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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 [...]
Don’t Mistake Kickbacks for Gifts
Kickbacks return a portion of the money exchanged in a business transaction as compensation for favorable treatment. They’re illegal in the United States and many other countries. Don't mistake kickbacks for gifts. Because kickbacks are often disguised as gifts, travel and entertainment, they can be hard to identify. Don't mistake kickbacks for gifts: intention of [...]
Consider Taxes When Retiring in Another State
When you retire, you may consider moving to another state — say, for the weather or to be closer to your loved ones. That said, don’t forget to consider taxes when retiring in another state as part of the equation. Establishing residency for state tax purposes may be more complicated than it initially appears to [...]
Summer Hire Tax Credits May Be Available
Is your business hiring this summer? If so, there may be some summer hire tax credits available to you. If the employees come from certain “targeted groups,” you may be eligible for the Work Opportunity Tax Credit (WOTC). This includes youth whom you bring in this summer for two or three months. The maximum credit [...]
Social Security Phone Scams
Despite the National Do Not Call registry and features such as caller ID, phone fraud is thriving in the mobile phone era. Using spoofed numbers — which appear to be connected to legitimate government offices and businesses or that resemble your own number — fraud perpetrators say anything and everything to try to steal your [...]
Beware the 100% Payroll Tax Penalty
If federal income tax and employment taxes (including Social Security) are withheld from employees’ paychecks and not handed over to the IRS, the so-called 100% Payroll Tax Penalty can be imposed. To make matters worse, the penalty can be assessed personally against a “responsible individual.” If a business makes payroll tax payments late, there are [...]
Dynasty Trusts Provide a Legacy
If a prime objective of your estate plan is to leave your mark, dynasty trusts provide a legacy. That means it might be the right estate planning vehicle for you. The Tax Cuts and Jobs Act substantially increased the generation-skipping transfer (GST) tax exemption. That makes a dynasty trust more appealing than ever. GST tax [...]
Chances of IRS Audit are Down
The IRS just released its audit statistics for the 2018 fiscal year, and the chances of IRS audit are down. Fewer taxpayers had their returns examined as compared with prior years. Even though less returns are being audited, that will be little consolation if yours is one of them. Chances of IRS audit are down: [...]
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.
