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  • New Required Minimum Distribution Rules for 2022

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

    🖨 Print⏱ 3 min readStarting in 2020, new legislation increased the age to begin Required Minimum Distributions (RMDs) from 70½ to 72. More recently, the IRS updated the Uniform Life Table for alignment with longer life expectancies. Note that it takes years for actuaries to work up new data for this table, and the recent changes do not reflect the downturn in life expectancies resulting from the pandemic. These updates were established pre-pandemic and scheduled to take effect in 2022. The good news is that retirees who prefer not to withdraw from their retirement portfolios now have a couple more... View Article

  • Restricting Trade Relations with Russia, Enhancing U.S. Export Pathways, and Bearing Down on Cybercrime and Human Trafficking

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

    🖨 Print⏱ 4 min readSuspending Normal Trade Relations with Russia and Belarus Act (HR 7108) – This legislation suspends normal trade relations with Russia and Belarus. The president may restore normal trade relations pending Congressional approval, and this authority is scheduled to end on the last day of 2023. The bill also permanently authorizes the president to impose visa- and property-blocking sanctions based on violations of human rights, as well as increase duty rates on products from these countries. These actions are designed to condemn Russia’s invasion of Ukraine by urging other World Trade Organization (WTO) members to suspend trade... View Article

  • Why Businesses Should Be Worried About Mobile Security and How to Keep Safe

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

    🖨 Print⏱ 4 min readCybersecurity has become more important than ever, especially with the rise in cyberattacks. However, much focus is put on computers, laptops, servers, etc. Mobile phones and tablets seem to be overlooked when talking about cybersecurity. Today smartphones are integrated into the modern workforce as driven by work at home and remote working. To enhance mobility, these devices are installed with business mobile applications that enable access to company systems. They enable users to conduct different activities on-the-go, such as banking, connecting to company networks, business transactions, and other social operations. However, this is raising concerns about... View Article

  • What Every Taxpayer Needs to Know This Season

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

    🖨 Print⏱ 4 min readThe 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... View Article

  • The 50/30/20 Budgeting Rule Explained

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

    🖨 Print⏱ 4 min readYou may or may not have heard of the 50/30/20 budgeting rule, but it’s a good one – one that will help make organizing your finances a lot simpler. The basic idea is to divide up your after-tax income and allocate it to spend this way: 50 percent on your needs, 30 percent on wants and 20 percent on savings. Below are more details on how to do this. Spend 50 percent on needs. These bills are those that are necessary for survival, such as rent/mortgage, groceries, utilities, health care, insurance and paying the minimum amount... View Article

  • Give a College Savings 529 Plan For Graduation

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

    🖨 Print⏱ 4 min readIf you really want to make impact in your new grad’s life, make an investment in his or her future with a 529 College Savings account. There are two versions: an investment account and a prepaid account. Assuming you are opening an account now and don’t have time for investment growth, you may need to fund it with a significant chunk of money for it to be useful. The savings plan is good for building an investment balance over time, including while the student is in college. On the other hand, the prepaid option is a... 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

    🖨 Print⏱ 4 min readConsolidated 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... View Article

  • The Rise in Ransomware Attacks and How to Keep Safe

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

    🖨 Print⏱ 4 min readCybersecurity experts estimate that there is a ransomware attack every 11 seconds. This makes it a challenge to individuals, businesses, and even governments. In ransomware attacks, cybercriminals encrypt a victim’s network or data, making it inaccessible until a ransom is paid. Despite organizations’ efforts to reduce the attacks, cybercriminals also are advancing their attack methods. For instance, an organization may have backups they can use to restore their systems, but the criminals also demand ransom not to publish the sensitive company information they have in their possession. Ransomware is not a new cybersecurity threat. It is... View Article

  • Considerations When Selling a Business

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

    🖨 Print⏱ 5 min readAccording 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... View Article

  • Taxation of Legal Settlements and Fees

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

    🖨 Print⏱ 4 min readThe 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... View Article

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