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  • Importance of Fostering Digital Trust in Today’s Businesses

    Posted Date April 1, 2024 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min readModern business today is dominated by digital transactions and interactions. Businesses are increasingly storing customers’ personal information, which is potentially accessible without the customers’ knowledge or consent. Therefore, understanding the significance and implications of digital trust will help businesses foster it, as it is crucial for success.  What is Digital Trust? Digital trust is the faith customers and business partners have in a business’ secure, reliable, and transparent existence on digital platforms. It involves protecting business and customer data, respecting privacy, managing cybersecurity threats, and enhancing transparency around data usage. Customers expect that when they share... View Article

  • Reduce Your Taxes by Putting the Right Assets in Your IRA

    Posted Date April 1, 2024 Posted Time 12:00 am Published in

    🖨 Print⏱ 5 min read Most people know the basic concept that certain types of investment accounts are tax sheltered while others are not. Think 401(k), 403(b), IRA and Roth IRA accounts, for example. What most people are not aware of is how you split your investment positions between your taxable and non-taxable accounts can result in major tax savings. Asset Allocation and Location One of the core principles of investing is to have an appropriate asset allocation that aligns with your risk tolerance and goals. In other words, how much of your investable net worth is in cash, stocks,... View Article

  • Defining Burn Rate, Gross Burn and Net Burn

    Posted Date April 1, 2024 Posted Time 12:00 am Published in

    🖨 Print⏱ 3 min readWhen it comes to any business, but especially for a start-up, it’s essential to determine how long a company can survive before it must declare bankruptcy and/or close its doors. The biggest metric, especially for a start-up, is to determine how much money a company has to keep its lights on. The term “burn rate” is defined as how much money a company spends monthly to maintain its operations. It is essential for a company to know how long it can operate before it begins to generate income and hopefully becomes cash flow positive. It is... View Article

  • Part 1: Pre-Retirement Planning Guide

    Posted Date April 1, 2024 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min readOne of the more insightful quotes of baseball great Yogi Berra was, “If you don’t know where you’re going, you’ll end up someplace else.” When you’re young, first starting out in life and career, the path to professional success and personal fulfillment isn’t always clear. Most people start out on a track and then adjust as they go along — based on what they learn, who they meet, and cultivate their choices given their opportunities. Fortunately, the path to retirement need not be so nebulous. By the time you start thinking about retirement, most people have... View Article

  • Deepfakes and Social Engineering: The New Face of CEO and CFO Fraud

    Posted Date March 1, 2024 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min readTechnological advancements have ushered in a new era of cybercrime, with deepfakes and social engineering tactics at the forefront of fraudulent activities. CEO and CFO fraud has become increasingly widespread, posing significant threats to organizations worldwide. Understanding CEO and CFO Fraud CEO and CFO fraud involves cybercriminals impersonating executives to manipulate employees to transfer funds or sensitive information. These scams often rely on social engineering techniques to deceive unsuspecting victims. While traditional phishing emails used in business email compromise (BEC)might use generic language, sophisticated cybercriminals now leverage deepfakes to make their schemes more convincing. They exploit... View Article

  • U.S. Beneficial Ownership Information Reporting Begins

    Posted Date March 1, 2024 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min read The U.S. Treasury recently enacted a new reporting requirement aimed at quashing illicit financial transactions. The agency believes that corporate anonymity is enabling money laundering, terrorism, and drug trafficking. As part of the 2021 Corporate Transparency Act (CTA), certain companies are now required to report information about their beneficial owners. The goal of the new registration requirements is to create a centralized database of beneficial ownership information. There has been push-back from some lawmakers and small business organizations, citing this as an erroneous regulatory process that just makes life harder for small businesses. Efforts to... View Article

  • Actions Lottery Winners Should Consider

    Posted Date March 1, 2024 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min readWe all have those days when we dream of striking it rich with a winning lottery ticket. Never having to work again while living a life of luxury. While your chance of finding a four-leaf clover is higher than winning the lottery, we can still dream, right? And while we are dreaming, let’s talk about the best ways to deal with landing such a large sum of cash. And since lottery winners have a limited time to claim their prize, it’s important to take prudent steps when managing the money. How Much Do Winners Actually Take... View Article

  • What to Know About the Art Donation Deduction

    Posted Date March 1, 2024 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min readIf you would like to donate artwork to an eligible charitable organization, you might be able to take a deduction on your tax return. However, the rules are complex. There are different requirements for different values, and there are scams you want to avoid that could lead to severe consequences for taxpayers who abuse this deduction. Generally, the deduction for donated art is based on the fair market value of the property. This refers to the price the artwork could reasonably be expected to sell for on the open market. To qualify for the deduction, note... View Article

  • How to be Your Tax Pro’s Favorite Client this Tax Season

    Posted Date February 1, 2024 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min read Why on earth, you may ask yourself, would I care about being a good client to my tax prep professional? I mean, you are a paying client, and aside from treating them with the same decency and respect that you would show any other random person, who cares – right? Wrong! What’s in it for me? Honestly, it’s simply in your own best interest to be a good client. Maintaining a positive relationship with your tax professional can benefit you in numerous ways. Your tax preparer bills you in one of three ways: a flat... View Article

  • Understanding How Variances Vary

    Posted Date February 1, 2024 Posted Time 12:00 am Published in

    🖨 Print⏱ 3 min readVariance analysis is found by determining the difference between what was budgeted and what actually occurred. Additionally, when variances are added together, we get a better picture of how well a company is measuring its performance against expected metrics. It’s also important to be mindful that each metric is measured to determine what the actual cost is versus the industry’s standard cost. Whether it’s materials, labor, electricity, or another metric, if the actual cost is lower than the standard cost for the same quantity of materials, it would be a favorable price variance. However, if the... View Article

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