Jim Rickards on Unfolding "Ice-9"Situation

As posted to Kitco News YouTube Channel on 3/18/20 "We are potentially entering an 'Ice-9' situation where the entire world may 'freeze' over economically, said Jim Rickards, best-selling author of 'The Road to Ruin' and 'Aftermath: Seven Secrets of Wealth Preservation in the Coming Chaos.'” “If you shut down the New York stock exchange, and I can’t sell stocks and get cash, I’m going to sell my money market funds or redeem my money market funds. Then you’ve got to shut down the money market funds industry, and then people say ‘ok, I’ll go to the banks or the ATMs,’” he said. “And then you’ve got to shut down the banks so the point is, it spreads from exchange to money markets, to brokerage accounts, to banks, and...

Tax Credit for Businesses Whose Employees Receive Tips

Are you an employer who owns a business where tipping is customary for providing food and beverages? You may qualify for a tax credit for businesses involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip income. How the credit works The FICA credit applies with respect to tips that your employees receive from customers in connection with the provision of food or beverages, regardless of whether the food or beverages are for consumption on or off the premises. Although these tips are paid by customers, they’re treated for FICA tax purposes as if you paid them to your employees. Your employees are required to report their tips to you. You must withhold and remit the employee’s share of FICA taxes, and...

Preparing for a National Lockdown

As  posted to the Peak Prosperity YouTube Channel on March 15, 2020 (Run time: 45 min 07 sec) In today's update, on the Wuhan New Coronavirus (aka "Covid-19"), Chris Martenson reports: "As the number of Covid-19 infections outside China now exceed those within, the masses across the world are starting to panic. Empty grocery store shelves. Fights over toilet paper. Schools closing and sending students home en mass. Desperate pleas from health workers to stay home when sick unless in truly dire condition. And this with just 170,000 total worldwide cases (that we know of). Now, just imagine what the fear factor will be like when that number is 1.7 million. Or 17 million. Or 170 million. Or (and this is possible) 1.7 billion. Chris predicts that more national...

Stealing the Identities of the Dead

It’s bad enough that the living have to worry about identity theft. But criminals also exploit the deceased with “ghosting” schemes. These thieves are stealing the identities of the dead to open credit card and service accounts and obtain loans and tax refunds. Here’s how to prevent fraudsters from taking advantage of your family. Stealing the identities of the dead: window of opportunity Months may elapse between the time a person dies and when financial institutions, credit bureaus and government entities update their records. This provides fraudsters with a big window of opportunity. Making identity theft even easier is the fact that victims aren’t around to monitor their finances and grieving families are often occupied with other matters. It can take as long as 60 days for a...

Deducting Charitable Gifts on Your Tax Return

Many taxpayers make charitable gifts — because they’re generous and they want to save money on their federal tax bills. But with the tax law changes that went into effect a couple years ago and the many rules that apply to charitable deductions, deducting charitable gifts may no longer yield you a tax break for your generosity. Are you going to itemize? The Tax Cuts and Jobs Act (TCJA), signed into law in 2017, didn’t put new limits on or suspend the charitable deduction, like it did with many other itemized deductions. Nevertheless, it reduces or eliminates the tax benefits of charitable giving for many taxpayers. Itemizing saves tax only if itemized deductions exceed the standard deduction. Through 2025, the TCJA significantly increases the standard deduction. For 2020,...

Unpacking the Economys Bubble Dynamics

As  posted to the Peak Prosperity YouTube Channel on 3/9/2020 (Run Time: 49 min, 14 sec) Author's Description of Clip "For years, Peak Prosperity has been raising a loud warning of the 'Everything Bubble' that the world's central banks have blown in global asset prices. Over that time, we've debated with hundreds of economic experts on what will be the trigger to "pop" this mania. Well, now we're finding out. The economic damage being wrought worldwide by the Coronavirus is the black swan the system never saw coming. Trade is being strangled, and the necessary productivity needed to support that massive increase in global debt that has been taken on over the past decade is just not there. Bankruptcies are set to ripple across industries like wildfire. Mass layoffs...

Answers Regarding 2020 Individual Tax Limits

Right now, you may be more concerned about your 2019 tax bill than you are about your 2020 tax situation. That’s understandable because your 2019 individual tax return is due to be filed in less than three months. However, it’s a good idea to familiarize yourself with tax-related amounts that may have changed for 2020 . . .  2020 individual tax limits. For example, the amount of money you can put into a 401(k) plan has increased and you may want to start making contributions as early in the year as possible because retirement plan contributions will lower your taxable income. Note: Not all tax figures are adjusted for inflation and even if they are, they may be unchanged or change only slightly each year due to...

5 Best Practices When Investigating Employee Complaints

“All complaints will be swiftly and thoroughly investigated.” No doubt this sentence, or something similar, appears in your company’s employee handbook. Unfortunately, there will likely be a time when you’ll have to put those words into action. Whether an employee alleges discrimination or harassment, or reports a coworker for theft or fraud, you’ll need to handle investigating employee complaints appropriately. Keep these five best practices in mind to avoid unnecessary legal complications: (1) Maintain confidentiality Take every precaution to keep details of the allegation private — especially the identities of the accused and the accuser. Remind managers that they need to have all conversations behind closed doors, store all meeting notes securely and speak only to those people who are necessary to the investigation. Assure workers involved in...