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New Per Diem Business Travel Rates Became Effective on October 1
Are employees at your business traveling again after months of virtual meetings? In Notice 2021-52, the IRS announced the fiscal 2022 “per diem” rates that became effective October 1, 2021. Taxpayers can use these rates to substantiate the amount of expenses for lodging, meals and incidental expenses when traveling away from home. (Taxpayers in the transportation [...]
Tax Implications of Donating Artwork to Charity
If you own a valuable piece of art, or other property, you may wonder how much of a tax deduction you could get by donating it to charity. The answer to that question can be complex because several different tax rules may come into play with such contributions. A charitable contribution of a work of [...]
Actively Look for Fraud and Reduce Financial Losses
The Association of Certified Fraud Examiners’ (ACFE’s) Report to the Nations: 2020 Global Study on Occupational Fraud and Abuse provides ample evidence that some fraud detection methods are better than others. In general, passive methods, such as accidental discovery or notification by police, coincide with longer-running schemes and higher financial costs. To nab dishonest employees [...]
Key Q4 2021 Tax Deadlines for Businesses
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. Note: [...]
The Tax Score of Winning
Studies have found that more people are engaging in online gambling and sports betting since the pandemic began. And there are still more traditional ways to gamble and play the lottery. If you’re lucky enough to win, be aware that tax consequences go along with your good fortune. Review the tax rules Whether you win [...]
Using Fine Art to Launder Money?
(This is Blog Post #1104)
What Goes into a Fraud Damages Calculation?
At first glance, calculating restitution for fraud damages may seem relatively simple. If someone steals $10,000 from a company, that person should repay that amount, perhaps with interest, right? Not quite. Financial experts also consider the profits the business lost because of the fraud — and weigh different methods of computing damages. The appropriate approach [...]
Reporting M&A Transactions to the IRS
Low interest rates and other factors have caused global merger and acquisition (M&A) activity to reach new highs in 2021, according to Refinitiv, a provider of financial data. It reports that 2021 is set to be the biggest in M&A history, with the United States accounting for $2.14 trillion worth of transactions already this year. [...]
Is a Health Savings Account Right for You?
Given the escalating cost of health care, there may be a more cost-effective way to pay for it. For eligible individuals, a Health Savings Account (HSA) offers a tax-favorable way to set aside funds (or have an employer do so) to meet future medical needs. Here are the main tax benefits: Contributions made to an [...]
Don’t Let Vendor Fraud Infiltrate Your Organization
Vendor fraud can be costly — particularly when several perpetrators are involved. The median loss of a fraud scheme conducted by two individuals is $200,000, according to the Association of Certified Fraud Examiners. Losses rise precipitously to more than $500,000 when four or more people commit the fraud. These schemes typically involve the collusion of [...]
Tax Depreciation Rules for Business Automobiles
If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles classified as passenger autos (which include many pickups and SUVs) can result in it taking longer than expected to fully depreciate a vehicle. Cents-per-mile vs. [...]
Will you Owe Tax on Profits from Selling Your Personal Residence?
Many homeowners across the country have seen their home values increase recently. According to the National Association of Realtors, the median price of homes sold in July of 2021 rose 17.8% over July of 2020. The median home price was: $411,200 in the Northeast, $275,300 in the Midwest, $305,200 in the South, and $508,300 in [...]
No Disaster Scammer is Safe from the NCDF
What do COVID-19, major hurricanes and West Coast wildfires have in common? All three have attracted scam artists, who have bilked disaster victims, charitable donors, insurance companies and government agencies out of billions of dollars. Also, all of these disasters — and the criminals who take advantage of them — are the focus of The [...]
Which are the Most Private Browsers?
As posted to the Naomi Brockwell YouTube Channel on 4/30/21 (Run Time: 8 min, 13 sec) In this informative video from her Privacy Series, Naomi Brockwell compares the most popular browser options available to help you make an informed decision as to which will work best for your personal situation. With web browsers being your [...]
California Main Street Small Business Tax Credit II Begins 11/1/21
California Assembly Bill No. 50 (AB-50) established the California Main Street Small Business Tax Credit II, which will provide COVID-19 financial relief to qualified small business employers. Overview Beginning 11/1/21, and ending 11/30/21, the California Department of Tax and Fee Administration (CDTFA) will be accepting applications through their online reservation system for qualified small business [...]
Disclaimer
This blog is designed to provide competent and reliable information regarding the subject matter covered. However, it is being provided with the understanding that the blogmaster is not engaged in rendering investment advice. Laws and practices often vary from state to state and if investment assistance is required, the services of a licensed investment professional should be sought. The blogmaster resolutely encourages the reader/viewer to do their own research and due diligence before acting on any information contained herein. As such, Roger Rossmeisl specifically disclaims any liability that is incurred from the use or application of the contents of this blog. It should also be noted that the views contained in this blog are not necessarily representative of the opinions/beliefs of the other owners, management and/or employees of Kho & Patel CPAs.
