by Stephen Reed | Accounting News, News, Newsletter, Retirement, Retirement Savings
With high inflation, high gas prices, and high mortgage rates, it’s no wonder Americans feel like saving for the future is currently an uphill battle. Financial anxiety is up, and many Americans are cutting back on their 401(k) contributions. But for millions of American workers, the problem is even graver: they don’t have access to a workplace retirement plan at all.
President Trump says he has a plan to address this problem.
During his February State of the Union address, Trump introduced a new retirement savings proposal for workers who’ve been left out of the traditional retirement system. And on April 30, he signed an executive order directing the Treasury Department to launch a new website next year called TrumpIRA.gov. The goal is to give workers without employer-sponsored retirement plans easier access to low-cost retirement accounts.
A Substantial Retirement Gap
Approximately 56 million Americans currently do not have access to a workplace retirement plan. And for many, opening an IRA on their own can feel confusing, expensive, or easy to put on the back burner. Add in the fact that some investment platforms require minimum balances, and smaller savers can easily get discouraged.
This new proposal from Trump seeks to remove some of those barriers.
According to the executive order, the IRA providers listed on TrumpIRA.gov must keep costs low. The annual expense ratio, including management fees, operating costs, and administrative expenses, cannot exceed 0.15% of an account balance. The provers also cannot require minimum contributions or minimum account balances. This is a win for lower-income workers starting with small balances.
Similarities to the Federal Thrift Savings Plan
In Trump’s State of the Union address in February, he said workers who don’t have a workplace retirement plan would be able to “access the same type of retirement plan offered to every federal worker.”
He was referring to the Thrift Savings Plan, which is the retirement system used by federal workers. It’s viewed as one of the lowest-cost retirement savings programs available. The intention of Trump’s proposal is to offer similar investment access to private-sector workers who lack workplace retirement benefits.
Starting next year, eligible workers would be able to visit TrumpIRA.gov, open an IRA account, and begin investing.
Enter the Federal Savers Match
One of the biggest benefits integrated into the proposal is the upcoming Federal Savers Match program. This is a provision in Secure 2.0, the Biden-era legislation that was signed into law in 2022.
Starting in January 2027, the provision will offer a match for workers earning less than $35,500 per year (or for married couples earning less than $71,000).
Eligible workers who save up to $2,000 per year could receive a federal match of up to $1,000. Married couples saving up to $4,000 could receive a match of up to $2,000.
For workers who live paycheck to paycheck, even small matching contributions can add up and make a difference over time.
Why Retirement Savings Are Crucial Right Now
According to a recent study by Northwestern Mutual, Americans now believe they need $1.46 million to retire comfortably, which is roughly $200,000 more than last year’s estimate. This study also found that 46% of Americans do not expect to be financially prepared for retirement. And 48% believe there is a real chance they could outlive their savings.
At the same time, thanks to inflation and rising living costs, some Americans are lowering their 401(k) contributions.
This is why expanding access to retirement funds is so important right now. A simple, lower-cost way to save could help millions of American workers build long-term financial security.
by Stephen Reed | Healthcare, Industry - Healthcare, News, Newsletter
Telehealth is long past being just a pandemic workaround. It’s now a core part of how healthcare practices deliver care. But simply offering virtual visits isn’t enough. The real value comes from how well telehealth is built into everyday operations. If you want to see better results, you need to treat telehealth as part of the full patient experience. Here’s how to build telehealth into something that works for your healthcare practice.
Focus on the Full Patient Journey
One of the biggest mistakes you can make is treating telehealth as just the visit itself. Virtual care should be more than a video link. It should support the patient seamlessly through scheduling, intake, the visit, and then the follow-up. This means using tools that connect scheduling, intake forms, insurance eligibility, and documentation. This way, staff spend less time re-entering information, and patients spend less time repeating themselves.
For instance, intake work, such as questionnaires, consent forms, medication lists, and screening tools, should all be completed before the visit. When both patients and clinics are prepared ahead of time, the visit typically runs smoother, and staff can spend more time on patient care and less time on paperwork.
Insurance Eligibility Should Be Part of the Workflow
Eligibility issues, such as claim denials, are one of the biggest sources of billing problems. If you confirm coverage at the appointment rather than at the time of booking, you risk having claims denied or payments delayed. Scheduling eligibility coverage into the intake process helps staff to flag issues early, which helps avoid frustration for both your staff and your patients at appointment time.
Use Automation Where It Helps
Automation isn’t replacing phone-based appointment scheduling anytime soon, but it can support it. You’ll want to use systems that not only respond to patients, but also complete tasks such as booking appointments based on actual availability, applying cancellation rules, and confirming insurance details. This also helps staff manage their time more efficiently by freeing them up to focus on work that actually needs a human touch.
Track What Matters
Many practices measure telehealth performance by tracking visit counts and not much else. Here are the metrics worth watching:
- How often telehealth visits are actually completed
- How often patients are no-shows
- How frequently insurance claims get denied
- How much time staff save per patient
- Is the technology working reliably, or are you needing to troubleshoot more often than not?
These metrics can help you form a clear picture of what’s working and what’s not. It’s helpful to run a pilot period of 60-90 days to test systems and make changes before rolling them out on a broader scale.
Create a Cross-Functional Telehealth Team
Both technology and teams need to be aligned for a seamless workflow. Think about creating a small telehealth operations group. This can include a clinical lead, a revenue lead, someone from the front desk, and IT support. This group “owns” the telehealth program. They can monitor performance, spot problems, and adjust workflow as needed. Creating this kind of team helps to keep a tight focus on telehealth, which can prevent small issues from turning into big problems.
Keep the Patient Experience Front and Center
As you implement telehealth more broadly, it’s important to keep in mind that not all patients have reliable internet access, some struggle with technology, some may need language support, and some might not be comfortable with video calls. You don’t want to create barriers for patients. Train staff to help patients who struggle with technology, and aim to create telehealth systems that are simple, mobile-friendly, and easy to access. And there should always be a backup plan for those who need it.
by Stephen Reed | Accounting News, Financial goals, News, Newsletter
Key Takeaways
- AI can automate the basics of money management. From tracking spending patterns to suggesting realistic budgets and automating transfers to savings, AI-powered financial apps help people manage cash flow without the guesswork of manual tracking.
- AI is a powerful financial educator — but not an advisor. It can explain complex topics like Roth IRAs vs. traditional IRAs, compare financial products, and run “what if” scenarios for long-term planning. However, AI can hallucinate and lacks the nuance a qualified professional brings to complex situations.
- Privacy and security should guide your tool choices. Most AI finance tools require access to sensitive account data. Before connecting any accounts, research the platform’s encryption, two-factor authentication, and data privacy policies to protect your financial information.
Most of us weren’t taught financial literacy or how to manage money. We figured it out as we went. Sometimes we learned quickly, other times we stumbled along the way. Now, Americans are using AI tools to help fill in the learning gaps when it comes to budgeting, saving, and financial planning. But AI works best when used thoughtfully. Here’s how AI is changing the way Americans manage their personal finances.
AI and Everyday Money Management
One of the most common uses for AI in personal finance is cash-flow tracking. AI-powered financial apps can automatically analyze spending patterns. Forget manual spreadsheets or wondering where your paycheck went. These apps categorize purchases, track bills, and show where you spend your money each month.
This clear picture spotlights spending habits, and that alone is sometimes enough to change our spending behavior. For example, many financial apps can notice patterns like rising grocery costs or recurring subscription charges.
Budgeting is another area where AI can be genuinely helpful. It can look at your actual spending patterns and suggest realistic budgets. It can also send alerts when you’re getting close to a limit.
Savings and Longer-Term Planning
Some apps now use AI to recommend a safe amount to transfer into savings. These tools analyze income, bills, and spending patterns to estimate what’s left over, and because the process is automated, people may save more consistently. Even small amounts can add up over time.
For long-term planning, AI tools can model different scenarios. What happens if you pay off your car loan early? What if you increase your 401(k) contribution by 2%? AI takes these hypothetical questions and runs the numbers to show real trade-offs.
Financial Planning and Education
AI is also becoming a useful financial educator, making financial information more accessible and easier to understand. Run questions about investing, retirement accounts, and insurance through AI and get clear explanations. For people who are intimidated by financial lingo and topics, this is extremely helpful.
For example, someone considering retirement accounts might ask an AI assistant how a Roth IRA compares to a traditional IRA. Not only will AI offer a straightforward answer, but it can also explain tax differences, contribution rules, and potential trade-offs.
AI can also compare financial products. It can summarize credit card rewards, mortgage rates, or savings account features across multiple institutions. This doesn’t mean AI is making decisions for you, but it can highlight key differences and narrow the choices.
Talk about a time-saver.
But There Are Real Concerns with AI
The biggest issue with using AI for financial research and advice is privacy. Most AI tools require access to sensitive information, such as bank accounts and credit cards. This can include a lot of personal data, and not every app handles that data the same way.
Before connecting any accounts to an AI assistant, be sure to research the platform’s security practices. Look for encryption, two-factor authentication, strong privacy policies, and clear explanations of how private data is used.
AI is Not a Replacement for Professionals
Another concern with AI is accuracy. AI tools rely on patterns and existing information. They can sometimes misunderstand situations or give overly general suggestions. They can even hallucinate. This is when an AI model produces a confident-sounding answer when, in fact, that answer is incorrect or impossible to verify.
In other words, while AI is good at predicting patterns, running numbers, and even doing the legwork to compare financial products, it should not replace personal judgment or professional advice. Every financial decision is unique. It depends on individual goals, risk tolerance, and life circumstances.
For anything complex, such as estate planning, taxes, and retirement strategy, a qualified professional is still worth the cost. A financial planner or tax professional can provide the context and nuance that AI often misses.
by Stephen Reed | Accounting News, Industry - Retail & Distribution, News, Newsletter, Retail & Distribution
The retail landscape has been reshaping since the pandemic, and what seemed like temporary changes have now solidified into permanent shifts in how consumers shop and what they expect from retailers. Here are the key trends shaping retail this year.
Value-Oriented Consumers Are Here to Stay
Inflation may cool, but value-seeking behavior isn’t going away. Consumers aren’t just pinching pennies until the economy improves. They’ve fundamentally changed the way they shop.
Many retail executives agree that behaviors such as trading down to cheaper brands, shopping at discount stores, and giving up convenience for savings represent a structural change in the industry.
Consumers are comparing prices more often, they’re switching to less expensive brands, and they’re willing to wait for sales and promotions. This doesn’t mean consumers won’t spend. It means they want to be smart about their spending.
Retailers need to clearly communicate value through pricing, bundling, loyalty perks, and quality messaging to earn the trust of customers.
AI Is Transforming the Industry
Retail businesses are already using AI for inventory management, demand forecasting, and customer service, but now AI is moving into core operations. AI can help predict what products will sell, flag slow-moving inventory, and optimize staffing schedules.
AI also affects brand loyalty. When every retailer can offer personalized recommendations and instant support, what keeps customers returning to you? Personalization that genuinely improves customer experience builds loyalty. AI that feels intrusive or generic doesn’t.
Marketing Is Getting Smarter and More Personal
AI-powered marketing tools are expanding quickly, and AI-driven personalization capabilities are fast approaching. This means tailored product recommendations, targeted campaigns based on purchase history, and loyalty programs that adapt to customer behavior.
These AI-enabled toolkits are becoming more accessible. They help to analyze customer data, optimize marketing decisions, and automate outreach.
When customers feel understood, they engage more. But personalization requires customer data, and customers are rightly protective of their information. It’s essential to be transparent and thoughtful. Build trust by communicating clearly about how you use customer data and then deliver value in return.
Supply Chains Are Transforming
Rising costs and global trade policies continue to create uncertainty, and many retailers are rethinking their supply chains. Some are shifting production closer to home through onshoring or nearshoring. Others are diversifying suppliers to reduce risk. If input costs spike this year due to tariffs or trade restrictions, having options matters.
This shift can raise short-term costs, but it builds resiliency and reduces long-term vulnerability. You may not be able to control manufacturing, but you can review supplier relationships, shipping routes, and lead times. Flexibility is key to protecting your margins.
Margin Management Is Critical
Costs are rising across the board, and retailers are responding by adjusting product mix to focus on higher-margin items, making moderate price increases that customers can absorb gradually, reviewing investment priorities, and trimming non-essential spending.
The goal is to protect profitability while maintaining customer trust. And the retailers who succeed will be the ones who make smart, incremental changes.
by Stephen Reed | Accounting News, News, Newsletter, Tax, Tax Planning, Tax Planning - Individual, Tax Preparation - Individual
President Trump’s One Big Beautiful Bill (OBBB) could change your tax return in real ways. The bill offers potential relief for parents raising kids, workers earning tips or overtime, and seniors on fixed incomes. There are a few key areas to pay attention to. Here’s what to know.
No Taxes on Tips
When tips are counted as taxable income, it decreases take-home pay, and there’s a chance you could get pushed into a higher tax bracket. The OBBB created a temporary deduction for tips up to $25,000 through tax year 2028, whether you itemize or claim the standard deduction on your return. If your modified adjusted gross income (MAGI) is greater than $150,000 ($300,000 for married couples filing jointly), the tip deduction gradually phases out. Keep in mind that tips are still subject to payroll taxes and may also be taxed at the state or local level.
No Taxes on Overtime
When Trump was campaigning, he pitched “no taxes on overtime” as a win for blue-collar workers, and it is. Workers can deduct up to $12,500 in overtime ($25,000 for joint filers). For a worker making $25 an hour who logs 10 overtime hours, that’s an extra $375 before taxes. Over time, those overtime hours can make a big difference in take-home pay. As with “no taxes on tips,” the deduction phases out with MAGIs greater than $150,000. And workers should remember that the exemption applies only to true overtime, not bonuses.
Bigger Tax Breaks for Seniors
Under the OBBB, if you’re 65 or older as of December 31, 2025, and making less than $75,000 a year, you get an extra $6,000 standard deduction (up to $12,000 for married couples filing jointly). That’s on top of the usual standard deduction. The deduction is gradually reduced if your MAGI exceeds $75,000 ($150,000 for married couples filing jointly) and is completely phased out at $175,000 ($250,00 for married couples filing jointly). Again, this is active from tax years 2025-2028.
Car Loan Interest Deductible
In a nod to middle-class families who rely on cars for work and everyday life, the OBBB allows individuals to deduct interest on auto loans. Effective from 2025-2028, it applies to new and used cars for personal use. For those financing a car, especially in today’s high-interest rate environment, this can provide real savings.
Expanded Child Tax Credit
The OBBB also increases the child tax credit from $2,000 to $2,200, and it will be adjusted annually for inflation beginning in 2026. Phaseout thresholds are $200,000 for single filers and $400,000 for married couples filing jointly.
Critics of the OBBB say the measures discussed above will add to the deficit, but for the average taxpayer, these deductions could mean a bigger refund or a smaller tax payment.
