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Business Wisdom

Tuesday, 04 June 2019

Send your kids to day camp and you may get a tax break

Written by Thomson Reuters

Among the many great challenges of parenthood is what to do with your kids when school lets out. Do you keep them at home and try to captivate their attention yourself or with the help of sitters? Or do you send them off to the wide variety of day camps now in operation? There’s no one-size-fits-all answer, but if you choose the latter option, you might qualify for a tax break!..

Tuesday, 04 June 2019

No surprises: Why you should check your tax bracket

Written by Thomson Reuters

Many taxpayers learned some tough lessons upon completing their 2018 tax returns regarding the changes brought forth by the Tax Cuts and Jobs Act (TCJA). If you were one of them, or even if you weren’t, now’s a good time to check your bracket to avoid any unpleasant surprises next April. Under the TCJA, the top income tax rate is now 37% (down from 39.6%) for taxpayers with taxable income over $500,000 for 2018 (single and head-of-household filers) or $600,000 for 2018 (married couples filing jointly)...

Tuesday, 21 May 2019

Determining the value of your business

Written by Rehmann

Forty-eight percent of business owners and executives will transition out of their business within the next five years. We've developed a four-part webinar series help you tackle the most common questions and concerns related to succession planning. This second webinar will show why understanding the value of your business is an important factor when planning for the future. With examples of real succession solutions such as shifting ownership to family or key employees, external sales and the use of ESOPs, you will gain useful inishgts to aide in your succession planning process...

Tuesday, 21 May 2019

Market Outlook - May 2019

Written by The Rehmann Team

Economy While the 3.2 percent growth rate captured in first quarter GDP surprised economic commentators, a closer look at the strengths from the report suggest the economy will cool from above-trend expansion to trend growth (approaching 2 percent) by the end of 2019. First quarter results were the best since 2015 as GDP growth benefitted from increased inventory levels (tend to normalize over time) and improvements in foreign trade (considered a more volatile component). Growth in final sales to domestic purchases emerged as a weakness from first quarter GDP falling to 1...

Tuesday, 21 May 2019

Managing your money in a gig economy

Written by Forefield, Inc.

According to the Bureau of Labor Statistics, 16.5 million people rely on contingent or alternative work arrangements for their income. Often referred to as the "gig economy," these nontraditional or contingent work arrangements include independent contractors, on-call and temp agency workers, and those who sign up for on-demand labor through smartphone apps. If you are a contingent worker, you need to pay close attention to your finances in order to make up for any gaps in earnings that may occur between jobs...

Tuesday, 21 May 2019

Time for a mid-year investment check

Written by Forefield, Inc.

Many investors may be inclined to review their portfolios only when markets hit a rough patch, but careful planning is essential in all economic climates. So whether the markets are up or down, periodically reviewing your portfolio with your financial professional can be an excellent way to keep your investments on track, and midway through the year is a good time for a checkup. Here are three questions to consider. 1...

Wednesday, 08 May 2019

Phishing and spoofing scams cost billions in losses

Written by The Rehmann Team

Each and every employee must serve as a first line of defense when it comes to protecting a bank from cybercrime, specifically phishing attempts and spoofing scams. According to the FBI, phishers range from computer geeks looking for internet fame to businesses trying to gain an upper hand by hacking competitor websites. They also include criminals who want to steal and sell personal information, and spies and terrorists looking to rob our nation of vital information or launch cyber strikes. In 2018, the FBI’s Internet Crime Complaint Center’s (IC3) received 351,936 complaints with losses exceeding $2...

Wednesday, 08 May 2019

How is your efficiency ratio?

Written by The Rehmann Team

In banking, this is one instance where lower is better. Banks strive for a lower efficiency ratio since it indicates that the bank is earning more than it is spending. It’s not only an important measure for internal strategic planning, it’s also a key metric looked at by potential investors and current stakeholders. Noninterest expense: Employee salaries and benefits, equipment and property leases, taxes, loan loss provisions and professional service fees...

Wednesday, 08 May 2019

Is the cannabis market opening up for banks?

Written by The Rehmann Team

At a time when more banks are carefully evaluating the benefits of serving marijuana-related businesses, the House Financial Services Committee recently approved – with bipartisan support – the Safe and Fair Enforcement Banking (SAFE) Act. SAFE would make it illegal for a federal regulator to penalize financial institutions that accept insured deposits from marijuana businesses in states where the substance is legal. Supporters noted the SAFE Act would help legitimate marijuana businesses access banking services so they do not need to operate on an all-cash basis. This also alleviates money-laundering concerns, as well as increased risk of crime by thieves attracted to large stashes of cash...

Wednesday, 08 May 2019

Update: Payday Lending Rule on hold

Written by The Rehmann Team

 On October 5, 2017, the Consumer Financial Protection Bureau (CFPB) issued a final rule, known as the Payday Lending Rule, to create consumer protections for certain personal loans. Rule highlights include: Short-term and longer-term loans with balloon payments were identified as unfair, deceptive and abusive practices (UDAAP) if a lender makes such loans without reasonably determining that the consumer has the ability to repay the loan according to its terms, the “underwriting conditions.” The same set of loans and longer-term loans with an APR greater than 36 percent that are repaid directly from the consumer’s account were identified as UDAAP if after two failed consecutive payment withdrawal attempts, the lender does not obtain the consumer’s new and specific authorization to make further payment withdrawals. A lender making a covered loan must develop, follow and retain for 36 months evidence of compliance with its written policies and procedures ensuring compliance with the Payday Lending Rule...

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