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  • Gross Domestic Product: A Primer

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

    🖨 Print⏱ 4 min read 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... View Article

  • Hanging Flags, Awarding Geniuses, Supporting Hong Kong Protestors and Criminalizing Animal Cruelty

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

    🖨 Print⏱ 4 min readNational POW/MIA Flag Act (S 693) – This bill amended title 36 of the United States Code to require that the POW/MIA flag be displayed on all days that the flag of the United States is displayed on certain federal properties. Previously, the POW/MIA flag was displayed only on Armed Forces Day, Memorial Day, Flag Day, Independence Day, National POW/MIA Recognition Day and Veterans Day. The legislation was introduced by Sen. Elizbeth Warren (D-MA) on March 7. It was passed in the Senate on May 2, passed in the House on Oct. 22 and signed into... View Article

  • What is Splinternet and Why You Should Care

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

    🖨 Print⏱ 4 min readEric Schmidt, former Google CEO, made a prediction in September 2018 that the internet will split in two – one part being led by China and the other by the United States. The reasoning behind this involves China’s active monitoring of all internet activities, as well as technological products and services from the country. Other reasons include a different leadership regime, controls and censorship. Although it’s just speculation, the splinternet phenomenon has been around since the 1990s. Also known as cyber-balkanization, the concept is slowly taking root as governments seek to fence off their internet to... View Article

  • Furniture, Fixtures and Equipment – and Depreciation

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

    🖨 Print⏱ 4 min readWhen it comes to determining depreciation for Furniture, Fixtures and Equipment (FF&E), there are many considerations that exist for accountants and business owners. Defining Furniture, Fixtures and Equipment FF&E refers to expenses for business items that are not affixed to the building where that business operates. Real-world examples of depreciable assets include chairs, desks, phones, tables, cabinets, etc., which are used to perform business-related tasks, directly or indirectly. These types of items are associated with long-term use, generally more than 12 months, according to the Internal Revenue Service. Understanding How It Works When it comes to... View Article

  • Tax Changes 2019

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

    🖨 Print⏱ 4 min readWith the start of the fourth quarter of 2019 underway, it’s time to see what the Internal Revenue Service (IRS) will expect of filers for their 2019 taxes. The following are a list of major changes that filers need to be aware of: 1. Removal of the Affordable Care Act’s (ACA) Individual Mandate Penalty With the passage of the Tax Cuts and Jobs Act (TCJA), filers and households who failed to carry adequate health insurance according to the ACA’s minimum coverage requirements will no longer have to pay the penalty on their 2019 taxes. This is... View Article

  • 5 Ways to Save on Holiday Gifting

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

    🖨 Print⏱ 4 min readBelieve it or not, the holidays are right around the corner. And try as you might, overspending is real – whether you plan ahead or wait until the last minute. With this in mind, here are a few ways to get a handle on spending and save money on gifting. Set Limits. Decide how much you’re going to spend overall on holiday gifts and how many people you’re buying for. Then do the math. For instance, you might want to spend $250 for 10 people. That’s $25 per person. However, there might be those you want... View Article

  • What to Expect and How to Prepare for a Recession

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

    🖨 Print⏱ 5 min readEconomists generally determine that the country has fallen into a recession after two consecutive quarters of negative gross domestic product (GDP) growth. Since 1967, the United States has experienced seven recessions. The thing is, predicting a recession is a little like predicting a tornado. Experts are never exactly sure if or when one will occur, but they can cite when conditions a ripe for one based past experience. The good news for predictors is that the economy follows a similar pattern of indicators in the months leading up to a recession. The bad news is that... View Article

  • Fighting Foreign Terrorism on Homeland Soil, Increased Protections for Clean Water and Low-Income Veterans, and New Appropriations for FY2020

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

    🖨 Print⏱ 4 min readTerrorist and Foreign Fighter Travel Exercise Act of 2019 (HR 1590) – This bill promotes the identification and determent of terrorist activity from reaching the homeland, and enhances the United States government’s ability to respond to terrorism, including emerging threats. Specifically, the legislation requires the Department of Homeland Security to develop and conduct exercises related to foreign terrorism, including the National Incident Management System, National Response Plan, and other related plans and strategies. The legislation was introduced on March 7 by Rep. Michael Guest (R-MS). The president signed the bill into law on Oct. 9. Alaska... View Article

  • How to Stay Safe with Business Email Compromise on the Rise

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

    🖨 Print⏱ 4 min readAccording to a report by the Financial Crimes Enforcement Network (FinCEN) released in July, financial institutions have incurred more than $9 billion in losses due to Business Email Compromise (BEC) schemes since 2016. With such staggering losses, businesses and even individuals can’t afford to ignore BEC attacks. What is BEC? BEC fraud involves cyber thieves posing as company executives or a business contact with the intention to commit wire transfer fraud or obtain sensitive information. The main targets are businesses working with foreign suppliers or a business that carries out regular wire-transfer payments. To carry out... View Article

  • LIFO Versus FIFO and How Each Method Values Inventory

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

    🖨 Print⏱ 3 min readAs the name implies, First-In, First-Out (FIFO) is a way for companies to value their inventory. The first items put into inventory or produced by the company are accordingly the first taken out of inventory or transferred to customers and therefore expensed. When it comes to accounting for acquisition and/or production costs, initial and earlier costs are the first to be expensed, with more recent costs staying on the balance sheet to be expensed later. Assume a company already has 200 widgets costing $4/widget. From there, the company increased its inventory at three more times during... View Article

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