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Author Archives for Service2Client

  • How Businesses Benefit from Big Data Analytics

    Posted Date February 1, 2020 Posted Time 12:00 am Published in

    Previously we looked at the key technology trends in accounting to watch out for in 2020. Among the trends are big data and data analytics, which can have a great impact on businesses. Business data has existed for a long time, whether in filing cabinets, ledgers or storage devices. But today businesses both large and small have to deal with huge collections of data every day. This has seen the rise of data analytics trends that include deep learning, machine learning and dark data. Unfortunately, small and medium businesses (SMB) have to struggle with making a decision on implementing data... View Article

  • Protecting TV Viewers, Whistleblowers and Supreme Court Justices; New Status Provisions for Immigrant Workers; and OTC Drugs

    Posted Date January 1, 2020 Posted Time 12:00 am Published in

    Reauthorizing Security for Supreme Court Justices Act of 2019 (HR 4258) – This bill reauthorizes the Marshal of the Supreme Court and the Supreme Court Police to protect the Justices of the Supreme Court, their employees and official guests outside of the Supreme Court grounds. The legislation was sponsored by Rep. Greg Stanton (D-AZ). It was introduced on Sept. 9, 2019, and signed into law by the president on Nov. 27, 2019. Farm Workforce Modernization Act of 2019 (HR 5038) – This bill amends the Immigration and Nationality Act to provide for terms and conditions for nonimmigrant workers performing agricultural... View Article

  • 2020 Tax Brackets, Deductions, Plus More

    Posted Date January 1, 2020 Posted Time 12:00 am Published in

    Beginning on Jan. 1, 2020, the Internal Revenue Service (IRS) has new annual inflation adjustments for tax rates, brackets, deductions, and retirement contribution limits. Note, the amounts below do not impact the tax filing you make in 2020 for the tax year 2019. These amounts apply to your 2020 taxes that you will file in 2021. 2020 Tax Rates and 2020 Tax Brackets Below are the new 2020 tables for personal income tax rates. There are separate tables each for individuals, married filing jointly couples and surviving spouses, heads of household and married filing separate; all with seven tax brackets for... View Article

  • Key Technology Trends in Accounting to Watch Out For in 2020

    Posted Date January 1, 2020 Posted Time 12:00 am Published in

    Technology advances continue to reshape industries and businesses – and the accounting industry is no exception. So far, a lot of repetitive tasks are performed with the help of advanced hardware and software. Even for businesses that do not like change, many find themselves making adjustments due to a generation change in the workforce, marketing demands, regulations and client demand. In any case, technology offers strengths once a business adopts new solutions to the accounting processes. The accounting industry has evolved so much that bookkeeping is no longer just about balancing books; professionals in this field are slowly transitioning into... View Article

  • How to Calculate and Analyze Return on Equity

    Posted Date January 1, 2020 Posted Time 12:00 am Published in

    When it comes to evaluating a business, especially one that is publicly traded, determining its return on equity (ROE) is one way to see how it’s performing. What is Return on Equity? Return on equity is a ratio that gives investors insight into how effectively the company’s management team is taking care of the shareholders’ financial investments in the company. The greater the ROE percentage, the better the business’ management staff is at making income and creating growth from shareholders’ investments.   How ROE is Determined In order to calculate ROE, a company’s net income is divided by shareholder equity. To... View Article

  • 4 Financial New Years Resolutions You Can Actually Keep

    Posted Date January 1, 2020 Posted Time 12:00 am Published in

    Believe it or not, it’s 2020. You’re not just starting a new year, you’re entering a new decade. With this in mind, you might want to make some resolutions that focus on your finances. According to  Psychology Today, 80 percent of resolutions fail by February. If you’re thinking about dieting or eating better, this isn’t very encouraging. However, when it comes to your money, there are some changes you can implement now that will have staying power and won’t be forgotten by spring. Review Your Credit Report This is important for your financial future in many ways, particularly if you... View Article

  • Economic Correlation: Cyclical and Non-Cyclical Stocks

    Posted Date January 1, 2020 Posted Time 12:00 am Published in

    A rising tide might lift all boats, but the same cannot be said for the economy. When the U.S. experiences robust economic growth, certain sectors of the stock market tend to rise while others hold steady or even decline by comparison. The stocks of companies that experience higher revenues are typically categorized as cyclical. In other words, their good fortune rests mainly on consumers being gainfully employed and having ample discretionary income with which to buy more goods and services. Take, for example, auto manufacturers. Sales typically increase when more people can afford to buy a new car. But that’s... View Article

  • The SECURE Act of 2019

    Posted Date January 1, 2020 Posted Time 12:00 am Published in

    The SECURE Act of 2019 is a broad bill with the purpose of increasing access to tax-advantaged retirement accounts in order to prevent retirees from outliving their assets. It mostly impacts those already in retirement or close to it. 1. RMD Relief: Previously, IRA and employer-sponsored retirement plan holders were required to start taking Required Minimum Distributions (RMDs) from age 70½ to age 72. This will give retirees more time to let their savings grow tax-free. 2. More Planning Opportunities for Roth IRAs: The change in the RMD age described above means account holders will have an extra two years to do... View Article

  • Gross Domestic Product: A Primer

    Posted Date December 1, 2019 Posted Time 12:00 am Published in

    The economic indicator known as Gross Domestic Product (GDP) represents the dollar value of all purchased goods and services over the course of one year. It is comprised of purchases from all private and public consumption, including for profit, nonprofit and government sectors. There are four components that are added to calculate the GDP: Consumer spending Government spending Investment spending (this includes business, inventory, residential construction and public investment),   Net exports, meaning the value of goods exported minus the value of goods imported The government calculates and publishes the GDP rate on a quarterly basis and for the entire year.... View Article

  • Practicing Gratitude: A Look Back at 2019

    Posted Date December 1, 2019 Posted Time 12:00 am Published in

    It may be hard to believe, but the end of the year is upon us. During this time, many of us might reflect on the year and tally up the good and the bad, the pros and the cons of the past 12 months. In a society that focuses on success and getting ahead, probably the most common thing to do is zero in on what you didn’t accomplish, or what went wrong. But science tells us that if you’re smart, you’ll look back with gratitude. And the best news is: it’s good for our health. Gratitude Changes Your Brain... View Article

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