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Uncover Bogus Résumé Claims
Job applicants aren’t always honest on their résumés. As such, it's critical that you uncover bogus résumé claims. If you don’t investigate suspicious claims, you might end up hiring an unqualified and unethical employee — which could lead to financial, productivity and legal liability issues. The résumé fibber might also be more likely to commit [...]
Tax Savings for Electric Vehicles
While the number of plug-in electric vehicles (EVs) is still small compared with other cars on the road, it’s growing. This is especially true in certain parts of the country. If you’re interested in purchasing an electric or hybrid vehicle, you may be eligible for tax savings for electric vehicles. A federal income tax credit [...]
Employee vs Independent Contractor
Employee vs Independent Contractor is an age old question. Many employers prefer to classify workers as independent contractors to lower costs, even if it means having less control over a worker’s day-to-day activities. But the government is on the lookout for businesses that classify workers as independent contractors simply to reduce taxes or avoid their [...]
Types of Life Insurance Owners
Life insurance has long provided a source of liquidity to pay estate taxes and other expenses. But, with the estate tax exemption currently set at an inflation-adjusted $10 million ($11.40 million for 2019), estate taxes are no longer a concern for many families. Nonetheless, life insurance offers many benefits for nontaxable estates. But who should [...]
Millennial Money: Like Trump, Robert Kiyosaki Doesn’t Pay Taxes Either
Robert Kiyosaki doesn't pay taxes during his life Robert Kiyosaki doesn't pay taxes during his life. In this installment of Millennial Money, Robert put forth his opinion that the self-employed are working for tips. A real estate agent gets 6% . . . Robert tips his waiter 20%. Who’s more valuable he asks? By [...]
Checking on Your Tax Refund Status
It’s that time of year when many people who filed their tax returns in April are looking at their mail, bank accounts, and or otherwise checking on their tax refund status to see if their refunds have landed. According to the IRS, most refunds are issued in less than 21 calendar days. However, it may [...]
The Forensic Accountants Role in Litigation
When people hear the term “forensic science,” they usually think “CSI.” What comes to mind when you hear the term “forensic accounting”? Similar to forensic scientists offering opinions about scientific matters, forensic accountants may be called on to investigate and serve as financial experts in commercial litigation. Here’s how. Who forensic accountants are Forensic accountants [...]
Casualty Loss Deductions Limited by TCJA to Federally Declared Disasters
Unforeseen disasters happen all the time and they may cause damage to your home or personal property. Before the Tax Cuts and Jobs Act (TCJA), eligible casualty loss victims could claim a deduction on their tax returns. But there are new restrictions that make these casualty loss deductions much more difficult to take. What’s considered [...]
Preventing Fraud in Auto Dealerships
Preventing fraud in auto dealerships requires a strong internal control system. This will serve to prevent occupational fraud from cutting into your auto dealership’s profits and generating negative publicity. And effective controls start with current and accurate financial statements. Preventing fraud in auto dealerships starts in accounting One sign of weak internal controls is an [...]
Tax Treatment of New Business Expenses
Have you recently started a new business? Or are you contemplating starting one? Launching a new venture is a hectic, exciting time. Before you even open the doors, you generally have to spend a lot of money on new business expenses. You may have to train workers and pay for rent, utilities, marketing and more. [...]
College Financing in Your Estate Plan
The staggering cost of college makes it critical for families to plan carefully for this major expense. In many cases grandparents want to play a role. As you examine the many financing options for your grandchildren, be sure to consider college financing in your estate plan. Make direct payments A simple, but effective, technique is [...]
Executives: Greatest Occupational Fraud Risk
In its 2018 Report to the Nations on Occupational Fraud and Abuse, the Association of Certified Fraud Examiners (ACFE) reported that owners and executives accounted for only 19% of all fraud cases. Yet they caused a median loss of $850,000, vs. a median of $100,000 for rank-and-file employees. As such, they post the greatest occupational [...]
Spendthrift Language Safeguards Trust Assets
Protecting assets from creditors is a critical aspect of estate planning. However, you need to think about more than just your own creditors. You also need to consider your heirs’ creditors. Adding spendthrift language to a trust benefiting your heirs can help safeguard assets. Spendthrift language explained Despite its name, the purpose of a spendthrift [...]
Deducting Business Meals Under TCJA
In the course of operating your business, you probably spend time and money “wining and dining” current or potential customers, vendors and employees. Is deducting business meals still possible? The rules changed under the Tax Cuts and Jobs Act (TCJA), but you can still claim some valuable write-offs. No more entertainment deductions One of the [...]
Deducting Medicare Premiums to Lower Your Tax
Americans who are 65 and older qualify for basic Medicare insurance. However, to get the level of coverage they desire, they may need to pay additional premiums. The premiums can be expensive, especially if you’re married and both you and your spouse are paying them. But one aspect of paying premiums might be positive. If [...]
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.
