August 1, 2021
Technology has no doubt changed the traditional way of doing things. Businesses and professionals are left with no choice but to adopt new technology to remain relevant in a changing environment. However, the successful adoption of this new age in accounting can happen only if you prepare your staff in advance. Why it’s Necessary to Prepare for the New Age Accounting Technology offers many benefits; however, the constant rapid changes in technology create a major challenge to organizations and even to the professionals/employees. Some decide to stick with systems with which they are already proficient. Unfortunately, such a decision is not an option if you want to remain relevant in a changing accounting landscape. Technological changes that have affected the […]
August 1, 2021
For the People Act of 2021 (HR 12) – This bill is designed to improve voter access to the ballot box by expanding automatic and same-day voter registration, vote-by-mail and early voting. The legislation also contains provisions that limit removing voters from voter rolls, strengthens ethics rules for public servants, reduces the influence of big money in politics and addresses other anti-corruption measures. The bill was introduced by Sen. John Sarbanes (D-MD) on Jan. 4 and passed in the House on March 3. In early July, the bill was blocked by Republicans in the Senate and its status is pending further action that may be taken by Senate Democrats. Uyghur Forced Labor Prevention Act (S 65) – This bipartisan bill […]
July 1, 2021
Equity compensation is becoming more mainstream and is not just for executives anymore. Grants of restricted stock or restricted stock units (RSUs) are getting to be more common than stock options – and the rules are different, as is the tax planning. Below we will look at some of the particulars of how restricted stock and RSUs operate, how to understand a grant, planning for the tax consequences, and what to do after the shares vest. How Restricted Stock and RSUs Work At their core, restricted stock and RSU company shares that vest according to a schedule can be awarded as compensation. The vesting schedule can be tied to length of employment, meeting certain performance criteria, or a combination of […]
July 1, 2021
According to a Prudential survey, 87 percent of respondents said they would prefer to work remotely at least one day per week. This is compared to 13 percent of respondents preferring to work at the office all the time. The same survey found that one-third of respondents wouldn’t want to work for a business that had a 100 percent on-site work policy. According to a report from Microsoft titled, “The Next Great Disruption is Hybrid Work – Are We Ready?” 54 percent of employees report “feeling overworked” while 39 percent say they “feel exhausted.” The study attributes these employee feelings to an overload of “digital collaboration” through “remote meetings, emails, chats, and groups working on documents together.” With workers reporting […]
July 1, 2021
A SPAC is a special purpose acquisition company. It is typically sponsored by a venture capitalist or a private equity firm that has expertise in a specific sector or industry, such as green technology. A SPAC launches as an IPO, but it is nothing more than a shell company that raises money from investors. Post-IPO, it has a limited amount of time (one to two years) to merge with an existing company, where the capitol is deployed. Once that happens, the private operating company trades publicly under the SPAC name. While SPACs have been around for about 30 years, they’ve only become popular in the past year or so. In fact, this year investors have already poured more than $100 […]
July 1, 2021
Slowly, our world is changing. A percentage of the population has been vaccinated and many employees are headed back to the office. However, this may cause a bit of anxiety – and understandably so. Here are few ways to help take the edge off of returning to the workplace. Wake up Earlier For some of you, working from home might have caused you to shift your office hours. Maybe you’re starting later and staying up later. Whatever your routine, it’s safe to say that generally, office hours are 9 a.m. to 5 p.m. A few days, perhaps a week, before you expect to go back, set your alarm earlier. Each day, baby step it back a few minutes to the […]
July 1, 2021
Auditing is crucial to ensure the accuracy and fairness of financial information. However, one of the biggest threats to audit reputation today is data quality. This is because of the large volumes of data that businesses produce today. To deal with so much data, auditors are now turning to data analytics. Data Analytics and Audits Technology has played a major role in business growth as it aids in reducing operational costs and improving customer service. As such, many businesses have adopted enterprise resource planning (ERP) systems. These systems result in huge volumes of data, making it nearly impossible to analyze using the traditional audit process. Auditors are left with no choice but to also use IT-based solutions; and this led […]
July 1, 2021
Juneteenth National Independence Day Act (S 475) – This bill authorizes Juneteenth National Independence Day on June 19 as a legal public holiday. The bill was introduced by Sen. Ed Markey (D-MA) on Feb. 25. It was passed by both the House and the Senate on June 16 and signed into law by the president on June 17. Protecting America’s First Responders Act (S 937) – This bill was introduced by Sen. Chuck Grassley (R-IA) on April 29. The legislation ensures that certain law enforcement and first responders who have become permanently and totally disabled as a result of personal injuries sustained in the line of duty have prompt access to specific payments and benefits. The bill passed in the […]
June 1, 2021
President Biden presented his $1.8 trillion American Families Plan, which focuses on expanding benefits for education, children and childcare. The Biden administration intends to pay for the plan with a series of tax hikes on certain individual taxpayers. Depending on your income and source of wealth, there are some clear winners and losers of this proposal, so let’s look at each and start with those who lose. Losers Under the Plan High Earners: The proposed plan would increase the highest individual tax rate from 37 percent up to 39.6 percent. Currently, this tax bracket starts with those earning more than $523,000 for singles and $628,000 for taxpayers who are married filing jointly. While the percentage increase may appear small, this […]
June 1, 2021
According to a Tufts University survey, six in ten of those surveyed are now vaccinated against COVID-19. However, almost 40 percent of the unvaccinated respondents said they won’t get the vaccine. Only 28.5 percent of the remaining unvaccinated respondents said they will get vaccinated against COVID-19 in the future, with the remaining unvaccinated respondents unable to decide whether they will take the vaccination. With vaccine hesitancy a concern, how can employers encourage more people to get the vaccine? It is important to understand why some view vaccines skeptically in order to overcome vaccine hesitancy among employees. The Johns Hopkins University Coronavirus Resource Center attributes vaccine hesitancy to these factors: The first factor is safety. Since the vaccine was developed faster […]
June 1, 2021
Even before the pandemic began, the U.S. residential real estate market was short on houses, with more people looking to buy than those who were selling. And yet, unlike the 2008 recession, any economic woes related to the pandemic did not undercut housing prices. If anything, real estate had a banner year as home prices continued to rise. In April of this year, the median sale price of existing homes rose by 19.1 percent to a record high of $341,600. There are several reasons we haven’t seen a repeat of the housing crisis that we experienced during the Great Recession. Today’s market is different from 2007, when the economic decline was launched by a housing bubble that sent many homeowner […]
June 1, 2021
Let’s face it. Saving money is a challenge at best – and really hard the rest of the time. But what if you made it a fun game to inspire yourself to save? Here are a few ways to do just that. Keep the Change Challenge Anytime you receive or find loose change in your pockets or house, put it in a jar. Don’t touch it for a year, and then see how much you save. But here’s a great plus-up for this habit: download a money-saving app like Acorns and watch your savings grow. Anytime you buy something, Acorns will round up the total and deposit the difference into a diversified investment portfolio. Talk about easy. Weather Wednesday Challenge […]
June 1, 2021
Business accounting activities can be tedious when performed manually and are prone to errors. For these reasons, many businesses have shifted to accounting software that offers numerous benefits, including data accuracy, time savings, easier auditing and on-demand reports. With so many available options, it’s overwhelming to choose the right fit for a particular business. As more software vendors join the market with different enticing offers, it’s wise to be equipped with the right information. Making a Decision Between Different Accounting Software Each business is different and varies with industry. For efficient accounting operations, you cannot afford to choose a one-size-fits-all solution. Here are tips to help ease the selection process. Understand your business requirementsWhether you are a start-up or already […]
June 1, 2021
Comprehensive Debt Collection Improvement Act (HR 2547) – This bill would expand financial protections and restrictions on debt collection activities for consumers, in particular for private student loans and medical debt. The legislation would require lenders to discharge private student loan debt if the borrower dies or becomes permanently disabled. It would prohibit consumer reporting agencies from adding any information related to certain situations, such as debt arising from a medically necessary procedure, and restrict certain debt collection practices. The bill was introduced by Rep. Maxine Waters (D-CA) on April 15. It was passed by the House on May 13 and is currently under consideration in the Senate. COVID-19 Hate Crimes Act (S 937) – This bill was introduced by […]