Superior Results. Delivered.
Blog
The Truth About the Fed’s Rate Cuts
Mike Maloney, the owner of GoldSilver.com is doing a great service by releasing regular video clips which analyze and comment on the economy in a way you’re just not going to hear on main stream media. Mike’s latest video entitled “The Truth about the Fed’s Rate Cuts” (released November 11, 2019) is actually not about [...]
U.S. Economy is a House of Cards Built on Unsustainable Debt
As posted to the David Stockman YouTube Channel on 11/12/19 David Stockman appears on RT's "The News with David Sanchez" to discuss the recent decision by the Fed to add money to the financial system through the repo markets. Also discussed is the fact that we are at the top of the longest business cycle [...]
Encourage Sales Staff to Walk an Ethical Line
When market competition heats up, you might provide extra incentives for your sales staff to perform. But be careful: Some employees may step over the line — to earn bigger bonuses or out of enthusiasm for the challenge — and use unethical sales tactics. Take steps to ensure your salespeople always walk an ethical line [...]
Controlling Unemployment Tax Costs of Your Business
As an employer, you must pay federal unemployment (FUTA) tax on amounts up to $7,000 paid to each employee as wages during the calendar year. The rate of tax imposed is 6% but can be reduced by a credit (described below). Most employers end up paying an effective FUTA tax rate of 0.6%. An employer [...]
Gift Tax Exclusion Rules are Advantageous
As we head toward the gift-giving season, you may be considering giving gifts of cash or securities to your loved ones. The gift tax exclusion rules are advantageous as they give taxpayers the ability to transfer substantial amounts free of gift taxes to their children and others each year. The amount is adjusted for inflation [...]
Business Owners Should be Prepared for IRS Audits
Many business owners ask: How can I avoid an IRS audit? The good news is that the odds against being audited are in your favor. In fiscal year 2018, the IRS audited approximately 0.6% of individuals. Businesses, large corporations and high-income individuals are more likely to be audited but, overall, audit rates are historically low. [...]
Typosquatters Profit from Common User Errors
The Web has opened plenty of new avenues for criminal behavior. For example, you may have heard of cybersquatting. Someone registers a site’s domain name that includes a trademark and then tries to profit by selling that name to the trademark owner. But are you familiar with typosquatting? You should be because typosquatters profit from common [...]
Crummey Trusts Are Still Relevant
Traditionally, trusts used in estate planning contain “Crummey” withdrawal powers to ensure that contributions qualify for the annual gift tax exclusion. Today, the exclusion allows you to give up to $15,000 per year ($30,000 for married couples) to any number of recipients. Now that the gift and estate tax exemption has reached an inflation-adjusted $11.4 million, [...]
When is Tax Due on Series EE Savings Bonds?
You may have Series EE savings bonds that were bought many years ago. Perhaps you store them in a file cabinet or safe deposit box and rarely think about them. You may wonder how the interest you earn on EE bonds is taxed. And if they reach final maturity, you may need to take action [...]
Why Affinity Fraud is Particularly Heinous
Affinity fraud is particularly heinous. Perpetrators exploiting connections of race, religion, age, politics and profession is one of the cruelest forms of criminal deception. Fraudsters often belong to the groups they target and, in addition to stealing money, weaken the bonds within communities. Affects individuals and businesses Affinity fraud targets individuals. But it can also [...]
Business Website Cost Tax Treatment
These days, most businesses need a website to remain competitive. It’s an easy decision to set one up and maintain it. But determining the proper tax treatment for the costs involved in developing a website isn’t so easy. That's because the IRS hasn’t yet released guidance on business website cost tax treatment. Consequently, you must [...]
Tax Credits for College Costs
We all know the cost of college is expensive. The latest figures from the College Board show that the average annual cost of tuition and fees was $10,230 for in-state students at public four-year universities — and $35,830 for students at private not-for-profit four-year institutions. These amounts don’t include room and board, books, supplies, transportation [...]
Get the Goods on Hidden Assets
Hidden assets can be an issue in a variety of contexts — from divorce to bankruptcy to fraud. An acrimonious divorce, ownership dispute or occupational theft incident could all lead an individual or business to wrongfully hide items of value. In such cases, fraud experts use a variety of tools to uncover the assets — [...]
How to Withdraw Cash from your Corporation
Do you want to withdraw cash from your closely held corporation at a low tax cost? The easiest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient, since it’s taxable to you to the extent of your corporation’s “earnings and profits.” But it’s not deductible by the corporation. Fortunately, there [...]
Tax Issues When Divorcing
In addition to the difficult personal issues that divorce entails, several tax concerns need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are properly made. Here are four tax issues when divorcing that you should to understand. (1) Alimony or support payments For alimony under divorce [...]
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.
