Promoting a Resolution to the Tibet-China Dispute Act (S 138) – This bill was introduced by Sen. Jeff Merkley (D-OR) on Jan. 30, 2023. It establishes a statutory definition of Tibet that includes areas currently claimed by China. The legislation also expands efforts to combat Chinese government propaganda, such as disinformation about Tibet’s history and institutions. The bill passed in the Senate on May 23 and in the House on June 12. It is currently awaiting enactment by the president.
No Hidden Fees on Extra Expenses for Stays Act of 2023 (HR 6543) – Introduced on Dec. 1, 2023, by Rep. Young Kim (R-CA), this bill requires providers of short-term lodging (e.g., hotels, motels, inns, and short-term rentals) to include each mandatory fee when displaying or advertising the price for a reservation. This largely bipartisan bill passed in the House on June 11, 2024, and currently lies in the Senate.
Wastewater Infrastructure Pollution Prevention and Environmental Safety Act (HR 2964) – This bill mandates that certain premoistened, nonwoven wipes (e.g., baby wipes, cleaning wipes, personal care wipes) be labeled “Do Not Flush” with an accompanying symbol. The bill was sponsored by Rep. Lisa McClain (R-MI) on April 27, 2023, with three Democrat co-sponsors. It passed in the House on June 11 and is currently under consideration in the Senate.
Servicemember Quality of Life Improvement and National Defense Authorization Act for Fiscal Year 2025 (HR 8070) – Introduced by Rep. Mike Rogers (R-AL) on April 18, this bill passed in the House on June 14 and currently lies with the Senate. It is an annual budgetary must-pass bill to reauthorize funding for the nation’s military defenses. The current bill that passed in the House is laden with amendments that will likely sink in the Senate, such as prohibiting services for gender transition, eliminating offices focused on diversity, and prohibiting funding for the Countering Extremist Activity Working Group (focused on preventing extremism in the military). However, some form of this bill will likely pass both Houses and be sent to the president before the end of the fiscal year (Sept. 30, 2024).
Countering Threats and Attacks on Our Judges Act (S 3984) – The purpose of this bill is to create a new resource center to provide threat monitoring and training to help protect the safety of judges and others who work in state courthouses nationwide. The legislation was crafted in response to a rising number of threats to the judiciary. This bipartisan bill was sponsored by Sen. John Cornyn (R-TX). It passed by unanimous consent in the Senate on June 12 and currently lies with the House.
Billie Jean King Congressional Gold Medal Act (S 2861) – This legislation was introduced by Rep. Kirstin Gillibrand (D-NY) on Sept. 20, 2023, with more than 60 co-sponsors across both aisles. The bill would award a Congressional Gold Medal to former professional tennis player Billie Jean King, in recognition to her devotion to championing equal rights for all, both in sports and in society. The bill passed in the Senate on May 8 and is now in the House.
Forgotten Heroes of the Holocaust Congressional Gold Medal Act (HR 537) – This bill would award a Congressional Gold Medal to 60 diplomats posthumously in recognition of their brave and vital service of saving Jews during the Holocaust. It was introduced on Jan. 26, 2023, and sponsored by 295 co-sponsors (155 Democrats, 140 Republicans). It passed in the House on June 11 and currently lies with the Senate.
Promoting a Resolution to the Tibet-China Dispute Act (S 138) – This bill was introduced by Sen. Jeff Merkley (D-OR) on Jan. 30, 2023. It establishes a statutory definition of Tibet that includes areas currently claimed by China. The legislation also expands efforts to combat Chinese government propaganda, such as disinformation about Tibet’s history and institutions. The bill passed in the Senate on May 23 and in the House on June 12. It is currently awaiting enactment by the president.
No Hidden Fees on Extra Expenses for Stays Act of 2023 (HR 6543) – Introduced on Dec. 1, 2023, by Rep. Young Kim (R-CA), this bill requires providers of short-term lodging (e.g., hotels, motels, inns, and short-term rentals) to include each mandatory fee when displaying or advertising the price for a reservation. This largely bipartisan bill passed in the House on June 11, 2024, and currently lies in the Senate.
Wastewater Infrastructure Pollution Prevention and Environmental Safety Act (HR 2964) – This bill mandates that certain premoistened, nonwoven wipes (e.g., baby wipes, cleaning wipes, personal care wipes) be labeled “Do Not Flush” with an accompanying symbol. The bill was sponsored by Rep. Lisa McClain (R-MI) on April 27, 2023, with three Democrat co-sponsors. It passed in the House on June 11 and is currently under consideration in the Senate.
Servicemember Quality of Life Improvement and National Defense Authorization Act for Fiscal Year 2025 (HR 8070) – Introduced by Rep. Mike Rogers (R-AL) on April 18, this bill passed in the House on June 14 and currently lies with the Senate. It is an annual budgetary must-pass bill to reauthorize funding for the nation’s military defenses. The current bill that passed in the House is laden with amendments that will likely sink in the Senate, such as prohibiting services for gender transition, eliminating offices focused on diversity, and prohibiting funding for the Countering Extremist Activity Working Group (focused on preventing extremism in the military). However, some form of this bill will likely pass both Houses and be sent to the president before the end of the fiscal year (Sept. 30, 2024).
Countering Threats and Attacks on Our Judges Act (S 3984) – The purpose of this bill is to create a new resource center to provide threat monitoring and training to help protect the safety of judges and others who work in state courthouses nationwide. The legislation was crafted in response to a rising number of threats to the judiciary. This bipartisan bill was sponsored by Sen. John Cornyn (R-TX). It passed by unanimous consent in the Senate on June 12 and currently lies with the House.
Billie Jean King Congressional Gold Medal Act (S 2861) – This legislation was introduced by Rep. Kirstin Gillibrand (D-NY) on Sept. 20, 2023, with more than 60 co-sponsors across both aisles. The bill would award a Congressional Gold Medal to former professional tennis player Billie Jean King, in recognition to her devotion to championing equal rights for all, both in sports and in society. The bill passed in the Senate on May 8 and is now in the House.
Forgotten Heroes of the Holocaust Congressional Gold Medal Act (HR 537) – This bill would award a Congressional Gold Medal to 60 diplomats posthumously in recognition of their brave and vital service of saving Jews during the Holocaust. It was introduced on Jan. 26, 2023, and sponsored by 295 co-sponsors (155 Democrats, 140 Republicans). It passed in the House on June 11 and currently lies with the Senate.
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.
When a business is looking for a valuation, it needs to decide whether to use the calculation of value approach versus the conclusion of value option.
The conclusion of value calculation is a more rigorous and resource-intensive calculation of value. Both approaches are similarly dependable, and despite the calculation of value’s less in-depth approach, business owners can still benefit from this knowledge for their short- and long-term projection needs. However, there are some distinctions between the two approaches.
Calculation of Value
This method can be conducted annually or once every 24 months. It’s often applied for internal needs, such as the owner looking to retire, selling the business or for critical strategy development. Calculation of value also can be used for planning purposes, such as the settlement stage of a divorce. However, since it’s not an opinion of value, it’s not seen during litigation.
Calculation of value aims to get the company’s fair market value via comparable companies. It is an approximate value, calculated through either a single figure or a range.
Conclusion of Value
This is more comprehensive and has stricter standards that can meet those required by the IRS, lawsuits, the Department of Labor, potential business buyers, M&A activity, etc. Conclusion of value can take as long as six weeks to complete due to stricter reporting standards.
It’s up to the discretion of the analyst, and the results can be a single figure or a range. There are three accepted forms of valuation: market, income and asset-based, necessitating additional time. These three approaches are defined further below.
Market-Based Valuation
This looks at charted data of transaction values to calculate a business’ financial worth. This works similar to how those in the real estate industry determine comparable business’ worth, which is based on substantially similar conditions.
Regardless of the type of business, it looks at financial metrics such as the client service model, business location, profitability, percentage of periodic revenue projections, overall revenue, growth rates, mean account sizes, etc.
Income-Based Valuation
This type of analysis establishes fair value by looking at historical, present and projected future cash flows. It also looks at reasonable projected returns on future investments.
Valuing investments via the discounted cash flow method (DCF) involves looking at after-tax, discretionary, and/or operating cash flow types. This approach is often utilized with businesses that have no to limited earning growth projections.
The Capitalization of Earnings/Cash Flow Method
This begins with determining the cash flow for a discrete period. Then, the cash flow is divided by the capitalization rate over the same period. The capitalization rate is determined by taking a property’s net operating income and dividing it by the present market value. Looking through a real estate lens, it’s interpreted as the percentage of return an investor is likely to obtain from an investment. It’s often calculated for mature/established businesses that grow at a reasonable/predictable rate.
Excess Earnings Valuation Methodology
This can be defined as looking at how much tangible and intangible assets earn for a company over a discrete period of time.
Asset-Based Valuation
This values a company by looking at the net value of assets within a company or the post-liability deduction of the fair market value of the company’s total assets. It’s one way to determine how much a company would cost to re-create.
While each business has its own needs for valuation, be it for internal or external audiences, understanding how to accomplish them and when to use each type is extremely helpful for overall operations.
Alan F Burke CPA
The Differences Between Conclusion of Value and Calculation of Value
July 1, 2024 · Accounting News, Blog
⏱ 4 min read
When a business is looking for a valuation, it needs to decide whether to use the calculation of value approach versus the conclusion of value option.
The conclusion of value calculation is a more rigorous and resource-intensive calculation of value. Both approaches are similarly dependable, and despite the calculation of value’s less in-depth approach, business owners can still benefit from this knowledge for their short- and long-term projection needs. However, there are some distinctions between the two approaches.
Calculation of Value
This method can be conducted annually or once every 24 months. It’s often applied for internal needs, such as the owner looking to retire, selling the business or for critical strategy development. Calculation of value also can be used for planning purposes, such as the settlement stage of a divorce. However, since it’s not an opinion of value, it’s not seen during litigation.
Calculation of value aims to get the company’s fair market value via comparable companies. It is an approximate value, calculated through either a single figure or a range.
Conclusion of Value
This is more comprehensive and has stricter standards that can meet those required by the IRS, lawsuits, the Department of Labor, potential business buyers, M&A activity, etc. Conclusion of value can take as long as six weeks to complete due to stricter reporting standards.
It’s up to the discretion of the analyst, and the results can be a single figure or a range. There are three accepted forms of valuation: market, income and asset-based, necessitating additional time. These three approaches are defined further below.
Market-Based Valuation
This looks at charted data of transaction values to calculate a business’ financial worth. This works similar to how those in the real estate industry determine comparable business’ worth, which is based on substantially similar conditions.
Regardless of the type of business, it looks at financial metrics such as the client service model, business location, profitability, percentage of periodic revenue projections, overall revenue, growth rates, mean account sizes, etc.
Income-Based Valuation
This type of analysis establishes fair value by looking at historical, present and projected future cash flows. It also looks at reasonable projected returns on future investments.
Valuing investments via the discounted cash flow method (DCF) involves looking at after-tax, discretionary, and/or operating cash flow types. This approach is often utilized with businesses that have no to limited earning growth projections.
The Capitalization of Earnings/Cash Flow Method
This begins with determining the cash flow for a discrete period. Then, the cash flow is divided by the capitalization rate over the same period. The capitalization rate is determined by taking a property’s net operating income and dividing it by the present market value. Looking through a real estate lens, it’s interpreted as the percentage of return an investor is likely to obtain from an investment. It’s often calculated for mature/established businesses that grow at a reasonable/predictable rate.
Excess Earnings Valuation Methodology
This can be defined as looking at how much tangible and intangible assets earn for a company over a discrete period of time.
Asset-Based Valuation
This values a company by looking at the net value of assets within a company or the post-liability deduction of the fair market value of the company’s total assets. It’s one way to determine how much a company would cost to re-create.
While each business has its own needs for valuation, be it for internal or external audiences, understanding how to accomplish them and when to use each type is extremely helpful for overall operations.
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.
You’re never too young to start a bucket list. That’s because some things (such as bungee jumping) you probably want to knock out in your twenties. Women may want to have children before their forties – that sort of thing. A bucket list is comprised of all the things you want to do before you “kick the bucket.” It should be a running list that you add to and check off throughout your lifetime.
If you haven’t started a bucket list yet, a good time to do this is during your pre-retirement planning. It might be better to complete some items, such as expensive travel or home renovations, while you’re still working. That way, you can pay for them with your current income rather than take on debt or withdraw excess funds during retirement.
Another reason to develop your bucket list with your pre-retirement plan is to give life after work a greater purpose. Many people don’t think past the joy of simply not having to get up every morning and go to work. For some, the appeal of retirement is to no longer have to deal with exhausting corporate politics. However, if these are the only reasons you’re looking forward to retirement, they will not likely be as fulfilling a couple of years into it.
In fact, many retirees find they miss both the structure of the workday as well as the responsibilities and intellectual stimulation of a job. If you don’t establish additional and specific goals for your retirement years, you may end up bored, watching television most of the day, short on social stimulation, and wondering where the years went.
Some common goals set by retirees include:
Volunteering
Home renovation/redecoration
Gardening
Reading/book club
Babysitting/spending time with grandchildren
Traveling
Writing a book/memoir
Learning another language
Painting/arts & crafts
Learning to play an instrument
Carpentry
Regular socializing with friends/game night
Culture (theatre, symphony)
Regular exercise routine
Mentoring
Taking classes
Aim For Local
Not everyone wants to see springtime in Paris, so recognize that your bucket list is unique to you. If you’re running low on bucket list items, think locally and personally. For example, there might be places nearby you haven’t visited in years (or ever), such as a museum, art gallery, zoo, symphony, or opera. Even if you do attend regularly, consider taking your grandchildren with you during retirement to expose them to your passions and develop memories they will hold onto for life.
As you develop your bucket list, think about how activities could achieve additional goals, such as fitness and socialization. Some of the risks of growing older are increased health problems and potential isolation – particularly if you lose a partner or outlive your friends. Constantly expand your social network to include younger folks, particularly neighbors. Helping them out with occasional babysitting or taking care of pets while they are out of town help “pay it forward” for those elder years when you could use a bit of help yourself.
Achieving a successful retirement is all about good planning and preparation. You want to have money to enjoy your life, good health to keep staying active, and friends and loved ones to spend time with. These are the core elements that contribute to a long life, so start planning today by developing goals and seeing them through.
Alan F Burke CPA
Pre-Retirement Planning Guide Younger Adults
July 1, 2024 · Blog, Financial Planning
⏱ 3 min read
Step 2: Clarify Goals
You’re never too young to start a bucket list. That’s because some things (such as bungee jumping) you probably want to knock out in your twenties. Women may want to have children before their forties – that sort of thing. A bucket list is comprised of all the things you want to do before you “kick the bucket.” It should be a running list that you add to and check off throughout your lifetime.
If you haven’t started a bucket list yet, a good time to do this is during your pre-retirement planning. It might be better to complete some items, such as expensive travel or home renovations, while you’re still working. That way, you can pay for them with your current income rather than take on debt or withdraw excess funds during retirement.
Another reason to develop your bucket list with your pre-retirement plan is to give life after work a greater purpose. Many people don’t think past the joy of simply not having to get up every morning and go to work. For some, the appeal of retirement is to no longer have to deal with exhausting corporate politics. However, if these are the only reasons you’re looking forward to retirement, they will not likely be as fulfilling a couple of years into it.
In fact, many retirees find they miss both the structure of the workday as well as the responsibilities and intellectual stimulation of a job. If you don’t establish additional and specific goals for your retirement years, you may end up bored, watching television most of the day, short on social stimulation, and wondering where the years went.
Some common goals set by retirees include:
Volunteering
Home renovation/redecoration
Gardening
Reading/book club
Babysitting/spending time with grandchildren
Traveling
Writing a book/memoir
Learning another language
Painting/arts & crafts
Learning to play an instrument
Carpentry
Regular socializing with friends/game night
Culture (theatre, symphony)
Regular exercise routine
Mentoring
Taking classes
Aim For Local
Not everyone wants to see springtime in Paris, so recognize that your bucket list is unique to you. If you’re running low on bucket list items, think locally and personally. For example, there might be places nearby you haven’t visited in years (or ever), such as a museum, art gallery, zoo, symphony, or opera. Even if you do attend regularly, consider taking your grandchildren with you during retirement to expose them to your passions and develop memories they will hold onto for life.
As you develop your bucket list, think about how activities could achieve additional goals, such as fitness and socialization. Some of the risks of growing older are increased health problems and potential isolation – particularly if you lose a partner or outlive your friends. Constantly expand your social network to include younger folks, particularly neighbors. Helping them out with occasional babysitting or taking care of pets while they are out of town help “pay it forward” for those elder years when you could use a bit of help yourself.
Achieving a successful retirement is all about good planning and preparation. You want to have money to enjoy your life, good health to keep staying active, and friends and loved ones to spend time with. These are the core elements that contribute to a long life, so start planning today by developing goals and seeing them through.
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.
Promoting a Resolution to the Tibet-China Dispute Act (S 138) – This bill was introduced by Sen. Jeff Merkley (D-OR) on Jan. 30, 2023. It establishes a statutory definition of Tibet that includes areas currently claimed by China. The legislation also expands efforts to combat Chinese government propaganda, such as disinformation about Tibet’s history and institutions. The bill passed in the Senate on May 23 and in the House on June 12. It is currently awaiting enactment by the president.
When a business is looking for a valuation, it needs to decide whether to use the calculation of value approach versus the conclusion of value option.
Step 2: Clarify Goals