 2022 Vs 2023 Federal Income Tax Brackets

    Posted Date September 1, 2023 Posted Time 12:00 am Published in

    🖨 Print⏱ 3 min read The US tax system is progressive, meaning that the more you earn the more you pay. For the years 2021-2023 there are seven different brackets for each year (2020 was the same structure as well). Which bracket you are in depends on your taxable income; however, your bracket does not equal your tax rate. Tax brackets work so that you pay part of your income at each level bracket as you move-up in income. In other words, someone in the 32% marginal rate bracket will pay 10% on part of their income, 12% on another... View Article

  • How to Identify and Avoid Cash Flow Pitfalls

    Posted Date September 1, 2023 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min readLooking at expenses for one’s business is essential to reduce cash flow issues. For example, it would show if there’s too much money leaving the business or what type of scenario the business might face if there’s an unexpected and large expense that guts the business’ cash position. Tracking expenses on a monthly basis is one way to determine a company’s financial health.   Estimating sales by starting with last year’s month-by-month figures is one way to start. Looking at credit and cash sales from a business’ monthly income statements provides historical reference. Examining both fixed... View Article

  • Widow/er Social Security Benefits

    Posted Date September 1, 2023 Posted Time 12:00 am Published in

    🖨 Print⏱ 5 min readA widow or widower is eligible for a survivor’s benefit from Social Security even if they never worked – as long as the deceased spouse qualified for benefits based on his or her own income record. Also, note that surviving spouses must have been married to their most current spouse for at least the nine months prior to their passing or for 10 years if the couple was divorced. When Can You Claim? A widow/er may apply for benefits once she turns age 60, age 50 if she qualifies as disabled or if she is responsible... View Article

  • How Businesses Can Leverage Data and Personalization for Targeted Campaigns and Growth

    Posted Date September 1, 2023 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min readMarketing efforts today depend on collecting, analyzing, and leveraging data to make informed decisions. Therefore, business owners need to understand how to harness the power of data and personalization to create targeted campaigns that drive growth. Importance of Data and Personalization in Modern Business Businesses today collect loads of data, enabling them to understand their customers’ preferences, behaviors and interests. The data comes from different channels, such as a business website, emails, or social media. It is then used to identify patterns and trends to make informed marketing decisions. This yields valuable insights that help craft... View Article

  • 2023 Sales Tax Holidays for Back-to-School Shopping

    Posted Date August 1, 2023 Posted Time 12:00 am Published in

    🖨 Print⏱ 3 min readNow that we are heading into the backend of summer, it’s time for many states to host their annual sales tax holidays for returning to-school shopping. Numerous states with sales tax (remember, not all states have a sales tax) provide the reprieve to help families with the cost of annual school supplies and clothing. According to the National Retail Federation, nearly 80 percent of shoppers are expecting increased costs this year versus last year; so more than ever, consumers are looking for ways to save. Furthermore, about two-thirds of back-to-school shoppers take advantage of these tax-free... View Article

  • Insider Threats: Identifying, Mitigating and Preventing Internal Security Risks in Organizations

    Posted Date August 1, 2023 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min readOne of the most devious and often underestimated dangers in cybersecurity comes from within an organization. These dangers originate from individuals within the organization who have access to sensitive data and systems, making them potentially dangerous adversaries capable of causing significant harm. Understanding, identifying, mitigating, and preventing these internal security risks are paramount for safeguarding an organization’s assets and preserving its integrity. What is an Insider Threat? Insider threats are security risks posed by employees, contractors, vendors, or anyone who has access to an organization’s data or systems. Accidental or intentional insiders cause internal threats. An... View Article

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