Superior Results. Delivered.
Blog
Avoiding the Trust Fund Recovery Penalty
If you own or manage a business with employees, you may be at risk for a severe tax penalty. It’s called the “Trust Fund Recovery Penalty” because it applies to the Social Security and income taxes required to be withheld by a business from its employees’ wages. Because the taxes are considered property of the [...]
1099-NEC Debuts in 2020
There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation. IRS Form 1099-NEC debuts in 2020 and payers must use it to report any payment of $600 or more to a payee. Why the new form? Prior to 2020, Form 1099-MISC was filed to report payments totaling at least $600 in a [...]
Rickards and Schiff on Deflation vs Inflation
As Posted to the Kitco News YouTube Channel on 8/3/2020 Part 3 of 3 (Run Time 7:19) Quantitative easing by the Federal Reserve has undoubtedly expanded the Fed balance sheet to record levels, but the outcome on consumer and asset prices is yet to be seen according to best-selling author Jim Rickards and Peter Schiff, [...]
Rickards and Schiff Discuss Coming Monetary Collapse
As Posted to the Kitco News YouTube Channel on 7/31/2020 Part 2 of 3 (Run Time 9:15) The Federal Reserve has gone past the point of no return and is unlikely to be able to unwind their balance sheet in the foreseeable future, according to best-selling author Jim Rickards and Peter Schiff, CEO of Euro [...]
Rickards and Schiff Give Gold Forecasts
As Posted to the Kitco News YouTube Channel on 7/30/2020 Part 1 of 3 (Run Time 14:35) Gold prices have hit all-time highs, but in this Kitco News interview, industry heavyweights Jim Rickards, best-selling author, and Peter Schiff, CEO of Euro Pacific Capital, both think that the rally is far from over. Rickards’ analysis gives [...]
Why You Don’t Need High Tech Tools to Find Fraud
New technologies, including artificial intelligence and machine learning, increasingly are being applied to the old problem of occupational fraud. But in most circumstances, common accounting tools — “variance analysis” and “contribution margin” — remain effective in uncovering possible evidence of theft. Gaps and absences After your organization finalizes its annual budget, you may perform a [...]
How to Treat Start-up Expenses When Launching a Busines
While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new businesses. For example, some businesses are being launched online to provide products and services to people staying at home. Entrepreneurs often don’t know that many expenses incurred by start-ups can’t be currently deducted. You should [...]
Fraud in the Family Business
Family businesses make up the vast majority of companies in the United States and produce 62% of the country’s gross domestic product, according to the Conway Center for Family Business. Generally defined as companies that are majority owned by a single family with two or more members involved in their management, family businesses can be [...]
Consider Taxes When Selling Your Home
Traditionally, spring and summer are popular times for selling a home. Unfortunately, the COVID-19 crisis has resulted in a slowdown in sales. The National Association of Realtors (NAR) reports that existing home sales in April decreased year-over-year, 17.2% from a year ago. One bit of good news is that home prices are up. The median [...]
Big Holes in Covid Spike Narrative
As posted to the Ron Paul Liberty Report YouTube Channel on 7/21/2020 In the 7/21/20 Weekly Update from Ron Paul's Liberty Report, Dr. Paul investigates what is behind the recent spike in reported Coronavirus deaths. (This is Blog Post #856) Dr. Ron Paul is an American author, physician, and former politician. He is a 12 [...]
Gold and Silver Ignite Stage 3
As posted to the GoldSilver YouTube Channel on 7/27/20 (Run Time 24:05) Explanation of clip as appears on YouTube: Gold and silver have now entered ‘Phase 3’ according to Mike Maloney. So what is it that has changed to bring us into this new environment? It is something that Mike has been expecting for some time, [...]
The Fed’s New Main Street Lending Program
(This is Blog Post #854)
Smart Software Can Find Fraud
Machine learning increasingly is being used to discover fraud schemes. Smart software can find fraud. With this type of artificial intelligence (AI), the technology learns or improves in accuracy through experience, rather than through additional programming. If you already use AI in your business, you’re probably somewhat familiar with how machine learning works. But here’s [...]
Key to Trouble-Free IRS Audits
If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full amount of the tax deductions to which you’re entitled. And you want to make sure you [...]
Can Seniors Deduct Medicare Premiums?
If you’re age 65 and older, and you have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. The premiums can be costly, especially if you’re married and both you and your spouse are paying them. You may be wondering, can Seniors deduct Medicare premiums? The [...]
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.
