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Working with an Existing Auto Dealer for the First Time
(Run Time 1 min, 44 sec) When working with an existing dealer for the first time, the first step is to break everything down to the lowest common denominator, so-to-say. Each entity, and how these related companies interact with each other. Consider whether the interactions are arranged in a tax-wise manner. This has become even [...]
Tax Rules for Deducting Software
Do you buy or lease computer software to use in your business? Do you develop computer software for use in your business, or for sale or lease to others? Then you should be aware of the complex rules that apply to determine the tax rules for deducting software, whether you're buying, leasing or developing. Purchased [...]
Synthetic Identity Theft is Growing Fast
Management consulting company McKinsey reports that synthetic identity theft is growing fast. In fact, it's the fastest growing financial crime in the United States. And a LexisNexis Risk Solutions study has found that 20% of ID theft losses by banks can be attributed to synthetic versions of the scheme. If you’re unfamiliar with synthetic ID [...]
How Technology Disruption Will Affect the Automotive Industry
As posted to the Tony Seba YouTube Channel on 10/30/2019 (Run Time 31 min, 17 sec) Based on Tony Seba's #1 Amazon bestselling book "Clean Disruption of Energy and Transportation" and "Rethinking Transportation 2020-2030", this presentation lays out the key technologies (batteries, electric vehicles, autonomous vehicles), business model innovations (ride-hailing, transportation-as-a-service), how the technology disruption [...]
Deductibility of Portfolio Management and Related Expenses
In some cases, investors have significant related expenses, such as the cost of subscriptions to financial periodicals and clerical expenses. Are they tax deductible? Under the Tax Cut and Jobs Act, these expenses aren’t deductible through 2025 if they’re considered expenses for the production of income. But they are deductible if they’re considered trade or [...]
The Past, Present, and Future of EVs
As posted to the Munro Live YouTube Channel on 10/9/2020 (Run Time 22 min, 38 sec) This video is an "abridged" version of a presentation given by legendary automotive engineer Sandy Munro in September, 2020. On Testa's growing lead in technology, Sandy comments, "It is not the big that eat the small, but rather the [...]
Using Lifestyle Analysis to Find Hidden Income and Assets
Forensic accountants have many tools to help them find evidence of hidden assets or fraud. But one of the most effective, particularly in divorce matters or legal disputes with former business partners, is using lifestyle analysis to find hidden income and assets. This method involves developing a financial profile of a subject and then examining [...]
5 Tips to Help Prompt Customer Payments
(This is Blog Post #903)
How to Handle Business Website Costs for Tax Purposes
The business use of websites is widespread. But surprisingly, the IRS hasn’t yet issued formal guidance on when Internet website costs can be deducted. Fortunately, established rules that generally apply to the deductibility of business costs, and IRS guidance that applies to software costs, provide business taxpayers launching a website with some guidance as to the [...]
Getting the Goods on Inventory Theft
Maybe the numbers didn’t add up during your company’s recent inventory count. You know that most inventory discrepancies are the result of honest mistakes, such as when employees return items to the wrong shelves or customer returns are flubbed. It’s even possible that you’ve made a mistake and need to perform a recount. But if [...]
Does Your Dealership’s CPA Know the Auto Industry?
I'm happy to report that my second ad has now been published in 2020 Issue 3 of the California New Car Dealers Association quarterly magazine, "California New Car Dealer Quarterly". (Run time 2 min, 0 sec) Whether you’re a successful General Manager that now finds him or herself a newly minted Dealer Principal seeking an [...]
Factoring Fraud Risk into a Business Valuation
Business value is a function of risk and return. This is why, when appraising companies, valuation experts are always factoring fraud risk into a business valuation. Although valuations typically aren’t designed to unearth dishonest behavior, experts may expand the scope of their engagement if they spot something suspicious — particularly if they believe financial statements [...]
Can Homebuyers Deduct Seller-Paid Points?
Despite the COVID-19 pandemic, the National Association of Realtors (NAR) reports that existing home sales and prices are up nationwide, compared with last year. One of the reasons is the pandemic: “With the sizable shift in remote work, current homeowners are looking for larger homes…” according to NAR’s Chief Economist Lawrence Yun. If you’re buying [...]
How Online Sellers Use “Brushing”
Reports started trickling into state agricultural agencies in July: Consumers were worried about strange seed packets they had received in the mail. The unsolicited goods weren’t labeled and appeared to be sent from China. In a year already fraught with anxiety and paranoia, the story quickly made headlines. Perhaps this was the first you’d heard [...]
Key Points About Bonus Depreciation
You’re probably aware of the 100% bonus depreciation tax break that’s available for a wide range of qualifying property. Here are five key points about bonus depreciation to be aware of when it comes to this powerful tax-saving tool. Bonus depreciation is scheduled to phase out Under current law, 100% bonus depreciation will be phased [...]
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.
