IC System Receives BBB Torch Awards for Ethics

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IC System Receives BBB Torch Awards for Ethics

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State Spending Hits Record High

State-Spending-Hits-Record-High

In fiscal year 2018, the fifty US states collectively spent over $2 trillion, which is the first time that level has been reached. This is according to the latest State Expenditure Report from the National Association of State Budget Officers (NASBO). The spending was fueled in part by a boost in tax revenue triggered by

Cities: Rainy Day Funds are Valuable Tools

rainy_day_funds 2 ic system

Rainy day funds can be valuable tools in helping to ease fiscal and economic challenges that are the result of the cyclical nature of the economy. The funds are kept separate from general funds and are intended to be used to amass extra money when available so it can later be used when needed during

Next Recession Will Pose Challenges for Local Governments

recession

With several analysts warning that a recession could hit the nation in 2020, state and local government finance officials should be mindful of how their budgets will be affected by federal fiscal conditions. Specifically, a large federal budget deficit, coupled with historically low interest rates, could present challenges to local coffers in the event of

Government: Internal Debt Collection Tips

IC System - Government-Internal-Debt-Collection-Tips

Much like other types of debt, past-due government accounts generally become more difficult to collect the older the accounts get. When the accounts age to the point where your office can no longer efficiently and effectively collect them, it makes sense to team with a trusted collection partner such as IC System to try to

Wayfair Decision Marks Tax Change; Questions Remain

wayfair online shopping IC System

The United States Supreme Court in June ruled in South Dakota v. Wayfair, Inc. that states can collect sales tax on purchases made from retailers that don’t have a physical presence in the state. The ruling overturns decades of legal precedence and is quite significant given the increasing role of online retailers in the modern

Tax Revenue in Most States Exceeds Pre-Recession Levels

state-taxes-IC System

More than a decade has passed since the Great Recession started in 2007, marking the worst worldwide economic period since the Great Depression. In the interim, it’s been a slow crawl toward a healthy global market. We’re not entirely there yet. Not every state in the U.S. has turned around, but we’re close. The fourth

Government Collection Best Practices

government collection best practices-IC System

Government agencies face unique sets of challenges which can prevent them from being run like businesses. But that doesn’t mean government entities that provide utility and other services shouldn’t strive for the sorts of efficiency and revenue maximization that commercial enterprises do. Reassessing your billing strategies with government collection best practices can decrease your volume of

Using Government Data Analytics to Guide Decision-Making

government data analytics-IC System

A recent report from the Pew Charitable Trusts highlighted ways to use government data analytics to inform decisions. Data provides a necessary measurement tool from which states can justify decisions, balance their budgets, and ensure their fiscal responsibility. Applying data-based metrics to better understand areas from spending to staffing has helped improve state decision making.

New federal tax bill might prompt changes to state tax codes

New-federal-tax-bill-IC System

As states plan their budgets, many will find there are pros and cons to the new federal tax bill. Some states will experience a new increase in revenue, while most will notice the new law does nothing to reduce the significant balance of state and local accounts receivable. According to the Board of Governors of