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☆ Gold rush: Lawyers are flocking to Arizona to take advantage of new rules resulting in a flood of outside investments in law firms
▼ + stars: | 2022-10-19 | by ( Jack Newsham | ) www.businessinsider.com time to read: +10 min

In 2021, Arizona changed its rules to let non-lawyers co-own law firms, many of which are highly profitable: They collectively made an estimated $320 billion in the US last year. Today, 47 states — all but Arizona, Utah, and Washington — ban anyone but lawyers from owning law firms. Some of the firms Arizona has approved have said they plan to advertise nationwide, and refer cases to other law firms that will actually do the work. Pre-settlement funding, which is one of the riskier kinds of loan for plaintiffs' law firms, often has interest rates of 12 to 20 percent, Ziser said. The UK has allowed outside investment in law firms since 2007 without major scandal, he said, but it also takes a loser-pays approach to lawsuits that can cut down on frivolous claims.

☆ Uber salaries revealed: See how much engineers, analysts and hundreds of other employees at the ride sharing company make
▼ + stars: | 2022-10-18 | by ( Diamond Naga Siu | Tom Dotan | ) www.businessinsider.com time to read: +6 min

We analyzed hundreds of H-1B visa applications to get a sense of how much Uber pays employees. The ride-sharing company offered two distinguished engineers nearly $350,000 each as a base salary. As a recession looms, Uber has dramatically slowed down on hiring — even freezing hiring altogether in many departments. But salaries are also a big part of how the company pays its employees. The highest-paid people in the data are two distinguished engineers in California who were each offered $345,000, while the lowest-paid person in the data is a data analyst in Illinois who was offered $56,700.

☆ What Does Liability Insurance Cover?
▼ + stars: | 2022-10-15 | by ( ) www.wsj.com time to read: +10 min

Personal liability insuranceIf you own a home or drive a car, you already have some liability insurance. Professional liability insuranceProfessional liability insurance covers small businesses or individuals who offer advice or services, such as accountants, financial advisors, doctors and lawyers. 3. Business liability insuranceThere are several forms of business liability insurance. Homeowners liability insuranceA standard homeowners or renters policy provides at least $100,000 worth of liability insurance. Business and professional liability insuranceCoverage needs for business or professional liability insurance vary based on the size, location and structure of your company, among other things.

☆ FASB Settles on Fair-Value Accounting for Measuring Crypto Assets
▼ + stars: | 2022-10-12 | by ( Jennifer Williams-Alvarez | ) www.wsj.com time to read: +4 min

The Financial Accounting Standards Board on Wednesday said companies should use fair-value accounting for measuring bitcoin and other crypto assets, moving a step closer to a standard that could clear up uncertainty over reporting how much such holdings are worth. Companies and accountants want the FASB to adopt fair-value accounting instead, which would allow them to recognize losses and gains immediately and treat digital assets as financial assets. The FASB on Wednesday said fair-value accounting best captures the economics of crypto assets and determined the method would be a requirement rather than an option for companies. PREVIEWCompanies and investors have asked the FASB for years for rules on how to account for and disclose crypto assets. “Without these standards for the accounting and valuation of crypto assets, companies are reluctant to hold them,” she said.

☆ 72 members of Congress have violated a law designed to prevent insider trading and stop conflicts-of-interest
▼ + stars: | 2022-10-12 | by ( Dave Levinthal | ) www.businessinsider.com time to read: +2 min

Insider and other media have identified numerous US lawmakers not complying with the federal STOCK Act. Congress is now considering banning lawmakers from trading individual stocks. Congress passed the law a decade ago to combat insider trading and conflicts of interest among their own members and force lawmakers to be more transparent about their personal financial dealings. Ethics watchdogs and even some members of Congress have called for stricter penalties or even a ban on federal lawmakers from trading individual stocks. Here are the lawmakers discovered to have recently violated the STOCK Act — to one extent or another:

☆ Donald Trump says a simple disclaimer gives him immunity from fraud. Could he have a point?
▼ + stars: | 2022-10-02 | by ( Laura Italiano | ) www.businessinsider.com time to read: +8 min

The statements were unsealed last week as part of NY AG Letitia James' fraud lawsuit against Trump. Trump told Sean Hannity the disclaimers absolve him of responsibility and the AG has "no case." "We have a disclaimer," Trump told the Fox News host. But Trump told Hannity none of that would matter because each Statement of Financial Condition begins with a warning. The opening paragraphs of the disclaimer for Donald Trump's 2012 Statement of Financial Condition (highlights added).

☆ Audit breakthrough fails to lure investors into China ADRs
▼ + stars: | 2022-09-29 | by ( Summer Zhen | ) www.reuters.com time to read: +3 min

Register now for FREE unlimited access to Reuters.com RegisterChinese stocks trade in the United States as American Depositary Receipts (ADRs) - U.S. securities that represent foreign shares of a foreign company. Every time, there's another wind comes in that nobody could have seen," said Andy Maynard, global head of equities at China Renaissance Securities. U.S. regulators had long disputed China's refusal to grant them full access to company accountants and audit papers, which had threatened their listings. But a deal struck in August has paved the way for audit inspections to begin this month. Register now for FREE unlimited access to Reuters.com RegisterReporting by Summer Zhen; Editing by Tom Westbrook and Ana Nicolaci da CostaOur Standards: The Thomson Reuters Trust Principles.

Parafin, launched in 2020, works with so-called platform partners, or companies that other small businesses sell their products through. All the cofounders knew was that they wanted to build technology that would help small businesses. And they may not get their first contract payment from the government for as long as 120 days," Reed, the startup's CEO, told Insider. Helping small businesses manage their taxesComplYant's founder Shiloh Jackson wants to help people be present in their bookkeeping. HoneyBookWhile countless small businesses have been harmed by the pandemic, self-employment and entrepreneurship have found ways to blossom as Americans started new ventures.

☆ Donald Trump will fight hard against Letitia James' lawsuit. Ex-AG insiders say these are his top 5 defenses.
▼ + stars: | 2022-09-24 | by ( Laura Italiano | ) www.businessinsider.com time to read: +9 min

Donald Trump has 5 ways to fight Letitia James' lawsuit, ex-NY AG prosecutors told Insider. James filed a 220-page lawsuit against Trump, his family, and the Trump Organization on Wednesday. Trump Defense No. Still, the judge must at least weigh any "I just signed what they gave me" defense, Morian said. "There's a yawning silence" from the banks Trump allegedly tricked into lending to him, he noted.

☆ SEC Advisory Panel Recommends Oversight of U.S. Accounting Rule Maker
▼ + stars: | 2022-09-21 | by ( Mark Maurer | ) www.wsj.com time to read: +4 min

The SEC’s Investor Advisory Committee, a group of investors, academics and financial advisers, recommended setting up another advisory committee to ensure the Financial Accounting Standards Board remains politically independent. PREVIEWRoughly 260 accounting and tax experts in November 2021 asked federal lawmakers to not tie the then-proposed tax to income metrics reported to investors. The new advisory group would consider ways to strengthen financial reporting in areas such as intangible assets, for example internally developed software, the Investor Advisory Committee said. SEC staff attend the FASB’s advisory committee meetings as formal observers and provide insight to help with rule making but lack the voting power of full board members. The FASB should then factor those costs into the cost-benefit analysis it conducts when drawing up new accounting rules, the SEC Investor Advisory Committee said.

☆ What's next now that Letitia James has sued Donald Trump? A slow-motion, 'eye-glazing' battle of lawyers, experts
▼ + stars: | 2022-09-21 | by ( Laura Italiano | ) www.businessinsider.com time to read: +9 min

NY AG Letitia James sued Donald Trump, his three eldest kids, and Trump Organization on Wednesday. "This is going to be an eye-glazing battle" of experts and lawyers, before the lawsuit even goes to trial, one ex-prosecutor, Armen Morian, said of what's to come. He prosecuted the New York AG's case against Hank Greenberg, the one-time CEO of insurance giant AIG. That's the Manhattan judge who repeatedly ruled against Trump in the two-year lead-in to the AG's lawsuit. "She will pay for bringing such an aggressive, gargantuan, and unwieldy case," Morian predicted, "assuring that this case will move at a snail's pace, to the defendants' advantage."

☆ Watch your back: Here are the 4 kinds of employees most likely to get laid off in the current downturn
▼ + stars: | 2022-09-06 | by ( Aki Ito | ) www.businessinsider.com time to read: +9 min

Those who participated in the Great Resignation landed big raises, great benefits, and all sorts of perks that would have been unthinkable just a few years ago. So it's no surprise that in the current wave of layoffs, veteran employees are enjoying more job security. The average laid-off employee in Revelio Labs' analysis had worked for their employer for 1.2 years — meaning they were most likely hired near the start of the Great Resignation. MillennialsIn a previous analysis, Revelio Labs found that young professionals were much more likely than their older coworkers to switch jobs during the Great Resignation. For every Great Resignation, there will be a Great Reckoning.

☆ How small-business owners determine when it's time to hire, and the roles they need most to scale up
▼ + stars: | 2022-08-22 | by ( Alexandra York | ) www.businessinsider.com time to read: +5 min

Two entrepreneurs share their advice on when to hire and who to bring on to grow your company. This article is part of Talent Insider, a series containing expert advice to help small business owners tackle a range of hiring challenges. "When you find yourself doing more managerial tasks rather than being a leader," it's time to hire, Kaur said in a follow-up email. Engel brought on a marketing associate last year and a senior marketing director this year once she had filled the other roles. "It's not a corporate job," she added, "so you have to have someone who can take initiative and be willing to pivot because that's the success of a small business."

☆ The dirty little secret on how congressional staff thrive in the always-on world of modern politics is doing moonlight work like 80-hour weeks, including unpaid Saturdays and Sundays
▼ + stars: | 2022-06-04 | by ( Kimberly Leonard | Warren Rojas | Camila Dechalus | ) www.businessinsider.com time to read: +21 min

Some tasks included connecting with local reporters and coordinating messaging with partner political outfits such as EMILY's List and the Democratic Congressional Campaign Committee. That helped her boss' official congressional office save money it could then spend elsewhere, but it did nothing to help her own financial situation. Congressional staffers have used social-media accounts such as Dear White Staffers to spotlight professional burnout, inadequate pay, long hours, diversity failings, and caustic bosses. For example, one of the rules says a congressional staffer working in a congressional office must step outside the office to do campaign work. Or, if there is compensation offered — which isn't guaranteed — they may desperately need the additional money to supplement the low pay for congressional staff."

☆ These 19 part-time jobs make the most money — from graphic designer to translator
▼ + stars: | 2022-01-03 | by ( Katherine J. Igoe | The Muse | ) www.businessinsider.com time to read: +25 min

Part-time jobs are a popular way to make extra cash with a low commitment. Part-time jobs have expanded since the pandemic hit, according to the Bureau of Labor Statistics. Graphic designerAverage hourly rate: $25.66A graphic designer supports a business by creating illustrations, graphics, and other visual concepts and content. Find plumber jobs on The MuseEven though they're increasing in popularity, part-time jobs can sometimes be hard to find. It's estimated that up to 85% of all jobs are obtained through networking, and part-time work is no exception.

☆ I'm an accountant for the ultrarich in Palm Beach. Here's what I tell my clients to get the biggest tax write offs and avoid losses.
▼ + stars: | 2021-05-16 | by ( Meira Gebel | ) www.businessinsider.com time to read: +8 min

Many of my clients are high-net-worth individuals, which we define as anyone with more than $5 million in liquid financial assets. For most wealthy individuals, tax preparation is a year-round affair and does not start a few weeks before Tax Day. Tax preparation and planning for wealthy clients is complicated, so there is no set pricing package. Wealthy individuals, in some cases, have similar tax situations as the average Americans, just with more assets and expenses. As an accountant, it's my job to make the tax code understandable to everyoneMost wealthier individuals are not educated on tax law.

The federal tax deadline, when tax returns and payments are due, will move to May 17. The extension automatically applies to individual federal tax returns and payments for 2020 normally due on April 15. "Under titanic stress and strain, American taxpayers and tax preparers must have more time to file tax returns." The IRS moved the tax deadline back in 2020Last year the IRS moved the tax deadline from April 15 to July 15 to give taxpayers and preparers more time to file and pay during widespread coronavirus shutdowns. After winter storms knocked out power in several states in February, the IRS extended the federal tax deadline for residents and business in Texas, Louisiana, and Oklahoma to June 15.

☆ How to file your taxes this year if you're a freelancer, with best practices from accountants and self-employed professionals
▼ + stars: | 2021-02-24 | by ( Robin Madell | ) www.businessinsider.com time to read: +15 min

Insider found accountants, tax preparers, and self-employed professionals to offer strategies that can take the fear out of freelance tax-paying requirements. "A deduction is allowed for the employer portion to reduce business income," Fishbein said. Instead, keep your own clean records and file taxes based on those. For the tax year, estimated payments are due in April, June, September, and January. The IRS notes that self-employed people are among those who may need to make estimated payments, according to their "The Basics of Estimated Taxes for Individuals."

See Insider's list of the best real estate investing apps»Channel-surfing these days will almost certainly lead you into some iteration of real estate, from realtors' million-dollar listings to DIY-ers house-flipping. Real estate crowdfundingReal estate crowdfunding is a strategy that allows enterprises to raise capital from large groups of individuals. Real estate investment trusts (REITs)If you want to wade into real estate, investing in a real estate investment trust (REIT) will provide exposure to the market without the time and cost commitment of buying your own property. Strategies for successful real estate investingWhatever form your real estate investment takes, certain strategies will stand you in good stead. Pure investment plays — which don't involve hands-on management from you — include real estate crowdfunding, investing in real estate limited partnerships, and buying into real estate investment trusts.

With the term “personal taxes,” however, Mr. Garten appears to be conflating income taxes with other federal taxes Mr. Trump has paid — Social Security, Medicare and taxes for his household employees. Fragments of Mr. Trump’s tax returns have leaked out before. Mr. Agalarov’s father, Aras, a billionaire who boasts of close ties to Mr. Putin, was Mr. Trump’s partner in the event. Mr. Trump’s avoidance of income taxes is one of the most striking discoveries in his tax returns, especially given the vast wash of income itemized elsewhere in those filings. When they got to line 56, the one for income taxes due, the amount was the same each year: $750.

"Once the client needs have been qualified, accountants can help business owners with the next phase of winning a loan," says accountant Bryan Kesler. "These strategies help clients make sure that a greater percentage of their assets go toward organizations that provide social good." Guide business succession planningOn top of consulting everyday financial decisions, your accountant can also help you shape the future of your business, Martin says. Will Lopez, head of accountant community at Gusto, says accountants are perfectly positioned to help clients figure out how to grow their business with smart hiring. "By providing business owners with people-focused financial metrics each month, such as operating profit per employee and average expense per employee, accountants can help small business owners manage their greatest asset — their workforce," he says.

Freelancers and small business owners are smart to look ahead and get their accounting in shape well before Tax Day 2020. To make filing taxes easier, accountants recommend building smart bookkeeping practices into your everyday processes, and putting aside money for taxes sooner rather than later. If you're new to the freelancing world or you're just looking for some expert tips on improving your financial well-being come tax season, we asked accountants for the best tax advice they can give freelancers to make life a little easier. "A simple spreadsheet detailing your monthly income and expenses is perfect for freelancers," says CPA Alexis Krystina of Advance Accounting. Set aside self-employment taxes in a separate accountBrendan Willman, a CPA with Granada Tax, says self-employment taxes are the biggest surprise for new freelancers.

For years I did my own federal and state taxes using TurboTax — but that's changing for Tax Day 2020. When I spoke to a CPA about this year's taxes, he reviewed my 2018 taxes and found that I had paid $4,700 too much in state tax. That is, until I was hit with a nearly $5,000 tax bill that was wholly unexpected, and, it turns out, wrong. And yet, TurboTax calculated that I owed $4,700 in state business tax from my work as a writer. I knew I should talk to a tax professional, but it was high tax season, and everyone was booked weeks out.

☆ Rob Gronkowski said he hasn't ruled out an NFL comeback — here's how he saved his entire $54 million career earnings from the NFL
▼ + stars: | 2019-08-28 | by ( Hillary Hoffower | ) www.businessinsider.com time to read: +5 min

Gronkowski retired from the NFL in March with his entire career earnings: $54 million, according to Spotrac. He was able to save this nest egg by following a simple money rule: Keep it simple by saving surplus money. The New England Patriots tight end had a nice nest egg to fall back on: his entire NFL career earnings, which total $54 million after nine seasons, according to Spotrac. "I'd just say keep it simple," Gronkowski told Business Insider last year. One of those is frugality: a commitment to saving, spending less, and sticking to a budget.

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). Putting all your work-related expenses on a business card such as the Ink Business Preferred® Credit Card can help you rack up rewards. After doing some research on the best business credit cards, I decided on the Ink Business Preferred® Credit Card from Chase. How a business credit card has simplified my lifeIt's easier to stay on top of financial housekeeping for my businessPutting all my business-related expenses on the Ink Business Preferred® Credit Card simplifies my record-keeping big-time. Purchase protectionBesides the points, the Ink Business Preferred® Credit Card offers protection on certain purchases you make with the card.

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