Superior Results. Delivered.
Blog
IRS “Audit Techniques Guides” Available to Taxpayers
The IRS uses Audit Techniques Guides (ATGs) to help IRS examiners get ready for audits. Your business can use the same guides to gain insight into what the IRS is looking for. Many ATGs target specific industries or businesses, such as construction, aerospace, art galleries, child care providers and veterinary medicine. Others address issues that [...]
An Ideal Time for Roth IRA Conversions
Roth IRAs offer significant estate planning and financial benefits. Do you have a substantial balance in a traditional IRA and are considering converting it to a Roth IRA? There may be no better time than now. The Tax Cuts and Jobs Act (TCJA) reduced individual income tax rates through 2025. As such, it may be [...]
Buy-Sell Agreements Can Provide Liquidity to Cover Estate Taxes
If you own an interest in a closely held business, it’s critical to have a well-designed, properly funded buy-sell agreement. That's because buy-sell agreements can provide liquidity. Without one, an owner’s death can have a negative effect on the surviving owners. What would happen If one of your co-owners dies? You may be forced to [...]
US Dollar is on Life Support
As posted to the GoldSilver YouTube Channel on 08/20/19 (Run time 12 min, 37 sec) What is at the core of the latest turmoil in markets? Is it a trade war? Is it a yield curve inversion? Or is it something far more simple . . . like the fact that the US Dollar is on [...]
4 Pieces of Advice from Elon Musk
As posted to the FightMediocrity YouTube Channel on 8/19/19 (Run time: 3 min, 8 sec) Elon Musk advises that, particularly when you're starting a company, you must: Work super hard Attract great people Focus on signal over noise Don't just follow the trend FightMediocrity is dedicated to fighting mediocrity through big ideas. The artist picks [...]
Good Time to Review Your Investments
You may have heard about a proposal in Washington to cut the taxes paid on investments by indexing capital gains to inflation. Under the proposal, the purchase price of assets would be adjusted so that no tax is paid on the appreciation due to inflation. While the fate of such a proposal is unknown, the long-term [...]
Background Checks on Prospective Employees
Background checks don’t inoculate companies against occupational fraud and other criminal acts by employees. After all, many thieves have never been caught and, therefore, have no criminal background. But conducting background checks on prospective employees remains critical. If you’re hiring an accounting staffer, for example, you want to know if that person is deeply in debt [...]
A Good Time to Buy Business Equipment
There’s good news about the §179 depreciation deduction for business property. The election has long provided a tax windfall to businesses. This is because it enables them to claim immediate deductions for qualified assets, instead of taking depreciation deductions over time. §179 was increased and expanded by the Tax Cuts and Jobs Act (TCJA). Therefore, [...]
Digital License Plate Now Available
As posted to the Reviver Auto YouTube Channel on 5/7/18 Currently available in CA and AZ, there is a fully functional digital license plate now available. Introducing the"RPlate". Offered in two primary versions. Rplate offers a variety of benefits and features which may include: Plate Customization Customize the theme of your Rplate anytime with the [...]
Does Charitable Volunteering Yield Tax Breaks?
If you’re a volunteer who works for charity, you may be wondering . . . does charitable volunteering yield tax breaks? Yes, you may be entitled to some tax breaks if you itemize deductions on your tax return. Unfortunately, they may not amount to as much as you think your generosity is worth. Donations to [...]
Confidential Fraud Hotlines Work
(This is Blog Post #598)
Maximizing Your Social Security
As posted on the PBS News Hour YouTube Channel on 2/26/15 The longer you wait before cashing in on Social Security benefits, the greater the financial reward. But many don’t wait until age 70. There’s a range of loopholes and “secrets” that can result in maximizing your social security, a fact economics correspondent Paul Solman [...]
The Greatest Corporate Espionage Risk
It’s a federal crime to steal trade secrets. However, that doesn’t stop thieves from successfully making off with billions of dollars in intellectual property (IP) annually. Companies may work hard to prevent outsiders from infiltrating their organizations, yet the greater danger is generally internal. Here’s how to identify your business’s corporate espionage vulnerabilities and prevent [...]
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 [...]
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.
