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  • New Personal Finance Provisions in the 2.0 Secure Act

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

    🖨 Print⏱ 4 min readThe Continuing Appropriations Act, enacted at the end of 2022, included several provisions that impact retirement plans going forward. Specifically, the legislation enacts SECURE 2.0, an updated version of the Setting Every Community Up for Retirement Enhancement Act of 2019. The following provisions are financial planning considerations that affect individuals. Increases Catch-up Contributions Beginning in 2024, catch-up contributions to employer retirement plans made by employees who earn more than $145,000 a year (regularly adjusted for inflation) must be classified as after-tax Roth contributions. This is necessary for eligible plans to retain their tax-favored status. Starting in... View Article

  • Upholding Human Agency in an Era of Evolving Digital Systems

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

    🖨 Print⏱ 4 min readTechnology has greatly contributed to improving and streamlining everyday life. However, as technology advances, there is an increased reliance on digital tools powered by artificial intelligence and machine learning. Unfortunately, these technologies are also challenging the fundamental notion of human agency. As a result, there are rising concerns about humans losing the ability to make independent decisions. What is Human Agency? Human agency refers to the capacity of individuals to act intentionally and make choices that shape their lives. Although the human agency is influenced by various factors, including social, cultural, and environmental contexts, individuals should... View Article

  • End of Covid Emergency Declarations Put Work from Home Benefits at Risk

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

    🖨 Print⏱ 3 min readThe end of the federal emergency declaration for Covid-19 came on May 11. As a result, there are various public health policy changes. For example, vaccines and treatments will remain available, but at-home tests may no longer be covered by insurance, and national CDC data reporting is subject to change. Administratively, there are also changes to regulatory measures temporarily put in place by the emergency status that will have tax consequences. As employers struggled during the pandemic, some even had to meet payroll issues around expense reimbursements, stipends, and how these are considered fringe benefits or... View Article

  • Delving Into Forensic Accounting

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

    🖨 Print⏱ 4 min readAccording to a 2022 Allied Market Research report, the size of the global forensic accounting market is forecast to increase in value to $11.68 billion in 2031, up from its 2021 estimated value of $5.13 billion. Allied Market Research puts this compound annual growth rate at nearly 9 percent (8.8 percent). This same report found that the Covid-19 pandemic saw an uptick in the need for forensic accounting skilled professionals and approaches. Forensic accounting is a specialization within the general accounting profession. Professionals in this specialized subset focus on allegations of financial fraud brought by individuals... View Article

  • How To Recession-Proof Your Portfolio (Just in Case)

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

    🖨 Print⏱ 4 min readSome economists and market analysts have been predicting a U.S. recession ever since last fall. They’ve been wrong before – but they’ve also been right. Rather than try to predict how the stock market will react during the next recession, investors are better off planning for a range of potential outcomes. This will help reduce the risk of losses regardless of whether or not the United States experiences a recession in 2023. Bear in mind that stock and bond markets are forward-looking and typically priced to take into account economic conditions such as higher interest rates,... View Article

  • I Needed to Repay Part of My Compensation; Will I Get a Refund on My Taxes?

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

    🖨 Print⏱ 3 min readSo, you filed and paid all your taxes on the money you earned in 2021. Now, the company you work for finds itself in trouble, and you are forced to pay back part of your compensation. The big question is, will the IRS refund you for the taxes you already paid related to this compensation? While this seems like a bizarre scenario at first glance, it is more common than you might think. Reducing or holding back compensation that hasn’t been earned yet is easy. Simply pay an executive or employee less, or don’t grant the... View Article

  • Defining and Understanding Reproduction Costs

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

    🖨 Print⏱ 4 min readWhen it comes to businesses looking to mitigate risk, one concept that’s important to explore is reproduction costs. The first step is to distinguish between reproduction and replacement costs. Replacement cost refers to how much it would cost a company to replace an asset that will duplicate the performance of the beginning asset; however, it does not necessarily have to meet the same materials, specifications, etc. Reproduction cost refers to how much it would cost a company to reproduce the asset so that it’s constructed of the same materials, specifications, etc., based on current market prices.... View Article

  • Estate Taxes vs. Inheritance Taxes: Understanding the Differences

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

    🖨 Print⏱ 4 min readEstate and inheritance (“death”) taxes are levied on the transfer of property at death. The difference between an estate tax and an inheritance tax is based on who pays the bill. An estate tax is levied on the estate of the deceased, while an inheritance tax is levied on the heirs of the deceased. That’s the simple explanation. As for execution, there are far more nuances based on the monetary value of a bequest; the status of the beneficiary/(ies); and where you live when you pass away. Federal Estate Tax An estate tax applies to the... View Article

  • What Is Web 3.0? Understanding The Next Generation of the Internet

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

    🖨 Print⏱ 4 min readThe internet keeps evolving. It started with static web pages in Web 1.0 before evolving to interactive and dynamic content in Web 2.0. A new phase of technology is now introducing Web 3.0, or the third generation of The World Wide Web. Although it is a work in progress, it is necessary to understand the new concept and how it will impact the future of online interactions. What is Web 3.0? Web 3.0 is a term used to describe the next generation of the internet. Industry experts consider it the next big thing in the evolution... View Article

  • How Volunteering Can Earn You a Big Tax Deduction

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

    🖨 Print⏱ 4 min readMost people volunteer out of a sense of altruism, duty or purpose – not to get a tax deduction from Uncle Sam. At the same time, if your good deeds could also result in lower taxes, why not? Theoretically, this would free up more time to volunteer or let you make a charitable donation, a win-win for you and the cause you care about. What Volunteering Expenses Can You Deduct? As with all tax rules and regulations, the devil is in the details. If you itemize your tax deductions, you might be eligible for some valuable... View Article

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