Category: Blog

Tips to Save on A/C This Summer

Tips to Save on A/C This SummerYou love summer, don’t you? School’s out, and BBQs are on. But what you probably don’t love are those higher air conditioning bills. Here are some tried-and-true ways to help lower the cost of keeping cool.

Change Air Filters

Make sure you switch out your filters before those sizzling summer temps arrive, then once a month after that. When filters are dirty, they block the airflow, which causes your air conditioner to work harder when cooling your home. You’ll not only lower your bills by five to 15 percent, but you will also extend the life of your entire A/C system. If you don’t change those clogged filters, it could create a malfunction, and you’ll have to get your unit repaired.

Turn Up Your Thermostat

Set it to 78 degrees and shed a few layers. Yes, this might not be preferable to your icy 72 degrees, but you know what will feel good? Seeing your electricity bill go down 18 percent.

Run the Ceiling Fan

This works in tandem with turning your thermostat to 78 degrees. If you’ve been running your fan clockwise during the previous months, be sure to change the direction so the air moves down into the room.

Invest In a Smart Thermostat

With these babies, you can regulate the temps when you’re not home from an app on your phone or via voice commands. For instance, you can set the A/C to a toasty 80 degrees when you’re not home to save money. Two good brands to check into are Nest and Ecobee. They’re well worth the cost.

Close Your Curtains and Blinds

When the sun’s rays enter your home, they heat up the room and your thermostat. The best time to shut your curtains and blinds is during the warmest part of the day, between (roughly) 10 a.m. and 3 p.m. This will help insulate your windows and stop the cool air from escaping.

Consider the Placement of Your Thermostat

Where do you have this? If it’s next to a hot window, your poor A/C will work harder than it needs to because it will think the room’s hotter than it is. Other places not to put it are near doors that could let in drafts. Or by bathrooms that are usually warm and steamy. In fact, the U.S. Office of Energy Efficiency and Renewable Energy advises avoiding placing thermostats near lamps or TVs. Why? They release heat that could confuse the sensors of your poor, struggling device.

Avoid Activities that Heat Up the House

Avoid using the oven, dishwasher, or dryer during the middle of the day. This heats up the house. Instead, use the microwave, grill outside, or wash your dishes by hand if you can stand it. If you need to dry clothes, wait until after sundown.

Check Your Air-Conditioner

If you had some issues with it last summer, get someone (a professional) to take a look at it before the high temps descend upon you. If you make a few small repairs, you’ll save mightily in the long run.

If you implement one or all of these tips, you’ll be in a much better, cooler place come full-on summer, the time of year when you most want to chill.

Sources

https://crystalheatingandcooling.com/save-money-on-air-conditioning/

https://www.cnet.com/home/energy-and-utilities/lower-your-electric-bill-this-summer-with-these-air-conditioni

https://www.choosetexaspower.org/the-current/energy-savings/10-tips-saving-air-conditioning-summer/ 

Secure 2.0 Retirement Bill

Secure 2.0 Retirement BillAt the very end of March, the House of Representatives passed a version of the bill known as Secure 2.0. The bill passed the House with overwhelming bipartisan support in a 414-5 vote. The House version still needs to pass in the Senate, where there are differing ideas on exactly what the bill should contain. There is strong support, so it is less of a question of if Secure 2.0 will become law than what exact version.

The Secure 2.0 bill in any version aims to help Americans save for retirement through a variety of mechanisms and changes in tax law. Here are some highlights of what the bill hopes to accomplish and how. We’ll also note differences between the House and Senate plans throughout.

Sign Up More Workers for Retirement Plans

One way the House version of the bill aims to help people save for retirement is to simply get them into a plan. The law would automatically enroll workers in 401(k), 403(b) and SIMPLE IRA retirement plans in their workplace; however, they can opt out. It’s been shown that most people simply won’t take action, meaning they won’t enroll if they have to proactively sign up –  and similarly won’t opt out. The Senate version does not require auto enrollment, but it does give companies incentives to structure plans so that they auto enroll workers.

Auto enrollment in the House version starts at three percent contributions and increases yearly until participants are contributing 10 percent of their pay. Business with 10 or fewer employees are exempt.

Encourage Small Employers

Workplace retirement plans come with administrative, financial and legal burdens just to set up and offer the plan. This is before any type of employer contributions and is often a roadblock to small employers offering plans to their employees. To help encourage small employers, the bill offers a retirement plan start-up tax credit of 100 percent for the first three years to cover these costs.

Bigger Catch-Up Contributions

Right now, 401(k) plan catch-up contributions for workers 50 and older are capped at $6,500 for 401(k) plans. Both the House and Senate versions offer to increase these amounts, but in different ways.

The House version increases 401(k) catch-up contributions up to $10,000 for those 62, 63 or 64 starting in 2024. A more generous version is offered by the Senate, allowing the same $10,000 limit but to all who are 60 or older.

There is a “catch” to the catch-up, however. Under both versions, all catch-up contributions to 401(k) plans will be treated as Roth contributions; i.e., after tax contributions beginning in 2023. Currently, workers can make the contributions on either a pre-tax or post-tax (Roth) basis.

Push-Out Mandatory Required Distributions

The House version would extend the age for taking required minimum distributions (RMD) from retirements plans from 72 up to 75, incrementally over 3 years (73 in 2023, 74 in 2030 and 75 in 2033).

The Senate plan raises the age to 75 by 2032 and also waives RMDs entirely for those with less than $100,000 in aggregate retirement savings. It also reduces the penalty for not taking RMDs down to 25 percent (currently 50 percent).

Expand Employer Matching

The way the vast majority of retirement plans work is that employees contribute a portion of their salary and then the employer contributes a matching amount of  50 percent or 100 percent of what employee saves (up to a limit). The Secure 2.0 bill proposes to make student loan payments qualify as deferrals the same as plan contributions. This means that if you make student loan payments, your employer can now make a matching contribution to your retirement plan account even though you are not actually making any contributions into the plan itself. This is not a requirement, but an option for employers.

Create a Lost and Found for Retirement Plans

It’s common for workers to lose track of retirement plans from previous jobs when they move and change jobs. The bill would create a national lost and found to aid people in locating plans they may have inadvertently left behind or forgotten about.

Conclusion

In whatever form the final bill takes shape, it will give Americans more options to save for retirement and expand access to workplace plans.

Restricting Trade Relations with Russia, Enhancing U.S. Export Pathways, and Bearing Down on Cybercrime and Human Trafficking

Restricting Trade Relations with Russia, Enhancing U.S. Export Pathways, and Bearing Down on Cybercrime and Human TraffickingSuspending Normal Trade Relations with Russia and Belarus Act (HR 7108) – This legislation suspends normal trade relations with Russia and Belarus. The president may restore normal trade relations pending Congressional approval, and this authority is scheduled to end on the last day of 2023. The bill also permanently authorizes the president to impose visa- and property-blocking sanctions based on violations of human rights, as well as increase duty rates on products from these countries. These actions are designed to condemn Russia’s invasion of Ukraine by urging other World Trade Organization (WTO) members to suspend trade concessions to Russia and Belarus, and consider steps to suspend Russia’s participation in the WTO. The bill was introduced on March 17 by Rep. Richard Neal (D-MA). It passed in the House on the same day, passed in the Senate on April 7, and was signed into law by President Biden on March 17.

Modernizing Access to Our Public Land Act (HR 3113) – This bill was introduced by Rep. Blake Moore (R-UT) on May 11, 2021. It requires the Dept. of the Interior, the Forest Service, and the Corps of Engineers to digitize geographic information system mapping data relating to public access to Federal land and waters for outdoor recreation. This information, which must be made publicly available, will include status as to whether roads and trails are open or closed; the dates on which roads and trails are seasonally opened and closed; the types of vehicles allowed on each segment of roads and trails; the boundaries of areas where hunting or recreational shooting is regulated or closed; and the boundaries of any portion of a body of water that is closed to entry, watercraft or has horsepower limitations for watercraft. The bill passed in the House on March 15, the Senate on April 6, and is awaiting signature by the president.

Better Cybercrime Metrics Act (S 2629) – This bill authorizes various requirements to improve the collection of data related to cybercrime. For example, the Department of Justice must collect cybercrime reports from federal, state and local officials; include questions about cybercrime in the annual National Crime Victimization Survey; and evaluate current cybercrime data collection and reporting systems. The bill was introduced by Sen. Brian Schatz (D-HI) on Aug. 5, 2021. It passed in the Senate on Dec. 7, 2021, the House on March 29, and is awaiting the president’s signature to become law.

Bankruptcy Threshold Adjustment and Technical Corrections Act (S 3823) – The primary purpose of this legislation is to modify the eligibility requirements for a debtor to file for bankruptcy under Chapter 13. Specifically, only an individual (or an individual’s spouse, except a stockbroker or a commodity broker) with regular income that owes aggregated debt of less than $2,750,000 may file as a debtor under Chapter 13. The bill was introduced by Sen. Chuck Grassley (R-IA) on March 14 and passed in the Senate on April 7. It is currently under consideration in the House.

Countering Human Trafficking Act of 2021 (S 2991) – This bill authorizes the establishment of a Department of Homeland Security Center for Countering Human Trafficking. The goal is to address human trafficking with a victim-centered approach to increase the focus on and effectiveness of investigating and prosecuting forced labor cases. Specifically, the legislation centers on eradicating forced labor from both corporate and government agency supply chain contracts and procurement. The act was introduced by Sen. Gary Peters (D-MI) on Oct. 18, 2021. It passed in the Senate on April 16 and is under consideration in the House.

Ocean Shipping Reform Act of 2022 (S 3580) – This bipartisan act was introduced by Sen. Amy Klobuchar (D-MN) on Feb. 3. The bill increases the authority of the Federal Maritime Commission (FMC) to investigate late fees charged by common ocean carriers and otherwise find ways to promote the growth of U.S. exports through a more effective and economical ocean transportation system. For example, the bill prohibits common ocean carriers, marine terminal operators, and ocean transportation intermediaries from unreasonably refusing cargo space when available. This legislation passed in the Senate on March 31 and is under consideration in the House.

Why Businesses Should Be Worried About Mobile Security and How to Keep Safe

Mobile SecurityCybersecurity has become more important than ever, especially with the rise in cyberattacks. However, much focus is put on computers, laptops, servers, etc. Mobile phones and tablets seem to be overlooked when talking about cybersecurity.

Today smartphones are integrated into the modern workforce as driven by work at home and remote working. To enhance mobility, these devices are installed with business mobile applications that enable access to company systems. They enable users to conduct different activities on-the-go, such as banking, connecting to company networks, business transactions, and other social operations. However, this is raising concerns about the security of sensitive corporate data and other personal information stored on phones.

Despite these concerns, businesses continue to be lax on enforcing solid measures to protect company data and networks.

Since the phones have less protection than computers, they have become an easy target for cybercriminals who are using different methods to gain access to phones.

Security Threats to Mobile Devices

Phishing is one common attack vector that uses fake emails and text messages to trick users into clicking links that download malware onto a user’s smartphone. For instance, cybercriminals may use SMS to mimic legitimate companies and send messages that contain harmful links.

Recently, cybersecurity researchers cited a WhatsApp phishing campaign that attempts to lead WhatsApp users to install an information-stealing malware. The senders impersonate the WhatsApp notification service and send an email to a user claiming they have received a private voicemail. A user who is unaware of this ploy and clicks on the play button in the email will download malware onto their phone.

Attackers also take advantage of data leakage through malicious mobile apps. Users can get these apps by downloading fake versions of real apps, which are infected with malicious code that steals personal data stored on a phone.

Data can be stolen through legitimate solutions, as researchers found at the end of October 2021, when they discovered a banking trojan horse known as SharkBot in six phoneapps. These apps were designed as legitimate antivirus solutions. The malware could bypass multifactor authentication to steal credentials and banking information, and even transfer money. Although the six dangerous apps have since been deleted from the Google Play store, this goes to show that hackers do not tire of looking for ways to infiltrate mobile devices.

Mobile phones also are affected by web-based mobile security threats when users access affected sites that download malicious content onto a device.

Other security threats to phones include using unsecured public WiFi, lost or stolen mobile devices, mobile spyware, rooting malware and jailbroken phones that become more prone to attacks.

How to Keep Safe

Since phones are now primarily being used as business tools, business owners need to rethink their mobile strategies for both employer-provided devices and bring your own device (BYOD).

Businesses that deploy mobile device management (MDM) tools will block potentially harmful apps, automatically update software, and remotely wipe off data on stolen or lost phones.

Users are the weakest link in security issues; hence, a need for regular security risk-training on social engineering by learning how to differentiate suspicious emails and SMS messages. Users also need to learn to avoid downloading applications from third parties and other untrusted sources and use only authorized app stores. Furthermore, user training should include the dangers of public Wi-Fi, the importance of turning off a phone’s Wi-Fi when not using it, and locking the device with a strong password or biometrics, such as fingerprint detection.

Users also should avoid granting broad app permissions, especially for free apps that may be sending sensitive data to remote servers, where it can be used not only by advertisers but also by cybercriminals.

Keeping device operating systems and other software updated will reduce attack possibilities since cybercriminals use old bugs to hack devices.

It is important to install anti-malware and anti-virus programs on mobile devices since they now face the same threats as computers and laptops.

Businesses can introduce a mobile device policy that employees sign before accessing company resources on their devices or when receiving employer-provided devices. Such a policy includes the dos and don’ts of using phones.

Regular security testing is crucial for enterprise applications as it helps expose vulnerabilities in apps and especially those developed by third-party agencies to ensure the security meets required compliance guidelines.

Conclusion

Mobile phones now have capabilities similar to computers and store a lot of personal and sensitive data. As more devices access business systems, it creates more endpoints that put the business at risk of a data breach. Therefore, businesses of all sizes should take mobile security seriously through strong defensive measures, which can be enhanced with enterprise mobile security solutions.

How to Save When You’re Broke

How to Save When You're BrokeIf you think saving money is a waste of time, think again. It all comes down to having the right mindset and strategy – even if you don’t have a penny to spare. Here are some ground rules that have proven effective for many. All you have to do is be willing to dive in, change your choices, and revisit the way you approach your finances.

Create a budget and track your expenses. Yes, you’ve probably heard this a million times and you might be thinking: how can I save money if I don’t have any? Here’s what you do. For the next 30 days, try this experiment: track every dollar that’s coming in and going out. Here are things to consider:

  • Except for the basics, where did you spend?
  • Were there items that were wants instead of needs that you might cut?
  • Did you buy name brands or lower-cost options?
  • How can you reduce your spending by 5 percent or 10 percent?

After you’ve digested all this, you’ll have a better picture of what’s going on. A good next step is to balance your budget. This method keeps money from slipping through the cracks. 

Grow your income. This might sound like a beat-down since you’re already burning the midnight oil, but remember that this is temporary and a means to an end. If you have an extra room, you might think of renting it out for a few months. If this is outside your comfort zone, find a side hustle that’s fun like dog walking or pet sitting. Or think about jobs you can do on your computer like answering paid surveys. Part-time weekend jobs also are an option. Greeters at Costco make around $24 an hour!

Automate your savings. Again, you’ve heard this, but taking this money off the top before you even see it is key. You never see the money so you don’t ever miss it. And any amount saved can add up over time. Even $5 a paycheck can make a difference.

Have no-spend days. Of course, you have necessary expenses like food and shelter. But what about those days when you don’t want to cook and grab some drive-through grub? Or you see a Starbucks, your car turns around, and suddenly, you’re there ordering a Double Mocha Frappuccino? Certainly, we all want – and need – treats every now and then. But be judicious about them because if you’re already broke, these spontaneous splurges can derail your savings dreams.

Sell things you no longer need. Start by cleaning out your closets and your garage. You’ll most likely find things you no longer have any use for, or want. Host a yard sale. Or even better, snap pics of your items and put them up on Facebook Marketplace, eBay, Craigslist, or Nextdoor. For more pricey things like clothes or jewelry, try Thred Up or Poshmark. You’ll be surprised how quickly this all adds up. Then put this money toward your savings or your debt. Slow and steady always wins the race.

Write down your 10-year lookahead. How do you want to be living a decade from now? On the beach? In a townhouse in a European city? Completely out of debt? All of your dreams, no matter how crazy, can absolutely be achieved. All you have to do is take the long view. Have tunnel vision about your destiny. What this all comes down to is daily financial decisions.

So now that you have a few ways to get ahead, it all comes down to you. Take a deep breath and be intentional – embrace this new way of living. When you see yourself making new choices and realizing what you can achieve by tweaking how you spend, there’s no stopping you.

Sources

https://financeoverfifty.com/how-to-save-money-when-youre-broke/

Combating Employee Hesitancy to Return to the Office

Employee Hesitancy to Return to the OfficeAccording to the January 2022 Future Forum Pulse survey, there’s been a shift in what workers want post-pandemic. The report found that in Q4 of 2021, 78 percent of workers from six industrialized companies wanted location flexibility. The survey also found that 95 percent desired schedule flexibility. This is in light of the same survey finding that 72 percent of employees desire greater flexibility from their current places of employment. Those same workers reported that if they can’t find more flexible arrangements, they would seek out another employer that provides greater flexibility – compared to 57 percent expressing the same desire in Q3 of 2021.

According to a December 2017 Gallup report titled, “Thinking Flexibly About Flexible Work Arrangements,” along with helping develop and keep high-performing workers, creating and improving a flexible workplace also intensifies the tie workers have to their employer, as well as reducing employer expenses. While lowering costs is always attractive, it’s important to understand that not every role or type of business will have the same implementation opportunities.

When businesses formulate their flexible working arrangement, employers and employees must be on the same page, have clear expectations, and a way to measure that work is being completed in a manner similar to that in office. One important consideration is ensuring that remote employees are treated with the same consideration for potential promotions, projects, etc. Do managers and senior executives maintain the same level of treatment of employees whether someone comes into the office or works remotely and at different hours?

As for jobs that cannot be performed remotely, flexibility may not be very realistic. However, businesses can offer employees compensatory approaches to flexibility. Examples include a relaxed dress code and the ability, within reason, to choose lunch and break times. Employers also may offer the option for both an open floor plan and traditional office space to provide variety that leads to creativity and innovation.

Additionally, employers can create digital spaces where in-person workers can communicate with co-workers to discuss covering and switching shifts in their work schedules, helping them attend to their personal lives better and foster camaraderie. Businesses also can gamify employees covering each other shifts; for example, by offering a reward system if they take on extra shifts.

Permitting workers to select their preferred variety of tasks gives employees an awareness of freedom and can increase capabilities. By switching tasks within a pre-determined time frame or permitting employees to work at different offices or sites, employers can similarly provide a flexible working arrangement. This lets employees take on new responsibilities, workplace flows, and engage with different co-workers.

 Variations on Flexible Working Arrangements

Another option is to work around employees’ personal circumstances. It could be a school system holding classes every other month or a mixed schedule. It also could take the shape of a four-day work week, whereby employees work 10 hours a day. This could similarly benefit families with children, parents, etc. that have medical or other special needs that can be addressed efficiently by a shorter but equally productive work week.

Splitting a Position

Having two (or more) employees perform duties of one full-time worker is called job sharing. This happens via employees performing a part-time schedule, combining to create a single full-time position. It’s able to satisfy the role of a full-time job while meeting the needs of workers looking for part-time work.

Legal Considerations

One consideration for employers to maintain compliance with the Fair Labor Standards Act (FLSA) for non-exempt employees with flexible work arrangements is to strictly monitor hours worked. According to the FLSA, non-exempt employees must receive 1.5 times standard wages when they work beyond 40 hours within any continuous seven-day work week. Ensuring that workplace guidelines are crafted and implemented equally, as well as documenting the implementation, is one way to reduce the risk of discrimination claims.

While providing flexible working arrangements is unique to every business, offering it can provide many benefits, especially the potential to attract and retain high-performing staff.

Sources

https://futureforum.com/pulse-survey/

https://www.gallup.com/workplace/236183/thinking-flexibly-flexible-work-arrangements.aspx

https://www.dol.gov/agencies/whd/flsa

What Every Taxpayer Needs to Know This Season

New Tax Laws 2021The IRS is currently suffering a severe backlog in processing returns from 2021 for the 2020 tax year. As of Dec. 31, there were still more than 6 million unprocessed individual returns with notices and pending refunds. There are a few things every taxpayer should know that can help them navigate any delays in filing or speeding up the process to make filing this year as smooth as possible.

Pass on the Paper

Nothing speeds up the process like electronic filing. Despite the uptick in electronic filing over recent years, the agency is still buried in paper, receiving almost 17 million paper filings last year.

When filing electronically, there’s a good chance you’ll see your refund within 21 days of acceptance. Just make sure you keep track of your submission and that it is accepted and not bounced back.

Validate Your Return Properly

To file electronically and have your return accepted, you’ll need to validate your return with last year’s adjusted gross income. As simple as this sounds, it’s not as easy as looking at last year’s return if your 2020 filing is still pending. In this case, you’ll need to enter $0 for your 2020 AGI or the agency may reject the filing.

Reconcile Your Child Tax Credits and Stimulus Payments

Returns with innocuous errors are one of the biggest causes of notices and held-up returns. Simple mistakes or the careless compilation of a return can cause matching errors and throw a wrench in the processing of a return, with two issues being prone for the average taxpayer: the advance child tax credits and stimulus payments.

Taxpayers should pay extra attention to and double-check these areas of their returns to avoid delays. While taxpayers may receive a Letter 6419 for child tax credits or 6475 for stimulus checks, it’s still a good idea to verify your payments for these two areas online for the best accuracy.

Another snafu that can arise is for married couples filing jointly. You may each receive separate letters showing only half of your total payments. Make sure you verify and report the total amount in these cases. Remember that avoiding math errors can save a lot of time and headaches later.

New Questions on Page #1 – “Virtual Currency”

More and more taxpayers are also owners of some type of cryptocurrency. If you are one of them, then this year, for the first time, you’ll need to answer a new “stand-out” question on page one of your tax return.

There is now a simple yes or no question on the front of every Form 1040, asking if you received, sold, or exchanged any cryptocurrency.

Your answer should be “Yes” if you staked, sold, exchanged, mined, or used crypto to purchase goods or services in 2021. If you only purchased cryptocurrencies and held them, then you should make sure you check “No.”

A “Yes” here is a flag to the IRS and they’ll be looking for you to report income from staking and mining or gains or losses on Schedule D. It can also fast track your return to the manual review pile, adding further delay to processing your return. But remember, that’s no reason to not answer truthfully.

Taxing Saturdays

Reaching the IRS via phone is notoriously difficult (which is why having a CPA prepare your taxes can be more than worth it). Average wait times are exceeding 23 minutes. In response, the IRS is adding monthly walk-in hours on select Saturdays at certain Taxpayer Assistance Centers, starting on Feb. 12.

To access this service, you’ll need government-issued photo identification, a Social Security card or your Individual Taxpayer Identification Number, and any IRS letters or notices. If you are filing on your own, this can help clear up issues; but remember, it’s best to use a paid preparer. They can handle both administrative issues and offer their expertise.

Conclusion

The IRS has a huge backlog of returns with issues, often resulting from simple avoidable problems such as “math errors” or paper filing. Do yourself a favor and follow the advice in this article to make this year less “taxing” on everyone.

Banning Masks, Banning Russian Oil, Making Lynching a Federal Hate Crime and Saving Sunshine

hr 2471,S 1543,HR 6968,S 623,HR 3076,HR 55Consolidated Appropriations Act, 2022 (HR 2471) – This legislation will fund the federal government through September 2022, but also includes a plethora of other bills folded within for the purpose of quick passage by both the House and Senate. Among them is the reauthorization of the Violence Against Women Act and the allocation of $13.6 billion in additional aid to support Ukraine in its conflict against Russia. The bill was signed into law by President Biden on March 15.

STANDUP Act of 2021 (S 1543) – STANDUP is the anacronym for Suicide Training and Awareness Nationally Delivered for Universal Prevention. It authorizes the Department of Health and Human Services (HHS) to give preference to state, tribal and local educational agencies when awarding certain grants for priority mental health needs. Specifically, plans must include evidence-based suicide awareness and prevention training policies. The bill was introduced by Sen. Maggie Hassan (D-NH) on May 10, 2021. It passed in the Senate on Dec. 14, 2021, the House on Feb. 28 and was signed by the president on March 15.

Suspending Energy Imports from Russia Act(HR 6968) – This bill was introduced by Rep. Lloyd Doggett (D-TX) on March 8. It is the bill that bans the import of Russian oil in response to the country’s invasion of Ukraine. The act also gives the president permanent authorization to impose visa- and property-blocking sanctions based on violations of human rights. In addition to oil, the act blocks importation of other Russian products such as mineral fuels, mineral oils and products of their distillation, bituminous substances and mineral waxes, with the exception of prior contracts or agreements. Subject to congressional approval, the president may waive this prohibition for national interest reasons. The bill also takes initial steps to suspend Russia’s participation in the World Trade Organization. The legislation passed in the House on March 9 and is currently under consideration in the Senate.

Sunshine Protection Act of 2021 (S 623) – The purpose of this legislation is to make daylight savings time the new, permanent standard time. The bill states the change would begin on Nov. 5, 2023, in order to give airlines and other industries time to adjust their schedules and processes. States that currently contain areas exempt from daylight savings time will have the option to choose standard time for those areas. The bill was introduced by Sen. Marco Rubio (R-FL) on March 9 and passed in the Senate on March 15. It is currently under consideration in the House.

Postal Service Reform Act of 2022 (HR 3076) – This bipartisan act was introduced by Rep. Carloyn Maloney (D-NY) on May 11, 2021. It passed in the House on Feb. 8, the Senate on March 15 and is awaiting the president’s signature to become law. The bill will repeal the annual prepayment requirement for future retirement health benefits; establish a Postal Service Health Benefits Program to offer health benefit plans for USPS employees and retirees; coordinate enrollment for retirees under this program and Medicare; and develop a publicly available dashboard that tracks service performance and reports on USPS operations and financial conditions.

Emmett Till Antilynching Act (HR 55) – This act was introduced by Rep. Bobby Rush (D-IL) on Jan. 4, 2021. This act designates lynching as a federal hate crime, and imposes the criminal penalties of a fine, a prison term of up to 30 years, or both. It applies to anyone who conspires to commit a hate crime offense that results in death or serious bodily injury; kidnapping or an attempt to kidnap; aggravated sexual abuse or an attempt to commit aggravated sexual abuse; or an attempt to kill. The bill passed in the House on Feb. 28 and the Senate on March 7. It is awaiting the president’s signature to become law.

A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by Centers for Disease Control and Prevention relating to “Requirement for Persons To Wear Masks While on Conveyances and at Transportation Hubs” (SJRes 37) – The purpose of this joint resolution is to nullify the CDC rule issued in February 2021 to require face masks on planes, trains, buses, and other public transportation systems and hubs in order to prevent the transmission of COVID-19. It was introduced by Sen. Rand Paul (R-KY) on Feb. 10 and passed in the Senate on March 15. It is currently in the House for consideration.

The Rise in Ransomware Attacks and How to Keep Safe

RansomwareCybersecurity experts estimate that there is a ransomware attack every 11 seconds. This makes it a challenge to individuals, businesses, and even governments.

In ransomware attacks, cybercriminals encrypt a victim’s network or data, making it inaccessible until a ransom is paid. Despite organizations’ efforts to reduce the attacks, cybercriminals also are advancing their attack methods. For instance, an organization may have backups they can use to restore their systems, but the criminals also demand ransom not to publish the sensitive company information they have in their possession.

Ransomware is not a new cybersecurity threat. It is traced back to 1989 when the first ransomware was released through floppy disks and required a victim to send money to a post office box in Panama. As technology has now advanced to allow for always-on connectivity, the prevalence of ransomware has grown tremendously. The use of Bitcoin and other cryptocurrencies as payment makes it more complicated as they are difficult to trace. These attacks, such as the WannaCry, CryptoLocker, etc., have resulted in billions in losses through infrastructure and business outages and millions of dollars being paid to the attackers.

Ransomware has grown so much that organized gangs are offering cybercriminals services for hire. This is made more intricate by the availability of ransomware-as-a-service (RaaS) to provide infrastructure to other cybercriminals to escalate their attacks.

Ransomware has become such a global threat that in a joint advisory made up of CISA, FBI, NSA and International Partners, has called for every government, business, and individual to be aware of this threat and take necessary action to avoid becoming victims.

President Joe Biden also continuously issues warnings to business leaders to strengthen their companies’ cyber defenses. The risks of cybersecurity are expected to increase with the ongoing invasion of Ukraine by Russia.

On the other hand, there are efforts to reduce the threat scale by various groups. One such group is the Cyber Threat Intelligence League (CTI-League), made up of cybersecurity experts from different countries. They have helped take down malicious websites, detect vulnerabilities, collect and analyze different phishing messages, and assist law enforcement organizations in creating safer cyberspace.

Protecting Against Ransomware

Before a ransomware attack is fulfilled, there are detectable activities that can aid in mitigating an attack. In any case, the attackers target specific user behavior, unchanged default security configurations and common technology vulnerability. This means that ransomware attacks can be avoided. Some ways to keep safe from ransomware include:

  1. Timely patches – ensure to patch operating systems and other software immediately whenever a patch is released. Patching also should apply to cloud environments, including virtual machines, serverless applications, and third-party libraries.
  2. Keep backups – it is impossible to fully protect an organization’s network as one user action may expose the network to attacks. Regularly backing up data is crucial. However, ensure that cloud backups are encrypted and can’t be deleted or altered. Also, always keep a backup version that is not accessible through the cloud to ensure business continuity in case of an attack.
  3. User training – users are considered the weakest link in the line of defense against cybersecurity. An attack can start with a seemingly legit email containing a link or an attachment that downloads malware to a device once clicked. Therefore, continuous user training and phishing exercises will help reinforce user responses to suspicious emails.
  4. Secure and monitor RDP – as more people adopt remote working, they rely on the remote desktop protocol to connect to office computers or colleagues. This has made RDP one of the most commonly used methods for attackers to gain access to a network. Therefore, businesses should use Network Level Authentication (NLA) and use unique and complex passwords for users to authenticate themselves before making a remote connection. Other ways include multifactor authentication, setting time limits to disconnect inactive RDP sessions automatically, and limiting login attempts.
  5. Use up-to-date antivirus software – this should be used to regularly scan the systems and scan files downloaded from the internet before they are opened.
  6. Network monitoring – use network monitoring tools and intrusion detection systems to look out for any suspicious activity.

The CISA, FBI, NSA, and International Partners joint advisory discourages paying ransom to cybercriminals and recommends following the CISA ransom response checklist and reporting to cybersecurity authorities such as the FBI, CISA, or the U.S. Secret Service. System administrators should also follow incident response best practices that can aid in handling malicious activity.

The 50/30/20 Budgeting Rule Explained

The 50/30/20 Budgeting Rule ExplainedYou may or may not have heard of the 50/30/20 budgeting rule, but it’s a good one – one that will help make organizing your finances a lot simpler. The basic idea is to divide up your after-tax income and allocate it to spend this way: 50 percent on your needs, 30 percent on wants and 20 percent on savings. Below are more details on how to do this.

Spend 50 percent on needs. These bills are those that are necessary for survival, such as rent/mortgage, groceries, utilities, health care, insurance and paying the minimum amount on your debts. Other things like Starbucks, Netflix and dining out might feel like needs, but if you get honest, they really aren’t. (They fall into the next category.) To get started, here’s a free worksheet. If you’re spending more than 50 percent on your needs, then look for areas to cut expenses or downsize your lifestyle. For instance, you could eat in (and make delicious coffee at home), maybe take public transportation to work or even choose a smaller home or more modest car. While these compromises might not be very fun, they’re necessary to make you fiscally healthier. Plus, they’ll pay off in the long run, which will feel really good.

Allocate 30 percent for wants. The best way to look at this category is to think of everything that is optional. It includes obvious choices like going to your favorite restaurant, joining a gym, buying that new techie gadget or a gorgeous new purse. Another way to frame wants are, for instance, choosing a more expensive entrée like lobster instead of a pasta dish, or buying a Mercedes instead of a no-nonsense Honda. That said, living a spartan life with no feel-good experiences isn’t realistic. We all have desires. But if you find you’re spending more than 30 percent on these things, a way to cut back is to plan ahead on splurging and do it less often. This way, treating yourself might feel better than it normally would.

Sock 20 percent away on savings. This category, of course, includes your savings account, as well as investment accounts like IRAs, mutual funds and stocks, which may or may not be part of your retirement. Besides saving money to pay for future bills, it’s also recommended to put away at least three months of expenses in an emergency fund, should you lose your job or have unexpected events occur. If you spend this allotment, start replenishing it as soon as you can. Other things that fall into savings are paying more on your debt instead of minimum payments because you’ll be reducing the principal and future interest you’ll owe; so in effect, you’re saving. While tucking funds away might seem impossible, once you get in the habit of it, you won’t miss it. And a few months down the road, when you take a look at the sum you’ve accumulated, you’ll most likely be super happy.

Admittedly, saving money and managing it is a challenge – you’re not alone. As of January 2022, the personal saving rate was 6.4%, down from 8.2% in December 2021. So take heart. If you’re saving anything at all, you should count that as a victory. You’ll be way ahead of the crowd. In the end, seeking a financial equilibrium and erring on the side of saving will contribute to a more abundant life in the long run.

Sources

https://www.investopedia.com/ask/answers/022916/what-502030-budget-rule.asp