Summer is here, and so are all the activities. But as we know, these activities cost money. Here are a few ways you can still have fun and, while doing so, save some cash.
Look at Your Calendar
Summer months are filled with holidays, birthdays, cookouts, weddings – the list goes on. Take a look and make an estimate of how much you want to spend on each event. When you can plan ahead and figure out your budget, you won’t be faced with surprise expenditures at the last minute. Nobody likes that.
Go on a Spending Cleanse
We’re not talking for months on end – just a few weeks. During this time, make a point to spend only on necessities. It will force you to take a look at what you want versus what you need. The money that you might have otherwise spent on wants can go into a slush fund for future summer events.
Check Out Money-Saving Sites
If you want to go to an amusement park or, say, the movies, you know how quickly this can add up. Go to Groupon or LivingSocial for some serious price-slashing coupons. Other resources to check out are AAA or AARP. For instance, AAA members get up to 30 percent off tickets to Six Flags.
Take Advantage of Free Entertainment
Inquire at your public library for free events and activities. Check out your local zoo and botanical gardens for free admission days. Go online to your local parks and recreation centers – many plan free, outdoor things to do. All you have to do is dig around a little!
Freeze Your Gym Membership
Chances are you’ll be spending a lot more time outside this summer, some of which might be working out. So why pay for a gym membership if you’re not using it? Instead of paying a hefty cancellation fee or initiation fee to rejoin, ask if you can freeze your membership for the summer. You might be charged a small fee, but in comparison to your monthly or yearly dues, you could save a lot. Plus, exercising outside is good for you.
Turn Down Your Air Conditioner When Away
After you’ve been out in the heat, coming home to an icy home undoubtedly feels great. But what doesn’t feel so great is looking at your A/C bill every month. You could turn down your A/C to a tolerable temp when you leave, then, of course, turn it up when you return. Or, you can get a programmable thermostat that will automatically adjust while you’re away. According to the U.S. Department of Energy, one of these devices can save you as much as 10 percent on heating and cooling costs.
Unplug Electronics When You Leave for Vacation
Before you head out for your summer adventure, make sure to unplug everything from your entertainment system – cable box, TV and speakers – to your small kitchen appliances like your toaster and coffee maker. These devices still consume energy when they’re plugged in. If you want to expedite this, get a power strip. With just one or two flips, you can save up to 5 percent on your energy bill.
These are just a few little things you can do to shave costs, but over time, they can add up to substantial savings. They’ll also help remove the stress that lack of money can cause. You deserve to have a relaxing, worry-free summer!
June 1, 2023 · Blog, Tip of the Month, Uncategorized
⏱ 4 min read
Summer is here, and so are all the activities. But as we know, these activities cost money. Here are a few ways you can still have fun and, while doing so, save some cash.
Look at Your Calendar
Summer months are filled with holidays, birthdays, cookouts, weddings – the list goes on. Take a look and make an estimate of how much you want to spend on each event. When you can plan ahead and figure out your budget, you won’t be faced with surprise expenditures at the last minute. Nobody likes that.
Go on a Spending Cleanse
We’re not talking for months on end – just a few weeks. During this time, make a point to spend only on necessities. It will force you to take a look at what you want versus what you need. The money that you might have otherwise spent on wants can go into a slush fund for future summer events.
Check Out Money-Saving Sites
If you want to go to an amusement park or, say, the movies, you know how quickly this can add up. Go to Groupon or LivingSocial for some serious price-slashing coupons. Other resources to check out are AAA or AARP. For instance, AAA members get up to 30 percent off tickets to Six Flags.
Take Advantage of Free Entertainment
Inquire at your public library for free events and activities. Check out your local zoo and botanical gardens for free admission days. Go online to your local parks and recreation centers – many plan free, outdoor things to do. All you have to do is dig around a little!
Freeze Your Gym Membership
Chances are you’ll be spending a lot more time outside this summer, some of which might be working out. So why pay for a gym membership if you’re not using it? Instead of paying a hefty cancellation fee or initiation fee to rejoin, ask if you can freeze your membership for the summer. You might be charged a small fee, but in comparison to your monthly or yearly dues, you could save a lot. Plus, exercising outside is good for you.
Turn Down Your Air Conditioner When Away
After you’ve been out in the heat, coming home to an icy home undoubtedly feels great. But what doesn’t feel so great is looking at your A/C bill every month. You could turn down your A/C to a tolerable temp when you leave, then, of course, turn it up when you return. Or, you can get a programmable thermostat that will automatically adjust while you’re away. According to the U.S. Department of Energy, one of these devices can save you as much as 10 percent on heating and cooling costs.
Unplug Electronics When You Leave for Vacation
Before you head out for your summer adventure, make sure to unplug everything from your entertainment system – cable box, TV and speakers – to your small kitchen appliances like your toaster and coffee maker. These devices still consume energy when they’re plugged in. If you want to expedite this, get a power strip. With just one or two flips, you can save up to 5 percent on your energy bill.
These are just a few little things you can do to shave costs, but over time, they can add up to substantial savings. They’ll also help remove the stress that lack of money can cause. You deserve to have a relaxing, worry-free summer!
These articles are intended to provide general resources for the tax and accounting needs of small businesses and individuals. Service2Client LLC is the author, but is not engaged in rendering specific legal, accounting, financial or professional advice. Service2Client LLC makes no representation that the recommendations of Service2Client LLC will achieve any result. The NSAD has not reviewed any of the Service2Client LLC content. Readers are encouraged to contact a professional regarding the topics in these articles. The images linked to these articles are protected by copyright and should not be copied for any reason.
So, you filed and paid all your taxes on the money you earned in 2021. Now, the company you work for finds itself in trouble, and you are forced to pay back part of your compensation. The big question is, will the IRS refund you for the taxes you already paid related to this compensation? While this seems like a bizarre scenario at first glance, it is more common than you might think.
Reducing or holding back compensation that hasn’t been earned yet is easy. Simply pay an executive or employee less, or don’t grant the stock option or bonus. Just don’t pay it.
Things get tricky in a situation where compensation has already been paid and needs to be reversed. This is much, much tougher. If you are still within the same calendar year, then logistically, it’s easier to make an adjustment; but unwinding compensation already awarded is never simple or easy.
Requiring an employee to pay back compensation is not as uncommon as many think. The situation can be as simple as receiving a signing bonus with the stipulation to stay at least a year. IRS treatment of repaid compensation depends on the details.
Details on Compensation Clawbacks
The answer to the core question can vary, with the legal context and timing being the biggest drivers. For example, both Dodd-Frank and the Consumer Protection Act grant regulatory authority to mandate clawbacks, even in cases where the taxpayer was unaware of any wrongdoing. The Sarbanes-Oxlet Act has its own set of clawback regulations. In cases such as this, there is the possibility, due to legal concerns, that a refund is not due to the taxpayer.
Generally, in cases of contractual issues, the IRS doesn’t allow a taxpayer to undo an economic event as if it never happened. The general exception to this rule is if you receive and give back the same compensation within the same calendar year. The problem, however, is that clawbacks usually come in later years after a tax return has been filed.
If you are still employed at the same company, they could simply agree to reduce your current year salary. If you are a former employee, things get tricker. You also have the possibility of amending a prior tax return in some cases. Unfortunately, many people find themselves in a situation where they need to claim a tax refund under Section 1341 of the tax code.
Section 1341 is based on the claim of right doctrine and attempts to put a taxpayer in the same position he or she would have been in had they never received the income. To qualify for and file under this provision, the taxpayer must have included money in income in the prior year because they had an unrestricted right to it at that time and then later learned they did not have an unrestricted right to it after all, therefore having to give it back.
Conclusion
The rules and regulations around the taxability of compensation required to be repaid is not simple. While the core issue of whether one is voluntary or mandatory, givebacks almost always create tax problems. If you ever find yourself in a situation where you have to return a material amount of compensation, no matter what the source, it’s best to reach out to your trusted tax adviser for help navigating the complexities.
I Needed to Repay Part of My Compensation; Will I Get a Refund on My Taxes?
May 1, 2023 · Blog, Tax and Financial News, Uncategorized
⏱ 3 min read
So, you filed and paid all your taxes on the money you earned in 2021. Now, the company you work for finds itself in trouble, and you are forced to pay back part of your compensation. The big question is, will the IRS refund you for the taxes you already paid related to this compensation? While this seems like a bizarre scenario at first glance, it is more common than you might think.
Reducing or holding back compensation that hasn’t been earned yet is easy. Simply pay an executive or employee less, or don’t grant the stock option or bonus. Just don’t pay it.
Things get tricky in a situation where compensation has already been paid and needs to be reversed. This is much, much tougher. If you are still within the same calendar year, then logistically, it’s easier to make an adjustment; but unwinding compensation already awarded is never simple or easy.
Requiring an employee to pay back compensation is not as uncommon as many think. The situation can be as simple as receiving a signing bonus with the stipulation to stay at least a year. IRS treatment of repaid compensation depends on the details.
Details on Compensation Clawbacks
The answer to the core question can vary, with the legal context and timing being the biggest drivers. For example, both Dodd-Frank and the Consumer Protection Act grant regulatory authority to mandate clawbacks, even in cases where the taxpayer was unaware of any wrongdoing. The Sarbanes-Oxlet Act has its own set of clawback regulations. In cases such as this, there is the possibility, due to legal concerns, that a refund is not due to the taxpayer.
Generally, in cases of contractual issues, the IRS doesn’t allow a taxpayer to undo an economic event as if it never happened. The general exception to this rule is if you receive and give back the same compensation within the same calendar year. The problem, however, is that clawbacks usually come in later years after a tax return has been filed.
If you are still employed at the same company, they could simply agree to reduce your current year salary. If you are a former employee, things get tricker. You also have the possibility of amending a prior tax return in some cases. Unfortunately, many people find themselves in a situation where they need to claim a tax refund under Section 1341 of the tax code.
Section 1341 is based on the claim of right doctrine and attempts to put a taxpayer in the same position he or she would have been in had they never received the income. To qualify for and file under this provision, the taxpayer must have included money in income in the prior year because they had an unrestricted right to it at that time and then later learned they did not have an unrestricted right to it after all, therefore having to give it back.
Conclusion
The rules and regulations around the taxability of compensation required to be repaid is not simple. While the core issue of whether one is voluntary or mandatory, givebacks almost always create tax problems. If you ever find yourself in a situation where you have to return a material amount of compensation, no matter what the source, it’s best to reach out to your trusted tax adviser for help navigating the complexities.
Disclaimer
These articles are intended to provide general resources for the tax and accounting needs of small businesses and individuals. Service2Client LLC is the author, but is not engaged in rendering specific legal, accounting, financial or professional advice. Service2Client LLC makes no representation that the recommendations of Service2Client LLC will achieve any result. The NSAD has not reviewed any of the Service2Client LLC content. Readers are encouraged to contact a professional regarding the topics in these articles. The images linked to these articles are protected by copyright and should not be copied for any reason.
When it comes to businesses looking to mitigate risk, one concept that’s important to explore is reproduction costs. The first step is to distinguish between reproduction and replacement costs. Replacement cost refers to how much it would cost a company to replace an asset that will duplicate the performance of the beginning asset; however, it does not necessarily have to meet the same materials, specifications, etc. Reproduction cost refers to how much it would cost a company to reproduce the asset so that it’s constructed of the same materials, specifications, etc., based on current market prices.
When looking to assess real estate accurately, the cost approach examines how much a builder would need to spend on the land and building outlays to replicate the original building and its functionality. This looks at what the current market conditions would assess the land for and the construction/development costs on said land. From there, it removes depreciation to obtain its property value.
It’s expressed as follows:
Property Value = Replacement / Reproduction Cost – Depreciation + Land Value
The first step is to determine the structure’s reproduction and replacement costs. The Replacement Method looks at expenses that would be incurred to build a structure featuring the same usefulness as the building under review, constructed with present-day raw materials, blueprints, specifications, etc. The Reproduction Method looks at how much it would cost to build an exact replica of the original structure, employing analogous inputs and building standards. It also requires adhering to historically accurate conventions and blueprints. Naturally, when comparing a historic property to a recent building, there would be a greater divergence between replacement and reproduction costs.
Depreciation of improvements for the next step must be estimated. This is defined as the difference between the value of renovations and the current contributing value of them, which is measured in three ways:
How much has the building physically deteriorated?
How much has the building has fallen out of favor with real estate purchasers over time?
How much value has the building lost due to factors beyond itself? Examples include deteriorating local economic conditions, recent and lasting environmental contamination, etc.
After calculating the three conditions in the aforementioned questions, the resulting figure is the accrued depreciation. This step entails looking at current property values to ascertain a competitive worth for the land. This can be referred to as the Estimated Assessed Value of Land to give the value a name.
From there, the accrued depreciation must be taken off the value of either the replacement cost or reproduction cost. It’s expressed as follows:
Replacement Cost or Reproduction Cost (either can be selected depending on the desired outcome) – Accrued Depreciation
The resulting figure is referred to as the Depreciated Cost of the Structure.
Once the Accrued Depreciation is accounted for, the land’s estimated assessed value must be added to the Depreciated Cost of the Structure figure. It is calculated as follows:
Completed Estimate of Real Estate = Depreciated Cost of the Structure + Estimated Assessed Value of Land
Contemplating the Cost Approach’s Drawbacks
One concern is that if there’s a problem finding the right lot, the parcel’s valuation might not reflect its true worth. Zoning or land-use restrictions can reduce the attractiveness of a parcel of land, thereby lowering its value. When it comes to calculating depreciation for older properties, age could skew the value estimate. For example, with construction materials for certain items may not be available anymore, making the calculation subject to interpretation.
Understanding how different cost assessments work allows business owners to make decisions that benefit their customers and their bottom line.
Defining and Understanding Reproduction Costs
May 1, 2023 · Blog, General Business News, Uncategorized
⏱ 4 min read
When it comes to businesses looking to mitigate risk, one concept that’s important to explore is reproduction costs. The first step is to distinguish between reproduction and replacement costs. Replacement cost refers to how much it would cost a company to replace an asset that will duplicate the performance of the beginning asset; however, it does not necessarily have to meet the same materials, specifications, etc. Reproduction cost refers to how much it would cost a company to reproduce the asset so that it’s constructed of the same materials, specifications, etc., based on current market prices.
When looking to assess real estate accurately, the cost approach examines how much a builder would need to spend on the land and building outlays to replicate the original building and its functionality. This looks at what the current market conditions would assess the land for and the construction/development costs on said land. From there, it removes depreciation to obtain its property value.
It’s expressed as follows:
Property Value = Replacement / Reproduction Cost – Depreciation + Land Value
The first step is to determine the structure’s reproduction and replacement costs. The Replacement Method looks at expenses that would be incurred to build a structure featuring the same usefulness as the building under review, constructed with present-day raw materials, blueprints, specifications, etc. The Reproduction Method looks at how much it would cost to build an exact replica of the original structure, employing analogous inputs and building standards. It also requires adhering to historically accurate conventions and blueprints. Naturally, when comparing a historic property to a recent building, there would be a greater divergence between replacement and reproduction costs.
Depreciation of improvements for the next step must be estimated. This is defined as the difference between the value of renovations and the current contributing value of them, which is measured in three ways:
How much has the building physically deteriorated?
How much has the building has fallen out of favor with real estate purchasers over time?
How much value has the building lost due to factors beyond itself? Examples include deteriorating local economic conditions, recent and lasting environmental contamination, etc.
After calculating the three conditions in the aforementioned questions, the resulting figure is the accrued depreciation. This step entails looking at current property values to ascertain a competitive worth for the land. This can be referred to as the Estimated Assessed Value of Land to give the value a name.
From there, the accrued depreciation must be taken off the value of either the replacement cost or reproduction cost. It’s expressed as follows:
Replacement Cost or Reproduction Cost (either can be selected depending on the desired outcome) – Accrued Depreciation
The resulting figure is referred to as the Depreciated Cost of the Structure.
Once the Accrued Depreciation is accounted for, the land’s estimated assessed value must be added to the Depreciated Cost of the Structure figure. It is calculated as follows:
Completed Estimate of Real Estate = Depreciated Cost of the Structure + Estimated Assessed Value of Land
Contemplating the Cost Approach’s Drawbacks
One concern is that if there’s a problem finding the right lot, the parcel’s valuation might not reflect its true worth. Zoning or land-use restrictions can reduce the attractiveness of a parcel of land, thereby lowering its value. When it comes to calculating depreciation for older properties, age could skew the value estimate. For example, with construction materials for certain items may not be available anymore, making the calculation subject to interpretation.
Understanding how different cost assessments work allows business owners to make decisions that benefit their customers and their bottom line.
Disclaimer
These articles are intended to provide general resources for the tax and accounting needs of small businesses and individuals. Service2Client LLC is the author, but is not engaged in rendering specific legal, accounting, financial or professional advice. Service2Client LLC makes no representation that the recommendations of Service2Client LLC will achieve any result. The NSAD has not reviewed any of the Service2Client LLC content. Readers are encouraged to contact a professional regarding the topics in these articles. The images linked to these articles are protected by copyright and should not be copied for any reason.
The internet keeps evolving. It started with static web pages in Web 1.0 before evolving to interactive and dynamic content in Web 2.0. A new phase of technology is now introducing Web 3.0, or the third generation of The World Wide Web. Although it is a work in progress, it is necessary to understand the new concept and how it will impact the future of online interactions.
What is Web 3.0?
Web 3.0 is a term used to describe the next generation of the internet. Industry experts consider it the next big thing in the evolution of the The Web after Web 2.0. Web 2.0 refers to the Internet era characterized by user-generated content, social networking, and interactive web applications; it is known mainly as the Internet of Information.
Web 3.0, on the other hand, is built on top of the existing infrastructure; however, it introduces new technologies that enable computers to interpret data in a more human-centered manner. It combines disruptive technologies such as blockchain, augmented reality, virtual reality, edge computing, IoT, etc. As a result, the internet will become a more intelligent and efficient tool for finding and processing information.
Web 3.0 is also referred to as the semantic web or decentralized web and aims to create a more meaningful online experience by integrating artificial intelligence (AI), decentralized networks, and semantic understanding.
Key Features of Web 3.0
Decentralization
Web 3.0 makes good the move toward decentralization. Decentralization implies that instead of relying on central authorities, data is simultaneously stored in multiple locations. Since Web 3.0 is built on decentralized networks, such as blockchain technology, it creates a more transparent, secure, and trusted web and gives users more control over their data.
Artificial Intelligence and Machine Learning
Web 3.0 will enable computers to comprehend information similar to the way humans do, using semantic web concepts and natural language processing. It also will utilize machine learning – technology that employs data and algorithms to imitate human learning and enhance accuracy. Web 3.0 is designed to leverage the power of artificial intelligence (AI), making web applications more intelligent and enhancing their capacity to make informed decisions. It also helps automate tasks, improve efficiency, and provide more personalized experiences for users.
Ubiquity and Connectivity
The rise of the Internet of Things (IoT) is another contributing factor, enabling information and content to be more connected and ubiquitous. It also means data is accessible via multiple applications and devices.
3D Visualization
Using augmented reality, virtual reality, and mixed reality combined with technologies such as IoT makes it possible to create a spatial web. This helps maintain real-life scale and experience on the web. A good example is the application of VR technology in e-commerce.
Openness and Accessibility
Web 3.0 is built on open standards and protocols, which make it more accessible to both developers and users. This promotes innovation and collaboration across different sectors and communities.
The Impact of Web 3.0 and Challenges
Web 3.0 will significantly change how users interact with information online and transform different aspects of life, including commerce, health, and education, among others. For instance, decentralization gives users greater control over their personal data. This might help limit the collection of data without user consent or compensation.
With blockchain technology as a foundation of Web 3.0, the data becomes immutable, transparent, and hard to hack. This is because all transactions will use self-executing smart contracts.
Web 3.0 will usher in a new era of automation as intelligent systems and algorithms become increasingly integrated into online experiences. This will include more intelligent chatbots, personalized recommendations, sophisticated predictive analytics, and autonomous systems.
As a result, there will be an improved user experience. Users will have a more personalized and interactive experience online, with applications that can better understand their needs and preferences.
Despite the impressive positive impact, Web 3.0 is still in its early emerging stage and is not without challenges. As more significant work and effort are being put toward its actualization, several issues must be addressed. First, to facilitate specific user functions, additional layers must be built on top of the blockchain to ease its complex operations.
Secondly, decentralization introduces data governance and regulation concerns. With no central control of data, bad actors can take advantage to promote hate speech, misinformation and cybercrime.
Thirdly, this new iteration of the internet also requires implementing new technologies and using advanced devices.
Conclusion
The evolution of the internet is inevitable. Although more effort is still required to realize the full potential of Web 3.0, business leaders should be aware of new developments to ensure they can take advantage of opportunities presented by the spatial web and venture into new avenues to remain competitive.
What Is Web 3.0? Understanding The Next Generation of the Internet
May 1, 2023 · Blog, Uncategorized, What's New in Technology
⏱ 4 min read
The internet keeps evolving. It started with static web pages in Web 1.0 before evolving to interactive and dynamic content in Web 2.0. A new phase of technology is now introducing Web 3.0, or the third generation of The World Wide Web. Although it is a work in progress, it is necessary to understand the new concept and how it will impact the future of online interactions.
What is Web 3.0?
Web 3.0 is a term used to describe the next generation of the internet. Industry experts consider it the next big thing in the evolution of the The Web after Web 2.0. Web 2.0 refers to the Internet era characterized by user-generated content, social networking, and interactive web applications; it is known mainly as the Internet of Information.
Web 3.0, on the other hand, is built on top of the existing infrastructure; however, it introduces new technologies that enable computers to interpret data in a more human-centered manner. It combines disruptive technologies such as blockchain, augmented reality, virtual reality, edge computing, IoT, etc. As a result, the internet will become a more intelligent and efficient tool for finding and processing information.
Web 3.0 is also referred to as the semantic web or decentralized web and aims to create a more meaningful online experience by integrating artificial intelligence (AI), decentralized networks, and semantic understanding.
Key Features of Web 3.0
Decentralization
Web 3.0 makes good the move toward decentralization. Decentralization implies that instead of relying on central authorities, data is simultaneously stored in multiple locations. Since Web 3.0 is built on decentralized networks, such as blockchain technology, it creates a more transparent, secure, and trusted web and gives users more control over their data.
Artificial Intelligence and Machine Learning
Web 3.0 will enable computers to comprehend information similar to the way humans do, using semantic web concepts and natural language processing. It also will utilize machine learning – technology that employs data and algorithms to imitate human learning and enhance accuracy. Web 3.0 is designed to leverage the power of artificial intelligence (AI), making web applications more intelligent and enhancing their capacity to make informed decisions. It also helps automate tasks, improve efficiency, and provide more personalized experiences for users.
Ubiquity and Connectivity
The rise of the Internet of Things (IoT) is another contributing factor, enabling information and content to be more connected and ubiquitous. It also means data is accessible via multiple applications and devices.
3D Visualization
Using augmented reality, virtual reality, and mixed reality combined with technologies such as IoT makes it possible to create a spatial web. This helps maintain real-life scale and experience on the web. A good example is the application of VR technology in e-commerce.
Openness and Accessibility
Web 3.0 is built on open standards and protocols, which make it more accessible to both developers and users. This promotes innovation and collaboration across different sectors and communities.
The Impact of Web 3.0 and Challenges
Web 3.0 will significantly change how users interact with information online and transform different aspects of life, including commerce, health, and education, among others. For instance, decentralization gives users greater control over their personal data. This might help limit the collection of data without user consent or compensation.
With blockchain technology as a foundation of Web 3.0, the data becomes immutable, transparent, and hard to hack. This is because all transactions will use self-executing smart contracts.
Web 3.0 will usher in a new era of automation as intelligent systems and algorithms become increasingly integrated into online experiences. This will include more intelligent chatbots, personalized recommendations, sophisticated predictive analytics, and autonomous systems.
As a result, there will be an improved user experience. Users will have a more personalized and interactive experience online, with applications that can better understand their needs and preferences.
Despite the impressive positive impact, Web 3.0 is still in its early emerging stage and is not without challenges. As more significant work and effort are being put toward its actualization, several issues must be addressed. First, to facilitate specific user functions, additional layers must be built on top of the blockchain to ease its complex operations.
Secondly, decentralization introduces data governance and regulation concerns. With no central control of data, bad actors can take advantage to promote hate speech, misinformation and cybercrime.
Thirdly, this new iteration of the internet also requires implementing new technologies and using advanced devices.
Conclusion
The evolution of the internet is inevitable. Although more effort is still required to realize the full potential of Web 3.0, business leaders should be aware of new developments to ensure they can take advantage of opportunities presented by the spatial web and venture into new avenues to remain competitive.
Disclaimer
These articles are intended to provide general resources for the tax and accounting needs of small businesses and individuals. Service2Client LLC is the author, but is not engaged in rendering specific legal, accounting, financial or professional advice. Service2Client LLC makes no representation that the recommendations of Service2Client LLC will achieve any result. The NSAD has not reviewed any of the Service2Client LLC content. Readers are encouraged to contact a professional regarding the topics in these articles. The images linked to these articles are protected by copyright and should not be copied for any reason.
Relating to a national emergency declared by the President on March 13, 2020 (HJ Res 7) – On March 13, 2020, then-President Trump declared a national emergency relating to the COVID-19 pandemic. Since then, emergency status has continued until the passage of this resolution. The national emergency status relaxed many healthcare rules, such as training mandates for nursing home aides, easier access to certain prescribed medications (e.g., Adderall, Ritalin, oxycodone, buprenorphine), and utilization of uncredentialed nurse practitioners and physician assistants for hospitalized Medicare patients. The resolution to end emergency status passed in the House on Feb. 1 and Senate on March 29. The resolution was introduced by Rep. Paul Gosar (R-AZ) on Jan. 9 and enacted by President Biden on April 10.
Wounded Warrior Access Act (HR 1226) – This bill requires the Department of Veterans Affairs (VA) to respond to online requests by claimants for records related to VA claims and benefits. The VA must notify a requester within 10 days that their request has been received and fulfill the request within 120 days. The bill was introduced by Rep. Pete Aguilar (D-CA) on Feb. 28 and passed in the House on March 7. It currently resides in the Senate.
Veterans’ COLA Act of 2023 (S 777) – Effective Dec. 1, 2023, this bipartisan bill would increase the rates of compensation for veterans with service-connected disabilities as well as dependency and indemnity compensation for the survivors of certain disabled veterans. The bill was introduced on March 14 by Sen. Jon Tester (D-MT). It passed in the Senate on March 30 and is currently under consideration in the House.
Understanding Cybersecurity of Mobile Networks Act (HR 1123) – Introduced by Rep. Anna Ashoo (D-CA) on Feb. 21, this bill would require the National Telecommunications and Information Administration to report on the cybersecurity vulnerability of mobile service networks and mobile devices to cyberattacks and surveillance by adversaries. The bill was passed unanimously in the House on March 7; its fate currently resides in the Senate.
Lower Energy Costs Act (HR 1) – This bill is designed to reduce energy costs by increasing American energy production, exports, infrastructure, and critical minerals processing by implementing transparency, accountability, and permitting rules as well as improving water quality certification and expediting energy projects. The bill was introduced by Rep. Steve Scalise (R-LA) on Jan. 26 and passed in the House on March 30. It is currently awaiting review in the Senate.
SECURE Notarization Act of 2023 (HR 1059) – This bipartisan legislation was introduced in the House by Rep. Kelly Armstrong (R-ND) on Feb. 17. It would permit notaries public to notarize electronic records and perform notarizations for remotely located individuals. The bill provides technical requirements, including creating and retaining video and audio recordings to conduct the transaction. Additionally, the bill would require all U.S. courts and states to recognize in-person and remoted notarizations affecting interstate commerce. The bill also allows a notary public to remotely notarize electronic records involving an individual located outside of the United States, subject to certain requirements. The bill passed in the House on Feb. 27 and is currently under consideration in the Senate.
Shoring Up Services for Veterans, Energy Production and Cybersecurity Risks
May 1, 2023 · Blog, Congress at Work, Uncategorized
⏱ 3 min read
Relating to a national emergency declared by the President on March 13, 2020 (HJ Res 7) – On March 13, 2020, then-President Trump declared a national emergency relating to the COVID-19 pandemic. Since then, emergency status has continued until the passage of this resolution. The national emergency status relaxed many healthcare rules, such as training mandates for nursing home aides, easier access to certain prescribed medications (e.g., Adderall, Ritalin, oxycodone, buprenorphine), and utilization of uncredentialed nurse practitioners and physician assistants for hospitalized Medicare patients. The resolution to end emergency status passed in the House on Feb. 1 and Senate on March 29. The resolution was introduced by Rep. Paul Gosar (R-AZ) on Jan. 9 and enacted by President Biden on April 10.
Wounded Warrior Access Act (HR 1226) – This bill requires the Department of Veterans Affairs (VA) to respond to online requests by claimants for records related to VA claims and benefits. The VA must notify a requester within 10 days that their request has been received and fulfill the request within 120 days. The bill was introduced by Rep. Pete Aguilar (D-CA) on Feb. 28 and passed in the House on March 7. It currently resides in the Senate.
Veterans’ COLA Act of 2023 (S 777) – Effective Dec. 1, 2023, this bipartisan bill would increase the rates of compensation for veterans with service-connected disabilities as well as dependency and indemnity compensation for the survivors of certain disabled veterans. The bill was introduced on March 14 by Sen. Jon Tester (D-MT). It passed in the Senate on March 30 and is currently under consideration in the House.
Understanding Cybersecurity of Mobile Networks Act (HR 1123) – Introduced by Rep. Anna Ashoo (D-CA) on Feb. 21, this bill would require the National Telecommunications and Information Administration to report on the cybersecurity vulnerability of mobile service networks and mobile devices to cyberattacks and surveillance by adversaries. The bill was passed unanimously in the House on March 7; its fate currently resides in the Senate.
Lower Energy Costs Act (HR 1) – This bill is designed to reduce energy costs by increasing American energy production, exports, infrastructure, and critical minerals processing by implementing transparency, accountability, and permitting rules as well as improving water quality certification and expediting energy projects. The bill was introduced by Rep. Steve Scalise (R-LA) on Jan. 26 and passed in the House on March 30. It is currently awaiting review in the Senate.
SECURE Notarization Act of 2023 (HR 1059) – This bipartisan legislation was introduced in the House by Rep. Kelly Armstrong (R-ND) on Feb. 17. It would permit notaries public to notarize electronic records and perform notarizations for remotely located individuals. The bill provides technical requirements, including creating and retaining video and audio recordings to conduct the transaction. Additionally, the bill would require all U.S. courts and states to recognize in-person and remoted notarizations affecting interstate commerce. The bill also allows a notary public to remotely notarize electronic records involving an individual located outside of the United States, subject to certain requirements. The bill passed in the House on Feb. 27 and is currently under consideration in the Senate.
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