Year: 2024

Understanding Carbon Accounting

Understanding Carbon Accounting, what is Carbon AccountingAlso known as greenhouse gas (GHG) accounting, carbon accounting is a way for managers and analysts to measure a company’s total carbon emissions. 

It’s a comprehensive approach to analyze how a company uses energy for its buildings, offices, conveyances and production processes. Carbon accounting examines firsthand, secondhand and tertiary energy uses.

Environmental, Social & Governance

Looking at ESG standards (Environmental, Social & Governance), it’s not only becoming encouraged, it’s becoming required for businesses, especially for publicly traded businesses. Whether it’s the U.S. Securities and Exchange Commission (SEC) or other governmental agencies in the global economy, these administrative organizations are mandating emission declarations for businesses to account for their carbon emissions. It’s also necessary for third parties (lenders, potential and current investors) to review and analyze a company’s current and past performance, along with industry comparisons.

It’s important to distinguish the differences between carbon and GHG accounting. Carbon accounting only looks at carbon dioxide emissions, while GHG looks at the broader category and illustrates why doing so is important. Businesses look at nitrous oxide and hydrofluorocarbons (HFCs), for example, when accounting for GHGs. However, such measurement is based on the so-called carbon dioxide equivalent or C02e. This helps standardize GHGs into the C02e standard for carbon accounting, giving government and interested parties the ability to measure across a universal standard. Two common uses for this standard are for carbon offsets and credits.  

Calculating Emissions

1. Scope 1 factors in emissions from the company’s directly controlled or owned assets. Examples include factories, production, conveyances, etc.  

2. Scope 2 looks at what the business uses in regard to climate-controlled services for their factories, offices, etc. It also looks at the company’s contracts with power suppliers.

3. Scope 3 factors in indirect emissions the business may incur. This includes commercial commuting activities, investing, how assets are disposed of, etc.    

According to the SEC, Scope 3 emissions must include those “upstream and downstream activities in a company’s value chain” if they’re necessary for investor consideration or if the business has pledged to meet certain metrics for Scope 3 levels.

From there, a business’ activity metrics are calculated according to governmental and industry standards, such as the U.S. Environmental Protection Agency, ISO Standard 14064, or The Climate Registry’s General Reporting Protocol, etc. Businesses’ results are presented against past results, where they discuss how they will improve their efficiency internally and work with their supply chain partners.

Compliance

While compliance is one important reason, third-party audiences, such as family offices, institutional money managers, lenders, etc., are equally as important. Asset managers and family offices, for example, look for ESG or environmentally friendly investments to attract retail or “smart-money” investors. Similarly, activist investors, especially those looking to make companies more environmentally friendly, can look at companies to see how their carbon emissions stack up against their industry and overall commercial peers.

Another consideration is that by meeting regulatory or industry requirements and meeting ESG standards, businesses could qualify for preferential or market rates for funding from the debt markets.

Conclusion

The more companies are well-versed in this type of accounting, the better they will meet government and investor expectations.

Making Pensions Equitable, Protecting Foster Kids, Mail-in Votes and Tracking Government Spending

Making Pensions Equitable, Protecting Foster Kids, Mail-in Votes and Tracking Government SpendingAll bills not enacted by the end of the 118th congressional session on Jan. 3, 2025, will expire.

Social Security Fairness Act of 2023 (HR 82) – This bill, with 330 bipartisan sponsors and a similar bill in the Senate, was introduced by Rep. Garret Graves (R-LA) on Jan. 9, 2023. It passed in the House on Nov. 12 of this year and is likely to pass in the Senate before the year’s end. The purpose of the bill is to eliminate the government pension offset that reduces Social Security benefits for individuals who receive other benefits, such as a pension from a state or local government. In the private sector, this would have a similar effect to withholding Social Security from people who have a 401(k). The bill would also repeal provisions that reduce Social Security benefits for spouses and widows/ers who receive their own government pensions. The provisions of the bill would be retroactive to the beginning of 2024.

BOLIVAR Act (HR 825) – This legislation prohibits the head of an executive agency to enter into a contract for the procurement of goods or services with any person that has business operations with the Maduro regime in Venezuela. The act was introduced on Feb. 2, 2023, by Rep. Michael Waltz (R-OH). It passed in the House on Nov. 18, and its fate currently lies with the Senate.

Vote by Mail Tracking Act (HR 5658) – This bill would require mail-in ballots to use the Postal Service barcode and an Official Election Mail logo. It passed in the House on Nov. 18 and is under consideration in the Senate. The bill was introduced by Rep. Katie Porter (D-CA) on Sept. 21, 2023.

Find and Protect Foster Youth Act (S 1146) – This act was introduced on March 30, 2023, by Sen. John Cornyn (R-TX). It would amend a provision of the Social Security Act to require the Department of Health and Human Services to eliminate obstacles to identifying and responding to reports of missing foster care children. Furthermore, it would assist in the assessment and screening of children who are at risk of becoming victims of sex trafficking, as well as identify best practices for effective interventions. The bipartisan bill passed in the House on Nov. 18 and is currently in the Senate.

Billion Dollar Boondoggle Act of 2023 (S 1228) – This bill was introduced by Sen. Joni Ernst (R-IA) on April 25, 2023. The bill would require the director of the Office of Management and Budget to submit an annual report to Congress detailing projects that are over budget and behind schedule. This is a bipartisan bill that has passed in both the Senate and the House, but on July 22, the House made changes and sent it back to the Senate, where it currently resides.

Rural Broadband Protection Act of 2024 (S 275) – Introduced by Sen. Shelley Moore Capito (R-WV) on Feb. 7, 2023, this bill would require the Federal Communications Commission (FCC) to vet applicants for funding of affordable broadband deployment in high-cost areas (including rural communities). The FCC would mandate a process, including a detailed proposal with technical capabilities to provide competitive awards for implementing the broadband network services. The FCC would then assess proposals in line with well-established technical standards. The bill passed the Senate on Sept. 25 and is currently with the House.

Energy Tax Credit Changes For 2025

Energy Tax Credit Changes For 2025The coming shakeup of the executive branch, along with Republican control of both houses of Congress, means tax changes are highly likely in 2025 and beyond. Positioning for new and amended tax provisions is already off to the races.

Regardless of the political landscape, on rare occasions, some measures have broad bipartisan support. One such bill is called the Methane Reduction and Economic Growth Act. It proposes adding a new credit for sequestering “qualified” methane from mining activities.

Looking Ahead To 2025

Proponents of the Methane Reduction and Economic Growth Act hope the tax credit will have a beneficial economic impact and create jobs. The idea is to capture and utilize the methane for productive industrial uses or as an alternative for heating buildings. The methane emitted by mines that qualify have long lifespans, with some abandoned mines emitting methane for up to 100 years. The long lifespan of the methane source is hoped to support the significant capital investment required to get the process up and running.

There is also significant potential for job creation in areas most impacted by the shutdown of coal-fired power plants, which in turn devastated the coal mining industry. The concept of using mine methane as an energy source could support rural American jobs.

Landscape and Potential for the Credit

There is a lot of mine methane to capture, with most not currently being captured. The U.S. government estimates abandoned coal mines produce about 237,000 metric tons annually. This methane has many potential uses, including hydrogen production.

Details on the New Subsection

The new section of 45Q credits would be based on the quantity of qualified methane that is sequestered. The captured methane must then be sent to the pipeline and used for producing heat or electricity. To be considered “qualified methane,” it must be captured from certain types of mines, including closed, abandoned, and surface mines. Finally, the methane captured must have otherwise been sent into the atmosphere if it had not been for the capture equipment activity.

Only qualified facilities may obtain the credit. Among other factors, the taxpayer needs to capture a minimum of 2,500 metric tons of methane each year to qualify. There are a lot more technical regulatory requirements related to the specific nature of methane capture, but those are beyond the scope of this article.

Conclusion

Typically, tax bills are split down the aisle based on political partisanship. This makes the passage of tax legislation difficult at best due to competing interests and a divided government. The tax credits related to methane capture, however, appear to be unusually bipartisan in nature. This is due to the unique intersection of democratic support from an environmental and climate perspective, meeting with Republican interest to support economic development in rural coal mining areas where the industry has been devastated. Put these two interests together, and you have the makings for a widely supported bipartisan bill that is very likely to pass.

Cybersecurity Best Practices for the Holiday Season

Cybersecurity The holiday season is when most people go on shopping sprees and travel. This season also witnesses a surge in online activities in today’s digital world. Unfortunately, cybercriminals take advantage of this period to launch attacks. Therefore, cybersecurity should be the top priority for a business gearing up for peak sales or a shopper looking for the best deal.

Understanding Holiday Cyber Threats

Businesses and consumers face unique challenges during the holiday season. For businesses, the increase in traffic and online transactions can overwhelm systems. This may make them vulnerable to attacks. Cybercriminals may use tactics such as ransomware, phishing scams and fraudulent transactions during the busy season. Consumers, on the other hand, get lured by malicious ads, fake websites and phishing emails that may appear as irresistible holiday deals.

Recognizing these risks is important to staying safe for both businesses and consumers. Understanding them also means taking proactive measures to reduce exposure to cyber threats.

Why Cybersecurity Matters

The lack of effective cybersecurity can lead to financial loss, reputational damage and disruption to a businesses’ operations. On the other hand, consumers face identity theft, unauthorized purchases and compromised financial accounts.

According to the Retail and Hospitality Information Sharing and Analysis Center (RH-ISAC), threats such as ransomware, phishing, and account takeover (ATO) attacks intensify as consumer activity surges. In their 2024 Holiday Season Cyber Threat Trends Report, RH-ISAC emphasizes proactive defense measures, especially during high-traffic periods like the holiday season.

Cybersecurity Best Practices for Businesses

Security measures for businesses include:

  • Set up a holiday strategy – over the long holidays, businesses tend to have a change in work schedules and fewer staff members. Having a holiday cybersecurity strategy can safeguard against potential cyber threats. This can include an emergency response plan and designating responsible individuals for cybersecurity.
  • Endpoint security – this involves protecting devices like computers and smartphones used in the business. It is important to update all software, install antivirus programs and enable firewalls to shield the business network from intrusions.
  • Employee training – human error is one of the leading causes of data breaches. Therefore, it is important to educate staff to recognize phishing attempts. They should also know the importance of strong passwords and reporting suspicious activity.
  • Monitoring systems for unusual activity – This requires a business to invest in tools that help detect suspicious behavior in its networks. This should include fraud detection systems that will help identify unusual transaction patterns. It also helps detect potential compromises from third-party vendors.
  • Backup and recovery plan – business continuity in case of an attack is crucial. Therefore, a business should ensure that data is regularly backed up and stored securely. It also helps to test the recovery process regularly.

Cybersecurity Best Practices for Shoppers

Consumers are not immune to holiday cyber-attacks. A consumer must keep the following in mind:

  • Shop from secure websites – shoppers should be cautious by checking website security. They should check that a website includes “https://” and a padlock icon in the URL. Also, confirm the correct name of the website. It is also important to avoid clicking on links from unsolicited emails or social media ads. This is a common phishing tactic.
  • Use secure payment methods – a credit card provides better fraud protection than a debit card. Consider digital wallets that have an extra layer of encryption. It is also crucial to avoid saving payment details on websites.
  • Avoid public wi-fi – shopping on the go may see some shoppers use public networks. These networks expose data to hackers.
  • Be wary of emails and messages with deals that sound too good to be true. Always verify sender authentication and, where necessary, contact the company directly.
  • Be cautious about unexpected package notifications. Unexpected package notifications can be a phishing tactic to steal personal information or install malware. Always verify the sender and avoid clicking on links in unsolicited messages.
  • Be cautious of holiday scams like fake charities, gift card scams and fake gift exchanges that prey on the season’s generosity and excitement. Scammers may trick customers into buying gift cards or sharing personal details through fraudulent schemes. Staying skeptical of unsolicited offers and never sharing sensitive information with unverified sources will help ward off cybercriminal attacks.
  • Activate multi-factor authentication (MFA) – adding MFA creates an extra layer of security for highly sensitive accounts such as email, bank, and work-related logins.

 Closing Thoughts

The holiday season is meant to be a time of celebration and connection, not worry and stress. By implementing robust cybersecurity practices, businesses can protect their operations and customers while shoppers enjoy safe, hassle-free transactions.

5 New Year’s Financial Resolutions You Can Actually Keep

5 New Year's Financial ResolutionsYep, it’s the end of another year! Chances are, you didn’t keep every resolution you made last year, for example, those goals about working out. (No shame here; we all do this!) However, the good news is that your fiscal goals can be a bit easier to achieve. Here are a few financial resolutions that are no-brainers, simple, and, best of all, no sweat.

Get a snapshot of your net worth. This is critical. Sit down and calculate this. When you know how much you have in terms of assets and liabilities, you can more easily determine where you need to make changes to your budget. For instance, this might be spending less on dining out and stocking more away in savings and investments. Understanding how much you have to work with is the first step to reaching your goals.

Pay off credit cards. This might well be an ongoing task, but the end of the year is a great time to take a breath, make a plan, and hit the ground running in the new year. If you have high-interest cards, look for limited-time, lower-interest and/or zero-interest cards. Some lenders will even give you as long as 21 months without interest. If you find yourself using credit cards more than you like, another way to get a handle on this is to use cash when you’re out at stores and restaurants. Seeing the dollars actually leaving your hands as opposed to just swiping your plastic might give you a needed dose of reality.

Update your savings goals. If you want to easily increase your savings, choose an amount and have it auto-drafted from your paycheck or checking account into your savings every month. This way, you’ll learn to live on the amount you have left. When you never see the amount you’re tucking away, you won’t miss it.

Review and reset your investments. Take some time to pull together all your assets: IRAs, retirement accounts, and employer 401(k) plans. If you can contribute more to any of these, all the better. For 401(k)s, the IRS just announced a cost-of-living adjustment for retirement plans and IRAs – the 401(k) contribution limit for 2025 is $23,500, up from $23,000 in 2024. However, individual retirement account (IRA) contributions will continue to be $7,000 in 2025, the same as in 2024. If you’re over 50, here’s some good news: You’ll be able to make even larger catch-up contributions than other workers because of a provision in Secure 2.0, a federal retirement law. Beginning in 2025, employees aged 60, 61, 62, or 63 who participate in workplace retirement plans can make catch-up contributions of up to $11,250.

Take a look at your credit report. This is key. You’re entitled to one free credit report a year from each of the three credit agencies, so doing this is easy peasy. Pull up your report and give it a look-see. If you see anything negative, take action to repair it. If there are any errors, correct them asap. To get started, go to AnnualCreditReport.com.

While there are many other money-related resolutions you can make, starting with ones that take minimal effort while yielding maximum results is a good place to begin, not to mention, a great way ease into the new year.

Sources

https://www.investopedia.com/articles/pf/06/newyear.asp

https://www.investopedia.com/the-irs-revealed-2025-changes-to-retirement-401k-and-ira-contributions-8738507

Common Business Accounting Calculations

Common Business Accounting CalculationsNo matter the type of business or industry, being able to analyze and deduce patterns is essential to discovering a business’ financial health. Here are four commonly used calculations to help internal and external stakeholders determine an organization’s ability to manage its finances.

Break-Even Analysis

This formula analyzes fixed costs versus the profitability a business earns for every extra item it creates and sells.

Businesses that have smaller thresholds to meet their fixed costs to realize profitability have an easier break-even point to meet and exceed. Once the fixed costs threshold is satisfied and sales revenue outpaces variable costs, a business will know when it hits the break-even point.

Break Even Point (BEP) = Total Fixed Costs/(Price Per Unit – Variable Cost Per Unit)

This takes the total fixed costs divided by the price per individual unit minus each unit’s variable cost.

Examples of fixed costs are rent, taxes, insurance and wages. Examples of variable costs are raw materials, production supplies, utilities and packaging.

Another way to determine a company’s break-even point is as follows:

Contribution Margin = Item Price – Variable Cost Per Unit

This is illustrated by: $55 = ($85 – $30)

The item’s priced at $85, with a variable cost of $30, the contribution margin is $55 of how much revenue a company earns to pay for the remaining fixed costs.

Cash Ratio Formula

The cash ratio formula offers one way to look at a company’s liquidity position by comparing a company’s cash and cash equivalents to its current liabilities or debts due within the next 12 months. It shows how well positioned a business is (or is not) able to pay debts due within 12 months, and to satisfy the near-term obligations of its long-term debt.

It’s an important ratio that lenders look at when evaluating a company’s loan application. Instead of including assets such as accounts receivables, it factors in a business’ ability to take care of its financial obligations. It’s thought of as being a more real world look at how financially stable a business is.

It’s calculated as follows: Cash Ratio: Cash + Cash Equivalents/Current Liabilities.

Gross Profit Margin

This is defined as all income minus the cost of goods sold (COGS). COGS is comprised of expenses attributable to the creation of products, which include input materials and salaries for workers to produce such goods. However, it excludes expenses for taxes, overhead, debt, asset acquisitions, etc., among others. Another way to explain this calculation is to ask how much a business retains as profit once production costs are accounted for.

It’s calculated as follows: Gross Profit Margin = [(Net Sales – Cost of Goods Sold)/(New Sales)] x 100

Debt-to-Equity (D/E) Ratio

This is used to determine how much debt or financial leverage a company has on its books. It tells internal stakeholders and external parties what percentage of debt a company is using to operate compared to the business’ available operating reserves. This ratio contrasts a business’ complete financial obligations against its shareholder equity. Its primary use is to see how extensively it uses debt to operate.

It’s calculated as follows: Debt/Equity Ratio = Total Liabilities/Total Shareholders’ Equity.

While these calculations may seem straightforward, these are only a few examples of how businesses can calculate and analyze a company’s position – be it the owner, an employee or an outside lender or investor.

Tax Planning 2024

Tax Planning 2024Personal Income Tax Planning Strategies for Year-End 2024

As 2024 draws to a close, it’s the perfect time to review your personal income tax situation and implement strategies to minimize your tax liability for the year. Proactive year-end tax planning can lead to significant savings, as well as ensure that you take full advantage of tax credits, deductions and other opportunities available to you.

1. Maximize Contributions to Retirement Accounts

One of the most effective ways to reduce your taxable income is by contributing to tax-advantaged retirement accounts. In 2024, you may contribute up to $23,000 to a 401(k) or similar employer-sponsored plan, with an additional $7,500 catch-up contribution if you’re over age 50. These contributions are made pre-tax, meaning they reduce your taxable income for the year, potentially lowering your tax bill.

Similarly, if you’re eligible, consider contributing to an IRA. For 2024, the maximum contribution limit for a traditional IRA and/or Roth IRA is $7,000 ($8,000 if you’re 50 or older). Contributions to a traditional IRA may be tax-deductible depending on your income and whether you or your spouse are covered by an employer-sponsored retirement plan. If you’re not eligible for deductions due to income limits, consider a Roth IRA, where contributions are made after-tax, but qualified withdrawals in retirement are tax-free.

2. Take Advantage of Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs)

If your employer offers a Flexible Spending Account (FSA), use the remainder of your FSA funds before they expire. FSAs allow you to put away pre-tax money to cover medical expenses, and the limit for 2024 is $3,200. Depending on your employer’s plan, unused funds may be forfeited after the year-end, although some plans may offer a grace period or carryover option for a small portion of the balance.

For those eligible for a Health Savings Account (HSA), contributing the maximum allowable amount can provide immediate tax savings. For 2024, the HSA contribution limit is $4,150 for individuals and $8,300 for families, with an additional $1,000 catch-up contribution for individuals age 55 or older.

3. Harvest Capital Losses

If you’ve realized capital gains in 2024, it may be beneficial to offset those gains with capital losses. Known as tax-loss harvesting, this strategy involves selling investments that have declined in value to realize losses, which can be used to offset your capital gains. If your capital losses exceed your gains, you can use the remaining losses to offset up to $3,000 of ordinary income ($1,500 if married and filing separately).

Make sure to consider the “wash sale” rule, which disallows a deduction if you buy the same or substantially identical security within 30 days of selling at a loss. This rule is meant to prevent taxpayers from selling assets for tax benefits and then repurchasing the same assets immediately.

4. Bunch Charitable Contributions

If you’re planning to make charitable donations, consider bunching your contributions into one year to exceed the standard deduction threshold. This strategy allows you to itemize deductions for one year by making larger charitable contributions in a single year while taking the standard deduction in the following year. The standard deduction for 2024 is $29,200 for married couples filing jointly and $14,600 for single filers, which means if your itemized deductions do not exceed these amounts, you may benefit from grouping two or more years’ worth of charitable donations into one year.

5. Review Your Tax Withholding

As the year ends, review your tax withholding to ensure you’re not over- or under-paying throughout the year. If you’ve had a major life change in 2024, such as marriage, divorce, a child or a new job, adjusting your withholding can prevent underpayment penalties or a large tax bill. You can use the IRS Tax Withholding Estimator tool to assess whether your withholding is on track or, if necessary, submit a new Form W-4 to adjust your withholding for the final paychecks of the year.

6. Plan for Estimated Taxes if Self-Employed

For self-employed individuals, it’s important to ensure you’ve made sufficient estimated tax payments throughout the year. If you expect to owe additional taxes for 2024, you may want to increase your final estimated payment by Jan. 15, 2025, to avoid penalties. You can calculate your estimated tax liability using Form 1040-ES.

Conclusion

Tax planning is an essential part of personal finance. With 2024 coming to an end, it’s the right time to review your finances and take advantage of available tax-saving opportunities. By maximizing retirement account contributions, considering tax-loss harvesting and utilizing other year-end strategies, you can minimize your tax burden and keep more of your hard-earned income. Be sure to consult with a tax professional to tailor these strategies to your unique financial situation and ensure you’re in the best possible position for the year ahead.

Breaking Down Bill-and-Hold Arrangements

What are Bill-and-Hold ArrangementsLooking at accounting and journal entry considerations, if accounts receivables are debited and revenue is credited, it can be interpreted as the business recognizing revenue without the customer paying. As such, the U.S. Securities and Exchange Commission (SEC) sees the potential for intentional manipulation of earnings. It is important to review this type of transaction to see how the U.S. government and accounting standards treat deviations from these activities.

Defining Bill-and-Hold Arrangements

This type of agreement permits sellers to recognize revenue before delivery is made. Instead of shipping the product first, the seller bills the customer first, and delivery is arranged for a future date.

Based upon Accounting Standards Codification (ASC 606-10-55-83) and the U.S. Securities and Exchange Commission (SEC), for a customer to have obtained control of a product in a bill-and-hold arrangement, they must meet all of the following in order to move ownership of the product to the customer, with the seller still in custody of it.

  • Customers have explicitly asked for such an arrangement. Purchasers have to demonstrate a material reason for buying the goods through this route.
  • The goods must be sequestered explicitly for and attributed exclusively to the customer.
  • Customers must be able to physically receive the goods.
  • The separated goods are expressly prohibited from being used for any other purposes, including those of other customers.
  • Purchasers assume all risk.
  • There’s a written, fixed commitment to buy the goods.
  • The ultimate delivery of goods must be done according to a set timeline that follows realistic commercial uses.
  • The finished goods shall be 100 percent finished and be transit prepared.

Illustrating a Bill-and-Hold Arrangement

Companies in commodity-intensive establishments (miners, farmers, etc.) often use heavy equipment to recover and produce outputs. Since a mining or energy company is unsure of the profitability when recovering resources that are price-dependent on dynamic economic conditions, they often enter into a bill-and-hold arrangement with their supplier. Since the steel producer and the drilling company have an existing arrangement with standard terms, there’s an established history of bill-and-hold transactions. If machinery or drilling equipment is fully built for one of these companies, the equipment manufacturer will sequester the equipment and prohibit it from being shipped to any other buyer. Similarly, the invoice for the equipment must be satisfied by the customer in full within 30 days of the equipment being placed and waiting for the resource company buyers. The last step is for the buyer to arrange delivery in a reasonable manner.   

Based on this real-world example, revenue should be recognized once it’s set aside exclusively for a particular mining or natural resource extraction company.

Considerations Beyond the Goods Themselves

Goods producers also must determine if there’s a custodial component during a bill-and-hold arrangement. If a custodial arrangement exists, either part of the original cost of goods sold to the customer needs to be determined or a separate charge, and therefore, exclusive recognition of revenue for the custodial services provided should be addressed outside of the bill-and-hold arrangement.

When it comes to revenue recognition under certain circumstances, goods producers may be able to recognize revenue despite the traditional requirement that goods have left a business, and the seller has materially satisfied their traditional requirement for accounting standards.

Protections for Election Candidates and the Electoral Process; Improving Programs for Veterans and American Indians

hr9106, hr6513, s1549, s656, s70Enhanced Presidential Security Act of 2024 (HR 9106) – During an election year, the Department of Homeland Security identifies major presidential and vice-presidential candidates in consultation with a committee of congressional leaders. This bipartisan bill instructs the U.S. Secret Service to use the same criteria for establishing the level of protection for major candidates as provided for presidents and vice presidents. The bill was introduced by Rep. Michael Lawler (R-NY) on July 23. It passed in the House on Sept. 20, in the Senate on Sept. 24, and was signed into law by the president on Oct. 1.

COCOA Act of 2024 (HR 6513) – This bipartisan Act, titled the Confirmation of Congressional Observer Access Act, was introduced on Nov. 30, 2023, by Rep. Mike Carey (R-OH). It was passed in the House on Sept. 9, in the Senate with changes on Sept. 24, and cleared the House with changes on Sept. 25. The president signed it into law on Oct. 4. The bill requires states to designate congressional election witnesses to observe the administration procedures of federal elections, including casting, processing, scanning, tabulating, canvassing, recounting, auditing and certifying ballots during the pre-and post-election period. However, the bill prohibits the observers from handling any ballots or equipment, advocating for a particular candidate, issue, or party, or interfering with the election process in any way. Election officials are further authorized to remove any designated observer who does not follow the guidelines detailed in this bill.

Congressional Budget Office Data Access Act (S 1549) – The Privacy Act of 1974 generally requires written consent before a federal agency is allowed to disclose certain personal records. However, some agencies are exempt from this requirement, including the Government Accountability Office and the National Archives and Records Administration. This bill designates the Congressional Budget Office (CBO) to be exempt as well in an effort to expedite sharing between the CBO and federal agencies. The bill passed in the Senate on June 22, 2023, in the House on Sept. 23, 2024. It was signed into law on Oct. 2, after having been introduced by Sen. Gary Peters (D-MI) on May 10, 2023.

Veteran Improvement Commercial Driver License Act of 2023 (S 656) – This Act was introduced on March 6, 2023, by Sen. Deb Fischer (R-NE). It provides guidelines to approve assistance by the Department of Veterans Affairs (VA) for commercial driver education programs. The requirements include appropriate licensing and usage of the same commercial driver education curriculum as other approved institutions. The bill passed in the Senate on Nov. 2, 2023, the House on Sept. 25, 2024, and was enacted into law on Oct. 1.

Tribal Trust Land Homeownership Act of 2023 (S 70) – This bill was introduced by Sen. John Thune (R-SD) on Jan. 25, 2023. It requires the Bureau of Indian Affairs (BIA) to process and complete all residential and business mortgage packages within 20 or 30 days, depending on the type of application. It also establishes the position of Realty Ombudsman within the BIA’s Division of Real Estate Services. This is a bipartisan bill that passed in the Senate on July 18, 2023, and currently sits in the House, where it has a high probability of passing before the end of the current Congressional session.

Social Media Marketing: A Game-Changer for Business Growth

How to Social Media MarketingSocial media has evolved from a simple networking platform to a powerful business tool. Businesses today use these platforms with billions of active users worldwide to connect with their target audience. Social media allows businesses of all sizes to reach audiences in a way that traditional advertising, such as print or television, cannot.

The Role of Social Media Marketing in Business Growth

Social media marketing uses social media platforms such as Facebook, LinkedIn, Instagram and TikTok to promote a business’ products or services. This is done through sharing content like posts, videos and ads to engage a targeted audience and eventually make sales.

With 5.22 billion social media users as of October 2024, businesses can reach customers around the world with ease. The platforms are also suitable for sharing information, enabling companies to communicate with customers about promotions, events or new products or services.

Each platform offers different strengths, and a business can choose which ones suit its target audience. For instance, LinkedIn is more professional and a good platform for B2B opportunities. On the other hand, TikTok and Instagram are suitable for visual storytelling, making them good places to showcase products.

Benefits of Social Media Marketing

Some of the key benefits of marketing on social media include the following:

  1.  Increased Brand Awareness
    Consistently and strategically posting on social media enhances brand visibility. A brand gains recognition as users engage with the content through likes, comments, and shares. Content that goes viral expands a business’ reach, introducing new audiences to the brand.
  2. Improved Customer Engagement
    Social media gives businesses a direct line to customers. Whether replying to comments or through direct messages, these interactions help build trust and create a sense of loyalty. This two-way communication gives businesses a better understanding of customers’ needs while also allowing them to respond quickly to inquiries and feedback.
  3. Cost-Effective Advertising
    Unlike traditional advertising, social media offers cost-effective marketing solutions. With social media, a business can run targeted ads based on demographics, interests or behaviors. This ensures they reach the right audience without wasting resources. This makes it possible for small businesses to leverage paid campaigns to increase their reach while staying within their budget.
  4. Measurable Results and Analytics
    Social media marketing offers the ability to measure results through built-in analytic tools. A business can monitor follower growth, engagement rates, link clicks, and conversions. Such data-driven insights help businesses identify what is working, fine-tune their strategies, and continuously improve their campaigns.
  5. Drive Website Traffic and Sales
    Sharing links to a business website on social media drives traffic to the site and increases conversions.

Social Media Strategies that Help in Business Growth

  1. Content Marketing
    Creating engaging content is crucial in social media marketing. This involves using text, videos, images and infographics to capture the audience’s attention. One powerful tool in content marketing is storytelling – using emotional and relatable stories to connect with audiences will enhance loyalty and trust.
  2. Influencer Marketing
    Influencers have huge followings, and their endorsements can significantly help a business. However, partnering with the right influencer is important to attract new customers and boost credibility.
  3. Paid Ads and Promotions
    With paid ads, a business targets specific audiences in terms of location, age and interests. Social media also enables retargeting campaigns, which remind users about products they have previously viewed.
  4. Community Building
    Social media allows a business to create a community for long-term relationships. This is done through creating groups or pages. These communities develop a sense of belonging, and customers are more likely to engage with the business over time and recommend it to others.

Challenges and How to Overcome Them

  • Staying Relevant in a Crowded Space
    Many businesses compete for customer attention, and standing out can be challenging. Therefore, businesses should keep up with social media trends, experiment with new formats and regularly update their strategies to align with changing consumer preferences.
  • Managing Negative Feedback Publicly
    Businesses may face criticism or negative feedback. Handling these situations professionally is crucial. It calls for prompt responses that show empathy and a willingness to resolve issues. This demonstrates accountability, which can turn a negative experience into an opportunity to build trust.
  • Creating Consistent Content
    Maintaining a steady flow of content can be overwhelming, especially for small businesses. Content calendars and automation tools can help plan posts in advance, ensuring consistent engagement without added stress. Repurposing existing content across platforms is another way to save time and effort.

Conclusion

Social media marketing has become a game-changer for businesses seeking growth in the digital age. It provides cost-effective ways to build brand awareness, engage with customers, and measure real-time success. However, success requires more than just presence – it demands strategic planning, creativity, and adaptability to overcome challenges and maintain relevance.