McSwain & Company, PS
Building Deeper Customer Connections: Leveraging Web3 for Loyalty, Community, and Engagement
April 1, 2025 · Blog, Uncategorized, What's New in Technology
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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.
April 1, 2025
Published by Service2Client on April 1, 2025
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🖨 Print⏱ 4 min readCompetition in business today has become fierce. Each organization is constantly looking for innovative ways to form strong relationships with its customers. Loyalty programs have been used for a long time to build a devoted customer base. As technology advances, new technologies like Web3 are emerging, offering more opportunities to revolutionize loyalty programs, build vibrant communities, and deepen customer engagement. Transforming loyalty programs through Web3 Loyalty programs help boost customer spending and drive long-term business success. Loyalty program members also generate more revenue than non-members. In the United States alone, the average consumer belonged to more than 15 programs in 2024. However, traditional loyalty programs have encountered problems that include customer disengagement and unclaimed rewards. Web3-based […]
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April 1, 2025
Published by Service2Client on April 1, 2025
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đź–¨ Print⏱ 3 min read The Basics of Tax Reporting in Legal Settlements When you collect a settlement for a lawsuit, you’ll likely also receive a Form 1099 from the IRS. This form serves as a reminder to pay taxes on your settlement; copies are sent to both you and the IRS. These forms match reported income for income tax purposes, making them critical for accurate tax filing. In lawsuit contexts, two common forms 1099 are issued: Form 1099-MISC: This version can include various types of settlement payments, often termed other income Form 1099-NEC: Used specifically for non-employee compensation Understanding the Difference Between Forms The distinction between these forms is significant. A Form 1099-NEC informs the IRS that taxes for […]
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April 1, 2025
Published by Service2Client on April 1, 2025
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Of all the things you teach your kids when they’re young, saving money just might be one of the most important. Teaching them to delay gratification could help them avoid unnecessary spending and help them learn…
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March 1, 2025
Published by Service2Client on March 1, 2025
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đź–¨ Print⏱ 3 min read As tax filing season begins, scammers are ramping up efforts to steal taxpayers’ personal information through increasingly sophisticated schemes. Below, we discuss the latest scam, what to look out for in general, and what to do if you suspect something malicious. New Scam of the Season The U.S. Treasury Inspector General for Tax Administration (TIGTA) recently issued an alert about a prevalent scam involving Economic Impact Payments. In this scheme, taxpayers receive texts claiming they’re eligible for a $1,400 Economic Impact Payment, requesting personal information and bank details for deposit. While the IRS is indeed processing some legitimate Recovery Rebate Credit payments from 2021 tax returns, they will never request personal information via text or […]
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March 1, 2025
Published by Service2Client on March 1, 2025
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As Benjamin Franklin said, there’s only two certainties in life: death and taxes. With the former, you don’t have much control over; however, the latter can be affected. That’s why we’re here to give you some…
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March 1, 2025
Published by Service2Client on March 1, 2025
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đź–¨ Print⏱ 3 min readPromoting Resilient Supply Chains Act of 2025 (S 257) – Introduced by Sen. Maria Cantwell (D-WA) on Jan. 2, this bill is designed to promote resilient critical supply chains by identifying, preparing for, and responding to supply chain shocks to critical industries. The ultimate goal of the legislation is to encourage the growth and competitiveness of production and manufacturing in the United States using emerging technologies. The bipartisan legislation is currently under consideration in the Senate. To prohibit individuals convicted of defrauding the Government from receiving any assistance from the Small Business Administration, and for other purposes (HR 825) – This bipartisan legislation would prohibit a small business with a high-level associate convicted of any crime […]
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March 1, 2025
Published by Service2Client on March 1, 2025
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The subscription economy, according to Forbes, is expected to reach $1.5 trillion in revenue for businesses. With the potential likely realized this year, it's vital to understand how it is tracked – and more importantly, how…
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March 1, 2025
Published by Service2Client on March 1, 2025
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đź–¨ Print⏱ 5 min readIdentity theft is when someone steals your personal information and then uses it to commit fraud. They may access your Social Security or Medicare number, employee ID, utility, credit card or bank account numbers. Once the scammer has this information, he can conduct all kinds of crimes, such as withdraw assets from your accounts, open and close accounts in your name, take out loans or new lines of credit in your name, and even impersonate you if they get arrested – leaving you with a criminal record you may not even know about. How Do Scammers Steal Your Identity? Whereas scammers used to rummage through trash cans; today they can hack into your emails, social media, […]
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March 1, 2025
Published by Service2Client on March 1, 2025
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🖨 Print⏱ 4 min read What Businesses Need to Know to Stay Legal Artificial intelligence (AI) tools are reshaping content creation. It is now easier for businesses to produce images and videos for use on websites, social media, and other digital outlets. All this is possible without the traditional hurdles of expensive photoshoots, special design skills, or complex video production. However, as exciting as it is, business owners must pose and confront the question of whether these AI-generated images and videos are legally safe for commercial use from a copyright perspective. Understanding AI-Generated Content and Copyright AI-generated content is created by training algorithms with massive datasets of existing images, videos, and text. The AI models then analyze patterns from the […]
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February 1, 2025
Published by Service2Client on February 1, 2025
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Keeping tabs on what you spend isn’t hard. It just has to become a habit. But here’s the good news: Studies show that it only takes an average of 66 days to form a habit. A little over two months. With these easy ways to…
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February 1, 2025
Published by Service2Client on February 1, 2025
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đź–¨ Print⏱ 4 min read As 2025 unfolds, U.S. tax policy is poised for significant shifts, particularly with a new Republican administration under President Donald Trump. The year ahead will likely see a range of tax reforms, largely driven by the GOP’s objectives and campaign promises. In this article, we’ll explore the major tax policy trends, legislative developments, and administration changes that may shape U.S. tax law in 2025. The Impact of Supreme Court Decisions 2024 also saw two major Supreme Court decisions with significant tax implications. In the Moore case, the Court ruled narrowly on the issue of wealth taxation, leaving open the possibility of revisiting the question in the future. While wealth tax proposals had gained some traction […]
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February 1, 2025
Published by Service2Client on February 1, 2025
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Return on Ad Spend (ROAS) is one way to help advertising and marketing professionals and investors analyze how well promotions do (or don't) produce sales. It helps advertisers develop data based on their campaigns' revenue…
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February 1, 2025
Published by Service2Client on February 1, 2025
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đź–¨ Print⏱ 3 min readLaken Riley Act (S 5) – A holdover from the last congressional session, this bill was re-introduced by Sen. Katie Britt (R-AL) on Jan. 6. It is similar to a 1996 law, the Illegal Immigration Reform and Immigrant Responsibility Act, that deports illegal immigrants who are found guilty of serious crimes. This new bill enables the government to detain and deport illegals who are arrested for serious crimes or misdemeanors (such as shoplifting), but they do not have to be charged or found guilty. The legislation passed in the Senate on Jan. 20 and the House on Jan. 22, and it is expected to be the first bill signed by the Trump administration. Federal Disaster Assistance […]
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February 1, 2025
Published by Service2Client on February 1, 2025
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🖨 Print⏱ 4 min readThe rise of artificial intelligence (AI) is continuously transforming how businesses operate, offering opportunities for efficiency, innovation, and growth. However, in an increasingly competitive landscape, businesses seek solutions tailored to their specific industries. To meet this demand for more tailored tools, vertical AI agents are emerging as key to staying ahead in the age of specialization. What are Vertical AI Agents? Vertical AI agents are designed to solve specific problems within industries in areas such as finance, retail, and healthcare. This differs from horizontal AI, which provides general capabilities across various sectors. Horizontal AI cross-functional applications such as marketing automation are applicable across different sectors. These horizontal AI solutions were witnessed in the early days of […]
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February 1, 2025
Published by Service2Client on February 1, 2025
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🖨 Print⏱ 4 min readWith a Roth IRA, the owner can make limited contributions each year. In 2025, the limit is $7,000; $8,000 if age 50 or older. Only people who earn less than $150,000 (single filers) or under $236,000 (married filing jointly) can make a full Roth IRA contribution. While contributions do not qualify for a tax deduction, earnings are not taxable once the account has been open for five years. Contributions, which were previously taxed as income, can be withdrawn at any time. Once you open and contribute to a Roth IRA, the five-year countdown begins before you can take any earnings out tax-free. However, the holding period is actually measured from Jan. 1 of the year you […]
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January 1, 2025
Published by Service2Client on January 1, 2025
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đź–¨ Print⏱ 4 min readImproving Federal Building Security Act of 2024 (S 3613) – The Federal Protective Service (FPS) contracts security guards to control access to government facilities and screen visitors to detect prohibited items, such as pepper spray and batons. Earlier this year, FPS investigators conducted a covert test at certain federal buildings in which the guards failed to detect prohibited items about 50 percent of the time. In response, Congress passed this bill requiring Facility Security Committees to respond to security recommendations issued by the FPS. It also mandates that the Homeland Security Department submit an unredacted report to Congress regarding FPS surveillance technology recommendations as well as summarize the FPS recommendations that buildings accepted or rejected. However, no […]
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January 1, 2025
Published by Service2Client on January 1, 2025
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The CAC Payback Period looks at how a business needs to recover its investment in attracting new customers. It is especially crucial for companies that are in industries with large marketing and…
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January 1, 2025
Published by Service2Client on January 1, 2025
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đź–¨ Print⏱ 4 min readWhether you file your income tax return early or at the last minute, there are ways to simplify the process and reduce what you owe – or even increase your refund – before the deadline. Filing Simplification Tip Once you receive your W-2 and/or 1099 tax forms, see what income tax bracket you fall under to determine whether you should itemize expenses or take the standard deduction. Thinking about this step first can save you a lot of time. If you don’t come near the standard deduction amount, you will not be itemizing expenses. And if you are not itemizing expenses, you won’t have to gather all the receipts (e.g., mortgage interest, property tax, state and […]
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January 1, 2025
Published by Service2Client on January 1, 2025
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đź–¨ Print⏱ 4 min read The word “innocent” in innocent spouse relief can be misleading. It doesn’t imply you’re perfect or blameless – it’s more about whether you knew or should have known about the tax issue. The IRS defines “innocence” in a specific way, and it hinges on the concept of reasonable ignorance. In short, the issue isn’t one of morality; it’s about whether you could have reasonably been unaware of a tax problem. Innocent spouse relief allows you to avoid being held responsible for tax debts, penalties, and interest stemming from a joint tax filing. In the case that a spouse (or ex-spouse) made an error that led to a tax issue, regardless of intention, you may not […]
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January 1, 2025
Published by Service2Client on January 1, 2025
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Here we are in yet another new year. The obligations and celebrations are over. Chances are, you’ve spent a fair amount over the holidays and might need a plan to help kickstart 2025 with some actionable financial…
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