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Mergers and Acquisitions: 2019 vs 2020
(This is Blog Post #698)
Don’t 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, [...]
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 [...]
Beware Vendors Bearing Gifts
(This is Blog Post #695)
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
Don’t Let E-Commerce Fraud Steal Your Holiday Spirit
(This is Blog Post #689)
Tax Implications of Environmental Cleanup
If your company faces the need to “remediate” or clean up environmental contamination, the money you spend can be deductible on your tax return as ordinary and necessary business expenses. There are however "timing difference" types of tax implications of environmental cleanup. You want to claim the maximum immediate income tax benefits possible for the [...]
5 Ways to Trim 2019 Taxes
(This is Blog Post #687)
Beneficiary Defective Inheritors Trusts
By temporarily doubling the gift and estate tax exemption, the Tax Cuts and Jobs Act (TCJA) opened a window of opportunity for affluent families to transfer assets tax-free. To take advantage of the higher exemption amount, many families that own businesses or other assets worth more than the pre-TCJA exemption amount are planning substantial gifts [...]
Creepers are a Threat to Your Business
If you devote all your business’s security resources to fending off hackers and other cybercriminals, you may be unlocking the door, literally, to more basic types of theft. “Creepers” are criminals who gain access to offices or other physical facilities via unlocked doors and social engineering tactics. Once in, they steal proprietary information, inventory, computers [...]
Using an ABLE Account to Save for a Disabled Family Member
There’s a tax-advantaged way for people to save for the needs of family members with disabilities — without having them lose eligibility for government benefits to which they’re entitled. It can be done using an ABLE account to save. An Achieving a Better Life Experience (ABLE) account, which is a tax-free account that can be [...]
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.
