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

Terrorist 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 […]

How to Stay Safe with Business Email Compromise on the Rise

According 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 […]

What to Expect and How to Prepare for a Recession

Economists 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, […]

How Will Ongoing China Trade Tensions Tensions Impact Consumer Spending?

According to the U.S. Department of Commerce and the U.S. Census Bureau, retail sales came in at a negative 0.3 percent for September, even though it’s still 4.1 percent more than September 2018’s report. The same report followed up on August 2019’s numbers, with a revision by the agency to 0.6 percent, up from 0.4 […]

LIFO Versus FIFO and How Each Method Values Inventory

As 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 […]

Tax Changes 2019

With 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 […]

Tax and Financial News for October 2015

Smarter Charitable Giving Many donors who give substantial sums regularly or on occasion often make the same mistake – not having a plan. Donor-advised funds offer a great way to give with a plan. Donor-advised funds are charitable giving vehicles administered by a public charity. They are created to manage charitable donations on behalf of […]

Tax and Financial News for September 2015

Tax, Estate Planning and Benefits Opportunities for Same-Sex Couples On June 26, the Supreme Court made a historic ruling in the case of Obergefell v. Hodges, affirming a constitutional right to same-sex marriage in all 50 states. Prior to this decision, the following 13 states still did not recognize same-sex marriage: Arkansas Georgia Kentucky Louisiana […]

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