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Legalese Decoder Launches Latest Upgrade to LLM, Doubling Usage Credits on Paid Plans

FOR IMMEDIATE RELEASE

Vancouver, Canada – Legalese Decoder, the industry leader in legal language translation and analysis, is excited to announce the latest upgrade to its Legalese Language Model (LLM). The upgraded LLM features faster response times and enhanced accuracy in deciphering complex legal language.

In addition to the LLM upgrade, Legalese Decoder is doubling the usage credits on both the Home and Pro paid plans at no extra charge to users. This means that users can now access twice as many credits to simplify and translate their legal documents.

“The latest upgrade to our Legalese Language Model is a testament to our commitment to providing our users with the most advanced and accurate legal language analysis tool available,” said William Tsui, founder at Legalese Decoder. “We understand the challenges that everyday people face when dealing with legal jargon and we are dedicated to empowering them with the tools they need to navigate the legal landscape with confidence.”

The LLM upgrade features a faster response time, enabling users to receive near real-time translations and analysis of complex legal documents. The tool utilizes advanced algorithms and machine learning techniques to identify key terms and concepts and provide plain language definitions.

With the doubling of usage credits on both the Home and Pro paid plans, users can now access even more features and functionality to simplify and translate their legal documents. The Home Plan now includes 40,000 characters credits per month, while the Pro Plan offers 800,000 characters credits per month.

“We are excited to offer our users even more value with the doubling of usage credits on our paid plans,” said Tsui. “Our mission is to provide all the tools needed for everyday people to tackle their legal needs, and this upgrade is just one more way we’re fulfilling that mission.”

Legalese Decoder continues to lead the way in legal language translation and analysis, providing users with the tools they need to simplify complex legal language. With the latest upgrade to the LLM and the doubling of usage credits on paid plans, Legalese Decoder remains committed to empowering everyday people to navigate the legal landscape with confidence.

For more information about Legalese Decoder and its legal language translation and analysis tools, please visit https://legalesedecoder.com/.

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Automotive Computers & Software Finance Technology

How AI Helps Insurance Companies Deliver a Better Experience

I recently wrote a post about why insurance companies should consider data consolidation. In that article, I discussed how having your business data in one place could help you make better decisions for your business. 

And, at the same time, create a better experience for your customers.

Of course, one might argue that all of that data being streamed into this central “vault” would need to be assessed and analysed to get any value from it.

That’s where artificial intelligence (AI) and machine learning (ML) come into the picture.

Repairer Driven News, a news site for collision repairers, very recently discussed how technology—specifically AI—makes it easier for insurance companies to produce quotes.

Whilst this article discusses auto insurance specifically (given the nature of the publication), what it says is just as easily applicable to other parts of life that require insurance.

Using AI to Calculate Risk

In the past, risk calculations were done manually, based on information provided by the customer. With AI, however, risk calculations can be automated. And, they tend to be more accurate.

Accuracy, as it turns out, is extremely desirable in the world of insurance. That leads to a more logical premium for the customer, which is good for them and the insurance provider.

At the same time, AI is much better at detecting fraud. 

Fraud detection requires pattern detection. And, if the fraud is sophisticated enough, humans might not be able to see that pattern. AI, on the other hand, can and will. 

According to this article by Business News Daily, machine learning algorithms can detect fraudulent claims with a 75% accuracy rate. Of course, as technology evolves, fraudulent schemes will as well. However, all that means is that data scientists will need to keep up so that AI/ML can keep up as well.

Using AI to Calculate Cost

The article discusses how predictive analysis can determine if a vehicle can be repaired or if it should be written off. It can do that based on information such as the year and model of the vehicle, the type of impact, whether the airbags deployed, and so on.

It also talks about how AI heat mapping technologies can identify which areas of the vehicle were damaged.

With all this information at its “fingertips”, AI can very quickly complete an estimate with no additional help.

In the same way, AI could be used to predict risk and come up with personalised quotes for health and medical insurance, home insurance, pet insurance, and more.

Again, with a better understanding of the cost of treatment or reparations, insurance companies can service their customers better.

Using AI to Mitigate Risk

Safety technology in vehicles is reaching a point where cars can safely (well, more or less) drive themselves. While not all vehicles are autonomous, they do have features that can help human drivers operate a little more safely.

Some of these features, such as parking sensors, rear-facing cameras, and lane detection, can also gather information. This information, in turn, can be processed by AI to help drivers make better decisions; better decisions that lead to fewer collisions.

Helping Insurance Companies Harness the Power of AI and Data

Insurance software providers like Zinnia are offering solutions that help businesses make the most of their data. At the same time, these solutions also help them design better products for their customers, giving them the best experience as well.

For example, Zinnia’s life insurance solutions include data consolidation as well as management. This secure “source of truth” can be used by AI to generate better outcomes for everyone.

And, isn’t that what you want for your insurance business?

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Business Finance Financial Market Technology U.S

Kroger and Albertsons Zero in on Store Divestitures Amid Deal Review

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The Kroger Co. and Albertsons Companies Inc are still on track to divest 250 to 300 stores as part of their effort to dispel antitrust issues regarding their proposed merger plan.

The stores slated for sale are valued at USD 1B or above, and are located all across different regions of the US—such as Chicago, Phoenix, Southern California, and the Pacific Northwest—reported Reuters, citing unnamed sources.

Kroger-Albertsons Cos. Merger Deal

In a move to reshape the U.S. supermarket landscape, Kroger and Albertsons Cos.—The US’s two biggest grocery store chains—announced plans to join forces in mid-October.

The retailers hope that this merger, if approved by regulators, would help create a corporate behemoth generating around $200 billion in sales per year.

Combined, Kroger and Albertsons Cos. would operate around 5,000 stores across the country.

Reasons Behind the Divestiture

The retailers have decided to prepare for the store divestiture as the Federal Trade Commission (FTC) is reassessing Kroger’s proposed USD $24.6B investment in Albertsons Cos. 

Since the retailers declared the merger strategy, there has been a flurry of movements from American consumer advocates and lawmakers against it. 

They are pressuring the FTC to hit the brakes on the deal, or at least hold it for some time, over concerns that this merger, if executed, could cause significant hikes in grocery prices amid the current spiralling inflation rates.

While declaring their merger, the retailers stated that the plan was to sell around 100 to 375 stores to win regulatory approval faster. However, Kroger mentioned that up to 650 stores could be divested.

As per the agreement, if the deal falls apart over antitrust issues, Kroger would be required to pay Albertsons Cos. $600M as a breakup fee to walk away from the contract.

The retailers are trying to sound out long-sought buyers for their stores and address the antitrust issue of FTC over their merging. 

Both Kroger and Albertsons Cos. expect these stores to be spun off into a subsidiary dubbed SpinCo by Albertsons Cos. or directly acquired by competitor supermarkets trying to extend their footprint in the USA. 

FTC to Monitor the Financial Viability of the Stores Divested

FTC will closely monitor any sale of the stores coming from this divestment, reported Reuters, citing antitrust experts at FTC. 

The current FTC chair Lina Khan marked the failed AlbertsonsCos./Safeway settlement behind FTC’s scepticism about the Kroger-Albertsons deal. 

The result: The agency is strictly scrutinising the potential impact of the Kroger–Albertsons merger deal.

Navigating Divestiture Challenges to Success

Brian Concklin, an antitrust expert and partner at global law firm Clifford Chance has advised Kroger and Albertsons Cos. to ensure that the stores they have decided to divest can act as formidable players in the industry. Thus the retailers can keep the FTC from blocking their merger deal.

“The Albertsons-Safeway deal will loom large over how these assets are viewed and how the FTC evaluates whether these divestiture packages being offered are viable,” commented Brian Concklin.

As a complex process, divestiture requires a coordinated effort to be successful.

For any dynamic enterprise looking to maximise the transaction value while divesting its business, investing in a consulting service like Fission Consulting is a sensible decision.

Such a high-end service streamlines the process while significantly reducing business disruptions.

Wrapping up

Kroger and Albertsons Cos. hope their plan to spin off the stores as part of the merger deal will help overcome challenges while paving the way to get FTC approval. 

“We believe we have a clear path to achieve regulatory approval with divestitures,” said Gary Millerchip, Chief Financial Officer at Kroger in a Bloomberg news.

Categories
Business Education Finance Services U.S

Boris Musheyev Disrupts The Tax Industry By Changing The Way Business Owners Do Their Taxes

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Queens, NY – February 8th, 2023 – Boris Musheyev founder of Boris M Tax Inc. new tax strategy e-book earns the Click Funnels 2-Comma Club award. The S-Corp Tax Book teaches entrepreneurs how to legally pay less in taxes using your S-Corporation. 

This ebook was created to educate entrepreneurs on how the United States tax code is designed and how they can use it to their advantage. Inside the book are tax strategies, deductions, and benefits that any profitable business owner can use to save money on taxes using S-Corporation.

The book also teaches business owners that accounting is more about being correct and putting the right numbers in the right boxes. It’s being strategic, and proactive and maximizing tax savings with tax planning.

Tax planning is not the same as tax preparation. Most people think that tax planning is just for the ultra-mega-rich, and it’s extremely underutilized by small business owners. 

Imagine you’re going on a road trip. Tax planning is like mapping out your route before you leave. You look at the big picture and decide the best way to get to your destination. You take into account things like traffic, construction, and road closures, so you can make adjustments and arrive at your destination on time.

Tax preparation, on the other hand, is like packing your bags and getting in the car. Once you’ve mapped out your route, you gather all the necessary items (documents, forms, etc.) and make sure they’re in order before you hit the road. You double-check that you have your driver’s license, registration, and insurance and that your gas tank is full. You’re ready to go.

Proactive tax planning is the only way to pay less in taxes. Tax planning is the process of looking at your life and business, and identifying strategic ways to minimize your tax liability with proactive tax planning strategies. It’s all about being proactive and taking advantage of opportunities to seriously save money on taxes.

Tax preparation, on the other hand, is the process of gathering all the necessary documents and information, and putting the right numbers in the right boxes. It’s all about being organized and making sure everything is in order before the deadline.

Just like a road trip, it’s important to start planning early and not wait until the last minute. If you wait until the last minute to map out your route, you’re going to miss out on tax-saving opportunities and overpay in taxes. Which is 100% avoidable.

In short, tax planning is all about using proactive tax strategies to pay less in taxes. Tax preparation is simply putting the right numbers in the right boxes. It’s important to start planning early and not wait until the last minute, just like a road trip.

As of today, over 20,000 copies of this book have been downloaded and more and more entrepreneurs learn about the power of tax planning and how S-Corporation can help them save money on taxes.

For more information on tax planning for your business visit www.borismtax.com.

Categories
Business Finance Financial Market Technology U.S

NYSE Disaster Recovery Blunder Triggered Major Trading Glitch

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The NYSE (New York Stock Exchange) is beleaguered by criticism after an unexpected outage and IT error caused drastic price fluctuations in blue-chip stocks and billions worth of trades to be called off.

The NYSE blamed the ‘technical’ glitch on a manual error with its disaster recovery (DR) system, according to The Register. 

Let’s Flesh out the Reasons Behind the “Mayhem”

The exchange’s secondary Chicago data centre is supposed to protect US stock markets in the event of an outage or when a natural disaster strikes the venue.

As part of regular maintenance activities, the DR system should be tested daily and shut down manually after the closing bell.

However, on Monday, January 23rd, after the market was closed, an NYSE staffer failed to turn off the disaster recovery system correctly.

The result: the backup system, which is meant to be turned on in the event of a disaster incident only, was left operating overnight. 

It means that the exchange’s trading acted as if Tuesday’s trades were being carried on with the prices of Monday’s trade. 

The consequence: at 9:30 am on Tuesday, as trading started, the NYSE software malfunctioned, and skipped the day’s opening auctions which set prices incorrectly and unfortunately, led to a debacle.

The NYSE, in a statement, said, “The root cause was determined to be a manual error involving the exchange’s disaster recovery configuration at system start of day.“

What Was the Consequence?

The technical error triggered a string of events with catastrophic repercussions.

What NYSE addressed as a “system error” caused shares in over 250 firms to go haywire, with some firms encountering fluctuations in their stock prices by around 25%. 

As reported, a total of 84 stocks saw their valuations drastically plunge or surge until they had reached the limits set to thwart securities from trading at extreme prices.

According to a statement released on Wednesday morning, due to the system disruption, 81 stocks had short-sale restrictions (SSR) implemented “erroneously,” with Snap and Morgan Stanley being badly affected. 

While Morgan’s share price dropped by 13%, Walmart saw an increase of 12% in its share price due to the error.

Soon after NYSE halted the most egregious transactions, it stated: “Approximately 4,341 trades in 251 symbols should be busted (canceled).”

NYSE Fielding Claims

NYSE officials spent hours hunting down the reason behind the turmoil until it was confirmed that no such trading chaos would occur again.

“The issues around our market open on Tuesday are our collective responsibility, and we have moved swiftly and decisively to resolve them as a team,” explained a spokesperson from NYSE to Bloomberg. “A core value of ICE (Intercontinental Exchange, NYSE’s parent company) and the NYSE is our commitment to collaboration.”

NYSE is evaluating the financial losses stemming from this “wreck” and is fielding claims from the affected businesses as per exchange regulations.

Automated DR Systems Can Decrease System Failure Risks

Analysts unanimously agreed that automation could help avoid such system errors entirely.

“Automation eliminates human error,” according to Dennis Hahn, an analyst at Omdia. “If this [DR system] required to be manually shutdown, this is ridiculous and asking for trouble.”

In short, when it comes to disaster planning for data centres, one of the key elements is deploying an automated DR framework. 

Future-focused DR solutions like Protera enable customisable and automated backup scheduling. Plus, it frees users from manually configuring each device while also allowing them to back up their business-critical data in multiple locations. 

The result: significantly minimised human intervention, ensuring business continuity.

With customisable RPO and RTO objectives, users can set their systems for backup—every day, every hour, or even every few minutes—based on their backup policies.

Wrapping Up

Unfortunately, the NYSE backup blunder is not the only high-profile operation disruption occurring in January due to manual errors. The recent massive system crash in NYSE raises concern among US retail investors. The occurrence indicates that NYSE should “come up with something better” and implement automation and best practices for disaster recovery management. 

Categories
Business Finance Financial Market Technology U.S

Fujitsu to Divest Entire $1.1B Air Conditioning Unit Stake; Bloomberg

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Fujitsu Ltd., a leading Japanese global information and communication technology company, is reportedly divesting its stake in Fujitsu General Ltd.—the unit that manufactures cooling systems.

The declaration came during its quarterly financial announcement in October 2022. The company revealed that it was planning the sale of its stake in non-core affiliates—Fujitsu General, Shinko Electric Industries Co., and FDK.

Fujitsu owned around 50% and 59% stake in Shinko Electric and FDK respectively—as of the end of September 2022.

Not a Partial Divestment

Fujitsu shared plans to sell its entire 42% stake in Fujitsu General Ltd. as the Japanese IT coalition looks to speed up a business overhaul.

Fujitsu General Ltd. shares are worth an estimated ¥140B ($1.1B).

“We have set certain criteria for the sale and aim to sell 100% of the 42% stake,” stated the CEO Takahito Tokita in a recent interview. “We won’t do it halfway.”

Fujitsu Receives Substantial Bids

In line with its divestiture strategy, the company kicked off the auction process after it had found several long-sought customers, such as Bosch. The initial bids for the procurement were submitted by January 20, as decided. 

Fujitsu General received around ten bids from high-profile strategic investors and private equity firms. However, the company has not yet narrowed down the list of bidders, said ION Analytics. 

Why Is Fujitsu Divesting its Air Conditioning Unit Stack?

The CEO marked the divestiture as a part of the company’s effort to ensure more streamlined operations, reported Bloomberg, a leading financial news website. 

Even though the CEO refused to comment on the negotiations, he said the company was “happy to have interested parties.”

Fujitsu is the sixth-largest technology services provider in the world (based on yearly revenue). In its heyday, this Japanese giant manufactured almost everything—from smartphones and laptops to integrated chips. 

In order to focus more on IT and communication systems, the IT firm is now divesting non-core affiliates and has already sold off much of its consumer product lineup.

For the fiscal year ending March 31st, 2023, the company predicts its operating profit to reach a staggering ~$3.11B (¥400B)—a jump of 83%. 

However, analysts unanimously agreed that the profit will be ~$280B (¥359B). Fujitsu General expects its net sales to rise 37.3% to a total of ~$297.2B (¥390B). It predicts an operating profit of ¥18B for the fiscal year through March this year—an upturn of 113.2% year-on-year. 

In the report, the CEO underscored the COVID-19 outbreak and geopolitical pressures regarding Taiwan as the biggest factors making Fujitsu extremely vulnerable.

According to the report, policymakers worldwide are vying to hold sway over the semiconductor technology used for military purposes. 

According to RF Globalnet, the USA is pressuring Japan to help clip China’s chip industry. In this circumstance, when Fujitsu is hugely dependent on Taiwan’s semiconductors, Tokito said the divestment would help the company prepare for any emergency.

Navigating Carve-out Challenges to Success

Divestiture is a cross-functional process that takes place on a legal, financial, organisational, and technical level. Even though equity carve-out is a standard strategy of business management among consolidated and dynamic enterprises, the permanent split-off of the IT poses challenges to participants. 

Leveraging a high-end IT carve-out consulting service, such as US-based Fission Consulting, can streamline the transaction process and significantly shorten the separation timeline with minimal business disruption.

Wrapping Up

Being at the forefront of hyperconnected business transformation, Fujitsu combines the power of IoT with AI, and network solutions. The aim is to help future-focused companies cope with technological shifts. Regardless of the reasons behind the divestiture, Fujitsu hopes the divestment would help the company optimise business operations while also maintaining the supply chain.

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Business Finance Retail Services Technology

AMLSafe Integrates Chainalysis To Enhance Its AML Protection Capabilities

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LITHUANIA – AMLSafe, the first crypto wallet to protect users from malicious assets, has integrated Chainalysis, the leading provider of crypto compliance and investigation solutions, through its sister company AMLBot, to further enhance the functionality of it’s built-in AML module and provide a more comprehensive and personalised service to our users.

This integration will strengthen AMLSafe’s commitment to protecting users from malicious assets and actors within the cryptocurrency ecosystem.

Slava Demchuk, founder of AMLSafe, commented: “At AMLSafe, we are committed to providing our users with the highest level of security and compliance. This integration with Chainalysis, the leading provider of crypto compliance and investigation solutions, is a testament to our commitment to protecting our users from malicious assets and actors within the cryptocurrency ecosystem. And this integration will enable us to provide an even more comprehensive service to our users, ensuring they can make informed decisions and protect themselves from potential risks.”

Other features that make AMLSafe user-friendly include full iOS 15 compatibility, WalletConnect, a built-in fiat-on ramp that allows users to easily buy and sell crypto using traditional methods, and a built-in decentralised exchange that allows users to securely exchange tokens. The wallet is available on iOS and Android and supports over 14 blockchains, including Bitcoin, Ethereum, BNB Chain, Tron, Everscale, Dogecoin, Ripple and many more, with the team constantly working on more integrations.

Security is of paramount importance to AMLSafe. They take great care to ensure that their wallet is equipped with the latest security measures to protect their users’ assets and personal information, and their primary goal is to help users navigate the complex world of cryptocurrencies with confidence and the highest level of security.

With this integration, AMLSafe aims to be the most secure and user-friendly crypto wallet on the market, offering the best compliance solutions to protect its users’ business and personal assets from potential threats.

About AMLSafe

AMLSafe is the first crypto wallet to protect users from malicious assets through the integration of AMLBot and the PureFi Protocol.

It allows users to verify that counterparties’ assets are clean through a simple, convenient, everyday service with an interface accessible to everyday users.

About Chainalysis

Chainalysis is a leading provider of crypto compliance and investigation solutions, helping businesses and governments prevent and investigate cryptocurrency-related crime. Since its inception in 2014, the company has grown to become a trusted partner to some of the world’s leading exchanges, financial institutions and government agencies.

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Business Finance Law & Legal Services Technology

Leading Crypto Compliance Provider Chainalysis to Join PureFi’s Verified Data Provider Market

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HONG KONG – PureFi, the one-stop decentralised compliance protocol for Web3, announced that Chainalysis, the leading provider of crypto compliance and investigation solutions, will become part of its verified data provider market through a partnership with its sister company AMLBot.

Trust is a critical component of any financial system, and it is particularly important in the world of DeFi. However, trust in DeFi is often lacking due to the decentralised and anonymous nature of many blockchain-based systems. The partnership aims to address this by using Chainalysis data as the basis for PureFi’s in-house analytics, which are performed through its sister company AMLBot, to provide a comprehensive, cost-effective and personalised service to clients.

“Chainalysis is a trusted partner with a proven track record in the crypto industry,” said Slava Demchuk, CEO of PureFi and co-founder of AMLBot. “Their expertise and team have enabled them to grow their valuation and customer base, and their services are in high demand by businesses and governments around the world. This partnership will not only strengthen our commitment to protecting users from bad actors within the DeFi ecosystem, but it will also allow us to better serve our customers and support our righteous cause. Together, we will work tirelessly to protect the integrity of the ecosystem and ensure that bad actors are held accountable for their actions.“

Chainalysis has been a leading provider of crypto compliance and investigation solutions since its inception in 2014. The company currently employs over 700 people, more than half of whom have joined the team in the past year. Chainalysis’ various tools monitor over $1 trillion worth of transactions every month, providing valuable insight and analysis to governments and private companies. In addition to its team, Chainalysis has also seen significant growth in terms of valuation, raising $170 million in a Series F funding round that valued the company at $8.6 billion.

About PureFi:

PureFi enables dApps to fully comply with local and global regulations while maintaining decentralisation and user anonymity.

Developed by AMLBot in partnership with the Hacken Foundation to provide a full-cycle crypto-asset analysis and AML/KYC solution for the Web3 infrastructure.

With 5 years of experience in building successful compliance-related projects, the PureFi team has already onboarded more than 30 partners, including projects such as Bitfury Crystal, Gate, NEAR, AURORA and Ferrum Network, and recently received monetary grants from NEAR Foundation, AURORA and Anatha to bring the solutions to their blockchains.

About Chainalysis 

Chainalysis is a leading provider of crypto compliance and investigation solutions, helping businesses and governments prevent and investigate cryptocurrency-related crime. Since its founding in 2014, the company has grown to become a trusted partner to some of the world’s leading exchanges, financial institutions and government agencies.

Categories
Business Education Finance Services U.S

Boris Musheyev Disrupts The Tax Industry By Changing The Way Business Owners Do Their Taxes

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Queens, NY – February 8th, 2023 – Boris Musheyev founder of Boris M Tax Inc. new tax strategy e-book earns the Click Funnels 2-Comma Club award. The S-Corp Tax Book teaches entrepreneurs how to legally pay less in taxes using your S-Corporation. 

This ebook was created to educate entrepreneurs on how the United States tax code is designed and how they can use it to their advantage. Inside the book are tax strategies, deductions, and benefits that any profitable business owner can use to save money on taxes using S-Corporation.

The book also teaches business owners that accounting is more about being correct and putting the right numbers in the right boxes. It’s being strategic, and proactive and maximizing tax savings with tax planning.

Tax planning is not the same as tax preparation. Most people think that tax planning is just for the ultra-mega-rich, and it’s extremely underutilized by small business owners. 

Imagine you’re going on a road trip. Tax planning is like mapping out your route before you leave. You look at the big picture and decide the best way to get to your destination. You take into account things like traffic, construction, and road closures, so you can make adjustments and arrive at your destination on time.

Tax preparation, on the other hand, is like packing your bags and getting in the car. Once you’ve mapped out your route, you gather all the necessary items (documents, forms, etc.) and make sure they’re in order before you hit the road. You double-check that you have your driver’s license, registration, and insurance and that your gas tank is full. You’re ready to go.

Proactive tax planning is the only way to pay less in taxes. Tax planning is the process of looking at your life and business, and identifying strategic ways to minimize your tax liability with proactive tax planning strategies. It’s all about being proactive and taking advantage of opportunities to seriously save money on taxes.

Tax preparation, on the other hand, is the process of gathering all the necessary documents and information, and putting the right numbers in the right boxes. It’s all about being organized and making sure everything is in order before the deadline.

Just like a road trip, it’s important to start planning early and not wait until the last minute. If you wait until the last minute to map out your route, you’re going to miss out on tax-saving opportunities and overpay in taxes. Which is 100% avoidable.

In short, tax planning is all about using proactive tax strategies to pay less in taxes. Tax preparation is simply putting the right numbers in the right boxes. It’s important to start planning early and not wait until the last minute, just like a road trip.

As of today, over 20,000 copies of this book have been downloaded and more and more entrepreneurs learn about the power of tax planning and how S-Corporation can help them save money on taxes.

For more information on tax planning for your business visit www.borismtax.com.

Categories
Business Computers & Software Finance Professional Services Technology

The Four Biggest Cybersecurity Mistakes That Can Kill a Small Business

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Small businesses and work at home entrepreneurs are being targeted by ransomware at an alarming rate and over 80% of businesses that pay a ransom will get attacked a second time. In fact, hackers, scammers and viruses are getting smarter every day and cybersecurity measures, to keep company information safe and secure, is one of the most overlooked investments small businesses skip and it can be a very expensive oversight.

Christopher Bartosz is a cybersecurity expert and the President and CEO of FVC Technologies that focuses on servicing small to mid-sized businesses across the nation as their outsourced IT department. His company provides not only IT management, but cybersecurity solutions that keep the company secure and he has identified four of the biggest mistakes small businesses make when it comes to cybersecurity.

#1 – Thinking a business is too small for an attack. No business is too small to be the target of a hacker including work at home entrepreneurs. According to Bartosz, “If you have a bank account, you’re at risk of a cyber attack. Fifty percent of small and mid-sized businesses have experienced at least one cyber attack in the past year.”

#2 – Not understanding most consumer anti-virus programs won’t protect them against all hackers. The typical anti-virus software, also known as anti-malware, is originally designed to prevent, detect, and eliminate malware and viruses. These programs usually run in the background to provide protection but with the explosion of other malware, antivirus software cannot always protect against the latest computer threats. Small business owners and work at home entrepreneurs think they’ve done everything they can to protect and make their laptop and computer systems secure when they are installed. However, according to a recent survey by Fortinet, 81% of small businesses report that new types of attacks have evaded their traditional security solutions including anti-virus software.

#3 – Thinking that IT and cybersecurity are the same thing or relying on a friend for IT Support. It’s great to have a friend who can be consulted for basic IT, or Information Technology, support, but one big mistake people make is thinking that IT and cybersecurity are the same thing. Bartosz says, “Basic IT support and cybersecurity are a completely different skill set. IT support can fix basic computer problems, but not necessarily close the holes hackers are trying to get in. Relying on a friend who knows ‘something about IT’ is just enough to be dangerous.”

#4 – Looking at IT security as an expense and not an investment. Small businesses and entrepreneurs think they’re protected with a consumer anti-virus program that costs around $70, but that is not always enough. In fact, according to Fundera, small and mid-sized businesses spend an average of $955,429 to restore normal business in the wake of successful attacks. Alarmingly, as many as 60% of companies go out of business six months after an attack.

Most small businesses are, unfortunately, vulnerable to cyber attacks, but there are preventative solutions to mitigate the risks. FVC Technologies takes a security first, not an ‘IT support’ first approach. According to Bartosz, “We provide a risk assessment that often reveals hidden doors for hackers to walk right on in and then show our clients this information so we can put together a plan to close and lock those doors.”

Bartosz also recommends investing in a professional and next generation endpoint protection program that scans in real time and catches vulnerabilities, “When we work with clients, we offer them an A.I. driven level of protection that is only available to IT professionals. Larger companies should expect to dedicate 7-10% of their IT budget for cybersecurity and smaller companies who do not have an IT budget should plan on spending 3% of their total budget on cybersecurity. It’s a form of insurance especially compared to the expense of a data breach or ransomware attack.”

Christopher Bartosz is the author of two books on cybersecurity including Why Your Business Must have Cybersecurity Risk Assessments and Cybersecurity Now and he provides education and security training to the companies he serves. He has extensive knowledge of multiple government regulations that he uses to ensure his clients who hold government contracts remain compliant and secure. Businesses can connect with Bartosz on LinkedIn and at FVCTechnologies.com.