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Taxability of Non-Resident Pensions
In the attached audio clip (click on photo above to listen), Spidell Publishing's "California Minute" discusses a questions that comes up a lot. What is that taxability of non-resident pensions? These are situations in which you earn a pension in one state, and then retire in another. [...]
Summer Camp May Yield a Tax Break
When schools were out for the summer, you might have sent your children to day camp. It’s often a significant expense. The good news: Summer camp may yield a tax break for the cost. The value of a credit Day camp is a qualified expense under the child and dependent care credit, which is worth [...]
Stockman on the Fed’s Rate Cut
As posted to the David Stockman YouTube Channel on 7/31/19 David Stockman appears on Fox Business Network's "Cavuto: Coast to Coast" to discuss the Fed's decision to cut rates. Also discussed is the recent debt ceiling extension measure which will allow the National Debt to grow another 2T in the next two years. (This is [...]
Specific Bequests of Sentimental Value Assets
When planning your estate, you’re likely focused on major assets, such as real estate, investments and retirement plans. But it’s also important to consider specific bequests of sentimental value assets. Examples include jewelry, antiques and photographs. These personal items — which often have modest monetary value but significant sentimental value — may be more difficult [...]
M&A Transactions Necessitate Additional IRS Filing
If you’re considering buying or selling a business — or you’re in the process of a merger or acquisition — it’s important to know that M&A transactions necessitate additional IRS filing by both parties. This affords the IRS the ability to ensure the transaction was reported the same way by both parties. Otherwise, you may [...]
Social Security Benefits May Be Taxable
During your working days, you pay Social Security tax in the form of withholding from your salary or self-employment tax. And when you start receiving Social Security benefits, you may be surprised to learn that some of the payments may be taxed. If you’re getting close to retirement age, you may be wondering if Social [...]
Bartering is a Taxable Transaction
Small businesses may find it beneficial to barter for goods and services instead of paying cash for them. But know that bartering is a taxable transaction. The fair market value of goods that you receive in bartering is taxable income. And if you exchange services with another business, the transaction results in taxable income for [...]
Fraud Guides Help Criminals Hack Your Data
Fraud experts have long known that “dark web” sites provide information, support and illicit goods to hackers and other criminals. But security company Terbium Labs recently published a report analyzing a treasure trove of fraud guides for sale on shady sites. Fraud guides help criminals hack your data. These “educational” publications provide crooks with detailed [...]
Owning Property with a Family Member: 4 Negative Outcomes
A common estate planning mistake that people make is owning property with a family member. True, adding a loved one to the title of your home, bank account or other property can be a simple technique for leaving property to that person without the need for probate. But any convenience gained is usually outweighed by [...]
Calculating Fraud Damages Isn’t That Simple
When businesses are defrauded, courts can — and in some states must — order restitution. But calculating fraud damages isn't that simple. It isn’t always easy for judges to decide how much a company has lost. That’s where fraud experts can help. Calculating fraud damages: Benefit of the bargain method At first glance, calculating restitution [...]
Which Entity is Most Suitable for your Business?
The Tax Cuts and Jobs Act (TCJA) has changed the landscape for business taxpayers. These changes have caused many business owners to ask: Which entity is most suitable for me? TCJA introduced a flat 21% federal income tax rate for C corporations. Under prior law, profitable C corporations paid up to 35%. TCJA also cut [...]
Divorce Necessitates an Estate Plan Review
Divorce necessitates an estate plan review. It’s important to review your estate plan as early as possible, for two reasons: You may wish to revise your plan immediately to prevent your spouse from inheriting or gaining control over your assets if you die or become incapacitated before the divorce is final. Although a divorce judgment [...]
Using Data Analysis to Detect Fraud
Using data analysis to detect fraud is changing the way many businesses operate. It’s also changing how forensic accountants do their jobs, providing fraud experts with the means to mine massive mounds of data like never before. USING DATA ANALYSIS TO DETECT FRAUD: 3 TECHNIQUES These analytical techniques are among the most efficient and effective [...]
Is a Health Savings Account Right for You?
To help defray health care costs, many people now contribute to, or are thinking about setting up, Health Savings Accounts (HSAs). With these accounts, individuals can pay for certain medical expenses on a tax advantaged basis. But, is a Health Savings Account right for you? Is a Health Savings Account right for you: The basics [...]
Donating Your Vehicle to Charity May Not Yield A Big Tax Deduction
You’ve probably seen or heard ads urging you to donate your car to charity. “Make a difference and receive tax savings,” one organization states. But donating a vehicle may not result in a big tax deduction — or any deduction at all. Donating your vehicle, trading it in, or selling it? Let’s say you’re buying [...]
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.
