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When Is A Loan Not A Loan?
February 1, 2019 · Blog, Tax and Financial News, Uncategorized
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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.
February 1, 2019
Published by Service2Client on February 1, 2019
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đź–¨ Print⏱ 4 min readWith the sweeping new tax legislation in 2018 capturing everyone’s attention, other changes have taken a back seat. There were several Tax Court cases in 2018 that rendered important decisions impacting how things work – one of which was Povolny Group, Inc. v. Commissioner, T.C. Memo 2018-37. The Povolny Group decision centers on a common issue where an individual uses his corporation like a personal pocketbook, transferring money in and out without any formality. Facts of the Case James Povolny joined his spouses’ company (LLC) as a minority owner. Later in 2002, he went out and started his own real-estate brokerage firm, the Povolny Group (PG), as a 100 percent owner. At one point, PG won the […]
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January 1, 2019
Published by Service2Client on January 1, 2019
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đź–¨ Print⏱ 3 min readCountering Weapons of Mass Destruction Act of 2018 H.R. 7213 – Sponsored by Rep. Daniel Donovan (R-NY), this bill amends the Homeland Security Act of 2002 to establish a Countering Weapons of Mass Destruction office as part of the Department of Homeland Security (DHS). All personnel, budget authority and assets of the DHS Domestic Nuclear Detection Office and the Office of Health Affairs will be transferred to this new office. Its function will be to coordinate DHS strategy and policy to plan, detect and protect against the importation, possession, storage, transportation, development or use of unauthorized chemical, biological, radiological or nuclear materials, devices or agents. This new office also will have a Chief Medical Officer to […]
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January 1, 2019
Published by Service2Client on January 1, 2019
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🖨 Print⏱ 3 min readAccording to a study by Cornell University, the human brain is wired to earn money more so than save it. As such, when we find we need more money in our lives, our instinct is to earn more and not spend less. In fact, this instinct tends to grow over time, and is one reason why people tend to spend more money when they receive a salary increase rather than save it. However, researchers believe that by being cognizant of this fact, we can take proactive measures to develop effective savings habits. One way to do this is by using new technology to make saving easier. The following are a few high-tech examples. Set up your […]
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January 1, 2019
Published by Service2Client on January 1, 2019
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đź–¨ Print⏱ 3 min readNew Year’s resolutions usually involve stopping things like eating, drinking and spending too much – and so on. You know the drill. However, according to U.S. News & World Report, 80 percent of New Year’s resolutions fail by the second week in February. Why not switch things up this year? Instead of setting yourself up for disappointment by attempting to abolish negative behavior, why not start doing some positive things? You’ll improve your quality of life and maybe even help the world. Here are few ideas to kick things off. Start Recycling This is so easy and so doable. All you have to do is get an extra trash can and throw your plastic and aluminum […]
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January 1, 2019
Published by Service2Client on January 1, 2019
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đź–¨ Print⏱ 4 min readOne of the reasons investing is tricky is because it involves so many factors that we cannot control. One factor is the specific investment itself. In the case of a stock, the share price relies on company management and leadership; manufacturing, marketing and distribution; and balancing expenses with revenues. Another factor is investor and market sentiment, which can change on a dime based on economic uncertainty, the day’s news or a presidential tweet. Then there’s a third component, which encompasses broader economic events and how they impact investment market fundamentals and the business life cycle. One way we monitor the economy and try to predict market cycles is through economic indicators. These are trackable data points […]
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January 1, 2019
Published by Service2Client on January 1, 2019
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đź–¨ Print⏱ 4 min read When it comes to liability insurance, the saying “you can never be too prepared” is quite meaningful. While business owners cannot predict what happens day to day or year to year, they can look into having business liability as way to give themselves peace of mind. The first step is to understand why it’s so important. The Rocky Mountain Insurance Information Association reports that more than one in two home-based business owners lack necessary insurance. Furthermore, the Independent Insurance Agents of America (IIAA) found that 4 of 10 respondents do not have enough coverage because they believe their homeowners policy covers commercial liability. As you can see, education on this matter is essential. Here are […]
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January 1, 2019
Published by Service2Client on January 1, 2019
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🖨 Print⏱ 3 min readDivorce is expensive. Aside from the emotional toll divorce takes on a family, both the process and aftermath of a divorce can be costly. Below we look at some of the steps people can take to help remove the tax sting out of an already challenging time and arrive at the best financial position. Changes to Alimony We ring in the new year with changes to alimony tax law. Prior to Jan. 1, 2019, alimony payments were deductible by the spouse who paid them and taxable to the spouse receiving them. Typically, this provided an overall benefit to the family unit as the alimony recipient, generally being the lower earner, paid a lower tax rate. Often […]
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