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Author Archives for Service2Client

  • What Every Taxpayer Needs to Know This Season

    Posted Date April 1, 2022 Posted Time 12:00 am Published in

    The IRS is currently suffering a severe backlog in processing returns from 2021 for the 2020 tax year. As of Dec. 31, there were still more than 6 million unprocessed individual returns with notices and pending refunds. There are a few things every taxpayer should know that can help them navigate any delays in filing or speeding up the process to make filing this year as smooth as possible. Pass on the Paper Nothing speeds up the process like electronic filing. Despite the uptick in electronic filing over recent years, the agency is still buried in paper, receiving almost 17... View Article

  • Banning Masks, Banning Russian Oil, Making Lynching a Federal Hate Crime and Saving Sunshine

    Posted Date April 1, 2022 Posted Time 12:00 am Published in

    Consolidated Appropriations Act, 2022 (HR 2471) – This legislation will fund the federal government through September 2022, but also includes a plethora of other bills folded within for the purpose of quick passage by both the House and Senate. Among them is the reauthorization of the Violence Against Women Act and the allocation of $13.6 billion in additional aid to support Ukraine in its conflict against Russia. The bill was signed into law by President Biden on March 15. STANDUP Act of 2021 (S 1543) – STANDUP is the anacronym for Suicide Training and Awareness Nationally Delivered for Universal Prevention.... View Article

  • Considerations When Selling a Business

    Posted Date April 1, 2022 Posted Time 12:00 am Published in

    According to the U.S. Small Business Administration and Project Equality, 60 percent of business owners plan to cash out of the business in the next 10 years. For the baby boomer generation, it’s especially important as they contemplate retirement, with this generation reportedly owning 2.3 million businesses. When it comes to getting a business ready for sale, there are many components to review and get organized before looking for prospective buyers. The first thing owners looking to sell their business are being asked is why they’re selling. This may occur for many reasons – voluntary or not. Some people are... View Article

  • How to Manage Your Aging Parents’ Finances

    Posted Date March 1, 2022 Posted Time 12:00 am Published in

    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 can discuss personal matters with doctors, financial representatives and... View Article

  • Taxation of Legal Settlements and Fees

    Posted Date March 1, 2022 Posted Time 12:00 am Published in

    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 considered lost profits, and therefore would be ordinary business... View Article

  • What Does the Metaverse Mean for Businesses

    Posted Date March 1, 2022 Posted Time 12:00 am Published in

    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 Metaverse Metaverse 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 activities. As the internet moves to a new... View Article

  • Relief for USPS Financial Requirements, Plus Support for Victims of Sexual Harassment and Online Child Exploitation

    Posted Date March 1, 2022 Posted Time 12:00 am Published in

    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 service of incarcerees at the Granada Relocation Center. The bill... View Article

  • How Businesses Can Stay Current with the Digital Economy

    Posted Date March 1, 2022 Posted Time 12:00 am Published in

    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 of 2020,” there are common challenges that businesses are... View Article

  • How To Maximize the Potential of Your 401(k) Plan

    Posted Date March 1, 2022 Posted Time 12:00 am Published in

    One of the easiest ways to save for retirement is to participate in an employer-sponsored retirement plan. You simply select a percentage of your paycheck that you would like transferred to your 401(k) (or similar) account. Not only does your employer make the transfer for you, but it comes out of your paycheck before income taxes are taken out. This way, you avoid paying taxes on that income from each paycheck, and those taxes are not due until you withdraw the money from your retirement plan. This usually happens once people retire and enter a lower tax bracket. That’s the... View Article

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

    Posted Date February 1, 2022 Posted Time 12:00 am Published in

    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 Rights Act of 1965. Other key provisions include: Making Election... View Article

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