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Fight Fraud Actively for Maximum Effect
When it comes to reducing fraud loss and duration, companies should fight fraud actively. Active detection methods (such as surprise audits or data monitoring) are far more effective than passive methods (such as confessions or notification by police). This was a major finding of the latest Association of Certified Fraud Examiners (ACFE) Report to the [...]
Plummeting RV Sales Forecast 2020 Recession
As posted to the Dent Research affiliated website Economy and Markets on 8/26/19 -- Harry Dent | August 26, 2019 RV sales are crashing at a year-over-year rate of 20% below sales for the same period last year. 2017 was the peak thus far and 2018 sales were 4% lower. Hence, this year's crash is [...]
Smartphones Impair the Brain’s Ability to Focus
As posted to the Wall Street Journal YouTube Channel on 5/20/19 (Run time: 5 min, 17 sec) Our phones give us instant gratification. But there's a cost: loss of attention and productivity. Attention is a limited resource. At any particulary moment you can only have that much of it. We live in an age of [...]
IRS is Targeting Virtual Currencies Used in Business Transactions
Bitcoin and other forms of virtual currency are gaining popularity. But many businesses, consumers, employees and investors are still confused about how they work and how to report transactions on their federal tax returns. And it has just been announced that the IRS is targeting virtual currencies that are used in business transactions users in [...]
Two Types of Power of Attorney Used in Estate Planning
When drafting your estate plan, you and your attorney must account for what happens to your children and your assets after you die. But your plan must also spell out your wishes for making financial and medical decisions if you’re unable to make those decisions yourself. A crucial component of this plan are two types [...]
Home Office Deduction Reviewed
Working from home has its perks. Not only can you skip the commute, but you also might be eligible to deduct home office expenses on your tax return. Deductions for these expenses can save you a bundle, if you meet the tax law qualifications. In this Blog Post, the home office deduction is reviewed. Under [...]
Importance of Naming Your Trustee
When it comes to estate planning, trusts are appealing for many reasons. They can enable you to hold and transfer assets for beneficiaries, avoid probate and reduce estate tax exposure. But they can be complicated to set up. Don't underestimate the importance of naming your trustee. It may be one of the most important decisions [...]
“Nanny Tax” Applies to More Than Nannies
You may have heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply to you. You see, the "nanny tax" applies to more than nannies. Hiring a housekeeper, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other taxes. You [...]
Your Phone May Be a Fraud Risk
As more people use mobile phones, more fraud perpetrators target these devices. According to Javelin Strategy & Research, between 2017 and 2018 the number of fraudulent mobile-phone accounts opened grew by 78%. Schemes in which thieves open a phone account in your name and use it to access your bank account, sign up for credit [...]
Assess Fraud Risk Before Experiencing Losses
If you’re like most business owners and executives, you may not actively search for fraud risks — until there’s an incident and you’re facing possible losses. Although publicly traded companies must conduct fraud risk assessments, privately held businesses don’t have the same requirements. Nevertheless, reviewing internal controls for gaps that might allow crooks to slip [...]
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 [...]
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.
