06 Feb 2020
0

Tax Deductibility of Home Office Expenses

Roger Rossmeisl, CPA
Individual Tax Briefs
Tax Deductibility of Home Office Expenses

Technology has made it easier to work from home so lots of people now commute each morning to an office down the hall. However, just because you have a home office space doesn’t mean you can deduct expenses associated with it. What are the rules for tax deductibility of home office expenses? Regularly and exclusively In order to be deductible for 2019 and 2020, you must be self-employed and the space must be used regularly (not just occasionally) and exclusively for business purposes. If, for example, your home office is also a guest bedroom or your children do their homework there, you can’t deduct the expenses associated with the space. Two options If you qualify, the home office deduction can be a valuable tax break. There are two options...

06 Feb 2020
0

Coronavirus Spreads to Wisconsin

Roger Rossmeisl, CPA
Current Events
Coronavirus Spreads to Wisconsin

As  posted to the Peak Prosperity YouTube Channel on February 5, 2020 (Run time 24 min 16 sec) In Update #14, on the Wuhan New Coronavirus (officially "2019-ncov"), Chris Martenson reports: Chris Martenson Page Deleted from Wikipedia "Last night, Wikipedia deleted its page on Chris Martenson. Why? They declared him "non-notable" . . .  totally ignoring his scientific publications (Nature), appearances in the mainstream media (e.g, BBC, Fox News, PBS Newshour), speaking invitations to major universities (like Harvard, Yale, Berkeley, Oxford) and government organization (the U.N., UK Houses of Parliament, US state legislatures, etc). This is the visible hand of the media "buzzsaw". The messengers who are not part of the "establishment" are being shot. We've been slammed in the media (Bloomberg, Mother Jones) for our coronavirus coverage even though...

04 Feb 2020
0

Has Fraud Corrupted Your Supply Contracts?

Roger Rossmeisl, CPA
Fraud Briefs
Has Fraud Corrupted Your Supply Contracts?

Has fraud corrupted your supply contracts? If your business solicits bids for goods or service contracts, there’s a risk that employees will solicit or accept kickbacks to favor certain vendors. Or, they might steer a bid to a vendor based on their personal ties to the company’s owner or employees. Here’s how to prevent this unethical — if not illegal — behavior from corrupting your business’s purchasing process. Kickbacks leave traces Kickback recipients accept bribes to steer business to certain vendors. Although kickbacks are common in some industries, they’re unethical and can severely damage a business’s reputation, cost you more than buying the same goods or services from other vendors and lead to legal entanglements. Fortunately, you can spot kickback activity if you know what to look for....

04 Feb 2020
0

Coronavirus: Move Along, Nothing to See Here

Roger Rossmeisl, CPA
Current Events
Coronavirus: Move Along, Nothing to See Here

As  posted to the Peak Prosperity YouTube Channel on February 4, 2020 (Run time 13 min 43 sec) In Update #13, on the Wuhan New Coronavirus (officially "2019-ncov"), Chris Martenson reports: "As the Wuhan Coronavirus spread worsens, the financial markets are throwing one hell of party, hitting record highs. Yet the world's #2 economy, China, just hung up a big "CLOSED" sign . . . stocks should be tanking hard here. How can they shrug off the virus' threat to global trade? Chris believes that government intervention is at play here. There are few things that send the soothing signal that "All is well" more than higher stock prices do. As politicians say: "When it gets serious, you have to lie". Folks, it looks like the Coronavirus is so...

04 Feb 2020
0

Highlights of Tax Laws Passed at Year-End

Roger Rossmeisl, CPA
Small Business Tax Briefs
Highlights of the Tax Laws Passed at Year-End

While you were celebrating the holidays, you may not have noticed that Congress passed a law with a grab bag of provisions that provide tax relief to businesses and employers. The “Further Consolidated Appropriations Act, 2020” was signed into law on December 20, 2019. It makes many changes to the tax code, including an extension (generally through 2020) of more than 30 provisions that were set to expire or already expired.  Two other laws were passed as part of the law (The Taxpayer Certainty and Disaster Tax Relief Act of 2019 and the Setting Every Community Up for Retirement Enhancement Act).  Here are five highlights of tax laws passed at year-end. Long-term part-timers can participate in 401(k)s Under current law, employers generally can exclude part-time employees (those who work...

04 Feb 2020
0

Coronavirus: The Time to Prepare is Now

Roger Rossmeisl, CPA
Current Events
Coronavirus: The Time to Prepare is Now

As  posted to the Peak Prosperity YouTube Channel on February 3, 2020 (Run time 9 min 39 sec) In Update #12, on the Wuhan New Coronavirus (officially "2019-ncov"), Chris Martenson reports: "With over 20,000 people now confirmed infected, the Coronavirus outbreak continues increasing at an exponential rate. And that's based on official data from the Chinese. There are many reasons to suspect those numbers are low vs reality . . . possibly much lower. As Chris explains, even though we'll have a lot more clarity on the coronavirus within two weeks, the time to make your preparations for the pandemic arriving in your community is NOW. Why? Because the downside to preparing early is very low, while the downside to being late is extremely high. The imperfect data we do...

04 Feb 2020
0

QOFs as Part of Your Estate Planning

Roger Rossmeisl, CPA
Estate Planning Briefs
QOFs as Part of Your Estate Planning

The Tax Cuts and Jobs Act (TCJA) created a new program to encourage investment in economically distressed areas through generous tax incentives. The Qualified Opportunity Zone (QOZ) program relies on investments in Qualified Opportunity Funds (QOFs) — funds that can provide wealthy taxpayers with some new avenues for estate planning. 3 big tax benefits Investors in QOFs stand to reap three significant tax breaks: They can defer capital gains on the disposition of appreciated property by reinvesting the gains in a QOF within 180 days of disposition. The tax is deferred until the QOF investment is sold or Dec. 31, 2026, whichever is earlier. Depending on how long they hold their QOF investment, they can eliminate 10% to 15% of the tax. After 10 years, post-acquisition appreciation...

04 Feb 2020
0

Coronavirus: How Bad Will it Get?

Roger Rossmeisl, CPA
Current Events
Coronavirus: How Bad Will it Get?

As  posted to the Peak Prosperity YouTube Channel on February 2, 2020 (Run time 16 min 00 sec) In Update #11, on the Wuhan New Coronavirus (officially "2019-ncov"), Chris Martenson reports: "The official data on the spread of the Wuhan coronavirus continues to suggest a geometric growth rate. Which explains why more and more infectious disease experts are now openly calling the virus a full-blown global pandemic. It's worth noting at this point that the data we do have, mostly from the Chinese government, is still scant and suspect. Many think the situation is China is worse than is being reported -- potentially much worse. Frustratingly, the Western press seems bent on downplaying the coronavirus threat, many trying to convince us that the standard flu is more dangerous. Which is...

02 Feb 2020
0

Jury Duty Fraud Schemes

Roger Rossmeisl, CPA
Fraud Briefs
Jury Duty Fraud Schemes

Some fraud schemes refuse to die. Jury duty fraud schemes existed long before phishing, malware and other cybercrime methods became synonymous with identity theft. Yet just this month, the U.S. Marshals Service issued a fraud advisory about this old-school con that’s enjoying a resurgence. Common methods Here’s how jury duty scams work: Perpetrators posing as court officers, U.S. Marshals and other members of law enforcement call unsuspecting victims, warning them that they’re about to be arrested because they haven’t reported for jury duty. When the targets assert they haven’t been notified that they’ve been selected, the scammers ask for information to “verify their records.” The information the scammers want, of course, is a victim’s Social Security number and date of birth. Some go a step further and...

02 Feb 2020
0

Post-Wayfair Sales Tax Obligations

Roger Rossmeisl, CPA
Small Business Tax Briefs
Post-Wayfair Sales Tax Obligations

In its 2018 decision in South Dakota v. Wayfair, the U.S. Supreme Court upheld South Dakota’s “economic nexus” statute, expanding the power of states to collect sales tax from remote sellers. Today, nearly every state with a sales tax has enacted a similar law, so if your company does business across state lines, it’s a good idea to reexamine your post-Wayfair sales tax obligations. What’s nexus? A state is constitutionally prohibited from taxing business activities unless those activities have a substantial “nexus,” or connection, with the state. Before Wayfair, simply selling to customers in a state wasn’t enough to establish nexus. The business also had to have a physical presence in the state, such as offices, retail stores, manufacturing or distribution facilities, or sales reps. In Wayfair, the...

ROGER ROSSMEISL, CPA

Kho & Patel CPAs
160 E. Arrow Highway
San Dimas, CA 91773

(714) 325-0442
roger@khopatel.com

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