25 Jan 2020
0

Coronavirus is Worse Than You Have Been Led to Believe

Roger Rossmeisl, CPA
Current Events
Coronavirus is Worse Than You've Been Lead to Believe

As  posted to the Peak Prosperity YouTube Channel on January 24, 2020 (Run time 9 min 47 sec) Already, the Coronavirus is a Phase 4 Pandemic.  Chris Martenson explains why the Wuhan New Coronavirus (officially “2019-ncov”) a substantially more dangerous threat than the standard flu. (This is Blog Post #699) Chris Martenson, is a former American biochemical scientist and Vice President of Science Applications International Corporation.  Currently he is an author and trend forecaster interested in macro trends regarding the economy, energy composition and the environment at his site, www.peakprosperity.com....

18 Jan 2020
0

Don’t Be Afraid of Probate

Roger Rossmeisl, CPA
Estate Planning Briefs
Dont be Afraid of Probate

The word “probate” may conjure images of lengthy delays waiting for wealth to be transferred and bitter disputes among family members. Plus, probate records are open to the public, so all your “dirty linen” may be aired. That said, don't be afraid of probate.  The reality is that probate doesn’t have to be so terrible, and often isn’t, but both asset owners and their heirs should know what’s in store. Defining probate In basic terms, probate is the process of settling an estate and passing legal title of ownership of assets to heirs. If the deceased person has a valid will, probate begins when the executor named in the will presents the document in the county courthouse. If there’s no will — the deceased has died “intestate”...

18 Jan 2020
0

What Does it Take to Get a Medical Expense Tax Deduction

Roger Rossmeisl, CPA
Individual Tax Briefs
What Does it Take to Get a Medical Expense Tax Deduction

As we all know, medical services and prescription drugs are expensive. You may be able to deduct some of your expenses on your tax return but the rules make it difficult for many people to qualify. However, with proper planning, you may be able to time discretionary expenses to your advantage for medical expense tax deduction purposes. The medical expense tax deduction: basic rules For 2019, the medical expense deduction can only be claimed to the extent your unreimbursed costs exceed 10% of your adjusted gross income (AGI). You also must itemize deductions on your return. If your total itemized deductions for 2019 o 2020 will exceed your standard deduction, moving or “bunching” nonurgent medical procedures and other controllable expenses into one tax year may allow you to...

18 Jan 2020
0

When Limited Partners Suspect General Partners of Fraud

Roger Rossmeisl, CPA
Fraud Briefs
When Limited Partners Suspect General Partners of Fraud

Fraud suspicions are hard enough to investigate if you’re a business owner and call the shots. But what if you’re a limited partner (LP) in a business where a general partner (GP) is possibly engaged in mismanagement, self-dealing or fraud? With little control over the company, limited partners that suspect general partners of fraud face several challenges. The problem In a limited partnership, one or more general partners (GPs) manage the business while limited partners (LPs) contribute capital and share in the profits. LPs don’t run or manage the business. In fact, in most states, if they become involved in management decisions they can lose their LP status. Other states allow minor exceptions to this rule by, for example, allowing an LP to vote on issues that...

12 Jan 2020
0

How to Choose a Guardian for Your Child

Roger Rossmeisl, CPA
Estate Planning Briefs
How to Choose a Guardian for Your Child

If you have minor children, arguably the most important estate planning decision you need to make is choosing a guardian for them should the unthinkable occur. If you haven’t yet made this decision, formalize your choice as soon as possible.  When it comes to choosing the best candidate for a guardian for your child, you probably already have a short list consisting of members of your immediate family. This is an excellent start, but don’t forget about extended family members and trusted friends. Things to consider when choosing a guardian for your child There are many issues you’ll need to consider in making your decision. Perhaps the most important issue is whether you and your guardian choice share similar values, such as parenting philosophy, religious and moral beliefs,...

12 Jan 2020
0

What is Your Taxpayer Filing Status?

Roger Rossmeisl, CPA
Individual Tax Briefs
What is Your Taxpayer Filing Status?

For tax purposes, December 31 means more than New Year’s Eve celebrations. It affects your taxpayer filing status . . . the filing status box that will be checked on your tax return for the year. When you file your return, you do so with one of five filing statuses, which depend in part on whether you’re married or unmarried on December 31. More than one filing status may apply, and you can use the one that saves the most tax. It’s also possible that your status options could change during the year. Here are the filing statuses and who can claim them: Single. This status is generally used if you’re unmarried, divorced or legally separated under a divorce or separate maintenance decree governed by state law. ...

12 Jan 2020
0

Your Online Match May be a Fraudster

Roger Rossmeisl, CPA
Fraud Briefs
Your Online Match May be a Fraudster

According to various estimates, approximately 25% to 30% of online dating accounts involve scammers. Therefore, if you maintain a dating platform account, you need to know that a significant portion of accounts — including possible “matches” that contact you — belong to fraud perpetrators.  Yes, your online match may be a fraudster.  Here’s something else you should know: The dating app provider may be using these bad actors to pad its own bottom line. Love connection? The Federal Trade Commission (FTC) says that Match Group, Inc., the owner of Match.com and other dating sites, did just that. In a lawsuit filed by the FTC, the company is accused of allowing millions of its members to receive “You caught his eye” notices from accounts it knew were likely...

12 Jan 2020
0

Flexibility is Key in an Unpredictable Estate Planning Environment

Roger Rossmeisl, CPA
Estate Planning Briefs
Flexibility is Key in an Unpredictable Estate Planning Environment

The Tax Cuts and Jobs Act (TCJA) made only one change to the federal gift and estate tax regime, but it was a big one. It more than doubled the combined gift and estate tax exemption, as well as the generation-skipping transfer (GST) tax exemption. This change is only temporary, however. Unless Congress takes further action, the exemptions will return to their inflation-adjusted 2017 levels starting in 2026.  What does this mean for your estate plan? If your estate is well within the 2019 exemption amount of $11.40 million ($11.58 million for 2020), the higher exemption won’t have a big impact on your estate planning strategies. But if your estate is in the $6 million to $11 million range, it’s important to build some flexibility into...

ROGER ROSSMEISL, CPA

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

(714) 325-0442
roger@khopatel.com

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