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When Must Your Business File IRS Form 8300?
(This is Blog Post #743)
Coronavirus Threat Greatest in Densely Populated Environments
As posted to the Peak Prosperity YouTube Channel on February 12, 2020 (Run time 10 min 27 sec) In Update #20, on the Wuhan New Coronavirus (now officially "Covid-19"), Chris Martenson reports: "The Coronavirus continues its spread through China and surrounding Asian countries. The data increasingly show that this virus is wickedly contagious, especially in [...]
Employers Must Disclose Retirement Income to Employees
As you’ve probably heard, a new law was recently passed with a wide range of retirement plan changes for employers and individuals. One of the provisions of the SECURE Act involves a new requirement for employers that sponsor tax-favored defined contribution retirement plans that are subject to ERISA. Soon, employers must disclose retirement income to employees. [...]
Potential for a Coronavirus Vaccine
As posted to the Peak Prosperity YouTube Channel on February 11, 2020 (Run time 22 min 57 sec) In Update #19, on the Wuhan New Coronavirus (now officially "Covid-19"), Chris Martenson reports: "After updating on the latest case information, this video explains what a cytokine storm is, how that actually is the cause of harm, [...]
Bypass the SALT Deduction Limit with a Nongrantor Trust
If you reside in a high-tax state, you may want to want to use nongrantor trusts to bypass the SALT deduction limit (the $10,000 federal limit on State And Local Tax deductions. The limit can significantly reduce itemized deductions if your state income and property taxes are well over $10,000. A potential strategy for avoiding [...]
Coronavirus Incubation Period May Be Up To 24 Days
As posted to the Peak Prosperity YouTube Channel on February 10, 2020 (Run time 20 min 44 sec) In Update #18, on the Wuhan New Coronavirus (officially "2019-ncov"), Chris Martenson reports: "A new report finds that the incubation period for the Coronavirus may be as long as 24 days, 10 days longer than previous expected. [...]
4 Changes That May Affect Your Retirement Plan
If you save for retirement with an IRA or other plan, you’ll be interested to know that Congress recently passed a law that makes significant modifications to these accounts. The SECURE Act, which was signed into law on December 20, 2019, made these four changes which may affect your retirement plan. Change #1: The maximum [...]
Coronavirus Far Worse Than We Thought
As posted to the Peak Prosperity YouTube Channel on February 9, 2020 (Run time 27 min 35 sec) In Update #17, on the Wuhan New Coronavirus (officially "2019-ncov"), Chris Martenson reports: Is the Coronavirus far worse than we thought? New research suggest that is the case. "Chinese officials are now warning the Wuhan Coronavirus may [...]
SECURE Act Helps Secure Employees Retirement
A significant law was recently passed that adds tax breaks and makes changes to employer-provided retirement plans. If your small business has a current plan for employees or if you’re thinking about adding one, you should familiarize yourself with the new rules. The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) was signed into [...]
Don’t Contemplate Fraud Litigation Without a CPA
You may already know how CPAs can help businesses uncover and prevent fraud. But what about when a fraud incident leads to civil litigation? Don't contemplate fraud litigation without an experienced CPA that can help your legal team collect and summarize complex financial documents and reconstruct lost or stolen records. CPAs can also serve as [...]
Budgeting Tips for Individuals
(This is Blog Post #733)
Coronavirus Impact on the Global Economy
As posted to the Peak Prosperity YouTube Channel on February 7, 2020 (Run time 10 min 44 sec) In Update #16, on the Wuhan New Coronavirus (officially "2019-ncov"), Chris Martenson reports: "As China now has placed over 400 million of its citizens under quarantine, China's economy is grinding to a halt. Workers can't leave their [...]
Non-Deductible IRA Contributions Require Tracking
If, like many people, your traditional IRA holds a mixture of deductible (after-tax) and nondeductible (pretax) contributions, it’s important to know that non-deductible IRA contributions require tracking. Why? Because the IRS treats distributions as a blend of pretax and after-tax dollars. If you treat distributions as fully taxable, you’ll end up overpaying. An example Dan, [...]
Coronavirus: 50,000+ Infections Per Day Suggested
As posted to the Peak Prosperity YouTube Channel on February 6, 2020 (Run time 18 min 12 sec) In Update #15, on the Wuhan New Coronavirus (officially "2019-ncov"), Chris Martenson reports: ". . . Dr. Neil Ferguson of the Imperial College of London and director of J-IDEA, the Abdul Latif Jameel Institute for Disease and [...]
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 [...]
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.
