McSwain & Company, PS
7 Ways to Avoid Investment Fraud
March 1, 2020 · Blog, Tip of the Month, Uncategorized
Disclaimer 
These articles provide general information on tax, accounting, and financial topics for small businesses and individuals. They are educational in nature and are not specific legal, accounting, financial, tax, or other professional advice, and should not be relied upon as such. This content was prepared by Service2Client and may have been reviewed or edited by the website owner for accuracy and compliance. Look for a trust mark below for verification details. No representation is made that any approach described will achieve a particular result, and no regulatory or professional body has reviewed or endorsed this content. Because each situation is different, readers should consult a qualified professional about their specific circumstances before acting. Images accompanying these articles are protected by copyright and may not be copied or reused.
March 1, 2020
Published by Service2Client on March 1, 2020
Categories
đź–¨ Print⏱ 4 min readThese days, you can’t be too careful when it comes to investments. And if you’re older, you’re a prime target for fraudsters. That said, anyone of any age is vulnerable. Here are a few key things to keep in mind when you’re considering investing. Ask Lots of Questions Of course, you’re going to ask questions, but make sure you ask the right ones. Is the product registered with the SEC or state securities agencies? What are the fees? How does the company make money? What things might affect the value of the investment? Are my investment goals aligned with the investment? How liquid is this investment? For more ideas about what questions to ask, […]
Do you like it?
March 1, 2020
Published by Service2Client on March 1, 2020
Categories
đź–¨ Print⏱ 4 min readImagine someone manipulating how you feel. Of course, no one wants that. But how about being manipulated unknowingly? This is exactly what is happening to your nervous system every time you switch on your TV or computer. Well, at least according to the 6506148 B2 Patent. The patent named “Nervous System Manipulation By Electromagnetic Fields From Monitors” was filed in 2001 and published in 2003. The patent was filed by one Hendricus G. Loss (perceived to be a fictitious person as no information about who he really is can be traced). Is it Worth Any Attention? We already know that the content displayed on TVs or even on the internet is created in such a way […]
Do you like it?
March 1, 2020
Published by Service2Client on March 1, 2020
Categories
đź–¨ Print⏱ 3 min readSupporting Veterans in STEM Careers Act (S 153) – This bill encourages veterans to participate in STEM (science, technology, engineering, and mathematics) fields in a variety of ways, including making veterans eligible for certain National Science Foundation (NSF) programs. The Act directs the Office of Science and Technology Policy to establish an interagency working group to improve veteran and military spouse representation in STEM fields, and authorizes funding for the Government Accountability Office to study 1) the academic success rates of student veterans pursuing an undergraduate degree in STEM and related fields; and 2) the barriers faced by such students in pursuing such degrees. This legislation was sponsored by Sen. Marco Rubio (D-FL) on Jan. 16, […]
Do you like it?
February 1, 2020
Published by Service2Client on February 1, 2020
Categories
đź–¨ Print⏱ 4 min readStarting a side hustle today is easier than ever. Between the numerous websites that act as marketplaces and project jobs that can be found on the internet, almost anyone can turn a skill or hobby they have into something they can make money off. Many people who do this are just looking to make a little extra money on the side, but this side hustle can turn into something bigger – and this is where the tax and legal questions come in. Sole Proprietorship For someone just starting or looking to make a little extra on the side, there’s nothing special you need to do when it comes to filing your federal taxes. Just complete an […]
Do you like it?
February 1, 2020
Published by Service2Client on February 1, 2020
Categories
đź–¨ Print⏱ 3 min readAs we progress through life, we find there are certain things we can control and others we cannot. However, even with the things we can’t control, we can exercise good judgment based on facts, due diligence, historical patterns and a risk/reward calculation. These strategies play an important role in retirement planning. When it comes to accumulation, spending and protecting your nest egg, financial analysts rely heavily on safety and probability planning strategies. For example, a probability-based approach generally refers to investing. In other words, prices of stocks and bonds will vary over time, and as investors, we do not have control over the factors that cause those price swings – such as poor company management, a […]
Do you like it?
February 1, 2020
Published by Service2Client on February 1, 2020
Categories
đź–¨ Print⏱ 4 min readFor the most part, smartphones are your lifeline to the world. You connect with friends and family, shop and update your status on social media. However, you also store all your personal information on them and, these days, use them to do your banking. That’s why you need to take precautions. Here are a few critical things to do to make sure your information isn’t compromised. Protect Your Smartphone Your desktop and laptop are secure with anti-virus software and firewalls; the same should go for your phone. Here are five basic things you need to do ASAP: 1) Use a 4-digit PIN to lock your screen. If your phone is stolen, it’s harder for a thief […]
Do you like it?
February 1, 2020
Published by Service2Client on February 1, 2020
Categories
🖨 Print⏱ 4 min readPreviously we looked at the key technology trends in accounting to watch out for in 2020. Among the trends are big data and data analytics, which can have a great impact on businesses. Business data has existed for a long time, whether in filing cabinets, ledgers or storage devices. But today businesses both large and small have to deal with huge collections of data every day. This has seen the rise of data analytics trends that include deep learning, machine learning and dark data. Unfortunately, small and medium businesses (SMB) have to struggle with making a decision on implementing data analytics. This is largely because many SMB owners assume that data analytics is strictly for large […]
Do you like it?
February 1, 2020
Published by Service2Client on February 1, 2020
Categories
đź–¨ Print⏱ 3 min readPallone-Thune Telephone Robocall Abuse Criminal Enforcement and Deterrence Act (S 151) – Approximately 58.5 billion robocalls were made in the United States last year, a 22 percent increase over 2018. That works out to an average of 178.3 robocalls per person, per year. Perhaps it’s no wonder then that this law was passed by an overwhelming bipartisan majority in Congress. The legislation requires that phone companies ensure all calls come from real numbers, do not charge extra to block robocalls, and authorize government regulators to punish scammers with fines of up to $10,000 per call. This legislation was sponsored by Sen. John Thune (R-SD) and Frank Pallone Jr (D-NJ); it was signed into law by the […]
Do you like it?
February 1, 2020
Published by Service2Client on February 1, 2020
Categories
đź–¨ Print⏱ 4 min readDepreciation is an accounting process where the cost of an asset is accounted for and expensed over its useful life. It shows how the value of the asset decreases over time. Assets that can be depreciated include buildings, fixtures, production equipment, etc. For intangible assets, including many types of intellectual property, this process is called amortization. For commodities mined or harvested from the earth, such as lumber, crude oil or natural gas, this process is called depletion. Here are four common types of depreciation. Straight Line Method In order to determine depreciation using this method, the following formula is used: Depreciation = (Asset cost – Salvage value) / Useful life The salvage value is the asset’s […]
Do you like it?
January 1, 2020
Published by Service2Client on January 1, 2020
Categories
đź–¨ Print⏱ 4 min readBeginning on Jan. 1, 2020, the Internal Revenue Service (IRS) has new annual inflation adjustments for tax rates, brackets, deductions, and retirement contribution limits. Note, the amounts below do not impact the tax filing you make in 2020 for the tax year 2019. These amounts apply to your 2020 taxes that you will file in 2021. 2020 Tax Rates and 2020 Tax Brackets Below are the new 2020 tables for personal income tax rates. There are separate tables each for individuals, married filing jointly couples and surviving spouses, heads of household and married filing separate; all with seven tax brackets for 2020. Tax Brackets & Rates – Individuals Taxable Income Between Tax Due $0 – $9,875 10% […]
Do you like it?
January 1, 2020
Published by Service2Client on January 1, 2020
Categories
đź–¨ Print⏱ 3 min readWhen it comes to evaluating a business, especially one that is publicly traded, determining its return on equity (ROE) is one way to see how it’s performing. What is Return on Equity? Return on equity is a ratio that gives investors insight into how effectively the company’s management team is taking care of the shareholders’ financial investments in the company. The greater the ROE percentage, the better the business’ management staff is at making income and creating growth from shareholders’ investments. How ROE is Determined In order to calculate ROE, a company’s net income is divided by shareholder equity. To arrive at net income, businesses account for the cost of doing business, which includes the cost […]
Do you like it?
January 1, 2020
Published by Service2Client on January 1, 2020
Categories
đź–¨ Print⏱ 4 min readBelieve it or not, it’s 2020. You’re not just starting a new year, you’re entering a new decade. With this in mind, you might want to make some resolutions that focus on your finances. According to Psychology Today, 80 percent of resolutions fail by February. If you’re thinking about dieting or eating better, this isn’t very encouraging. However, when it comes to your money, there are some changes you can implement now that will have staying power and won’t be forgotten by spring. Review Your Credit Report This is important for your financial future in many ways, particularly if you want to buy a house or a car (and that’s just for starters). If you need […]
Do you like it?
January 1, 2020
Published by Service2Client on January 1, 2020
Categories
đź–¨ Print⏱ 3 min readA rising tide might lift all boats, but the same cannot be said for the economy. When the U.S. experiences robust economic growth, certain sectors of the stock market tend to rise while others hold steady or even decline by comparison. The stocks of companies that experience higher revenues are typically categorized as cyclical. In other words, their good fortune rests mainly on consumers being gainfully employed and having ample discretionary income with which to buy more goods and services. Take, for example, auto manufacturers. Sales typically increase when more people can afford to buy a new car. But that’s not all the time, because the economy is cyclical – it ebbs and flows over time. […]
Do you like it?
January 1, 2020
Published by Service2Client on January 1, 2020
Categories
đź–¨ Print⏱ 3 min readReauthorizing Security for Supreme Court Justices Act of 2019 (HR 4258) – This bill reauthorizes the Marshal of the Supreme Court and the Supreme Court Police to protect the Justices of the Supreme Court, their employees and official guests outside of the Supreme Court grounds. The legislation was sponsored by Rep. Greg Stanton (D-AZ). It was introduced on Sept. 9, 2019, and signed into law by the president on Nov. 27, 2019. Farm Workforce Modernization Act of 2019 (HR 5038) – This bill amends the Immigration and Nationality Act to provide for terms and conditions for nonimmigrant workers performing agricultural labor. Under this law, certified agricultural worker (CAW) status may be granted to someone who 1) […]
Do you like it?
January 1, 2020
Published by Service2Client on January 1, 2020
Categories
đź–¨ Print⏱ 4 min readTechnology advances continue to reshape industries and businesses – and the accounting industry is no exception. So far, a lot of repetitive tasks are performed with the help of advanced hardware and software. Even for businesses that do not like change, many find themselves making adjustments due to a generation change in the workforce, marketing demands, regulations and client demand. In any case, technology offers strengths once a business adopts new solutions to the accounting processes. The accounting industry has evolved so much that bookkeeping is no longer just about balancing books; professionals in this field are slowly transitioning into strategic business advisors. Technological innovations offer inexpensive and efficient ways to run businesses and other aspects […]
Do you like it?
December 1, 2019
Published by Service2Client on December 1, 2019
Categories
đź–¨ 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 law by the president on Nov. 7. Hidden Figures Congressional Gold Medal Act (HR 1396) – This legislation awards Congressional […]
Do you like it?
December 1, 2019
Published by Service2Client on December 1, 2019
Categories
đź–¨ 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 create national internets. How Realistic is Splinternet? The United States has maintained dominance over the internet since its inception and […]
Do you like it?
December 1, 2019
Published by Service2Client on December 1, 2019
Categories
🖨 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 and for the entire year. What Affects GDP? There are different ways GDP is measured. For example, nominal GDP refers […]
Do you like it?
December 1, 2019
Published by Service2Client on December 1, 2019
Categories
🖨 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 accounting for the expense of the item, it can be depreciated equally and discreetly over its useful life. According to […]
Do you like it?
December 1, 2019
Published by Service2Client on December 1, 2019
Categories
đź–¨ Print⏱ 5 min readThe markets are hitting all-time highs, so if you are thinking of selling stocks now or in the near future, there is a good chance that you will have capital gains on the sale. If you’ve held the stocks for more than a year, then they will qualify for the more favorable long-term capital gains tax (instead of being taxed at ordinary income rates for short-term sales). But the total tax due can still be enough to warrant some tax planning. Luckily, the tax laws provide for several ways to defer or even completely avoid paying taxes on your securities sales. 1. Using Tax Losses Utilizing losses is the least attractive of all the options in […]
Do you like it?
FREE 30-Minute No-Obligation Consultation