25 Aug 2019
0

US Dollar is on Life Support

Roger Rossmeisl, CPA
Economic Concepts
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 life support? Mike Maloney shares his analysis drawing on various recent articles . . . (07/24/19) Zero Hedge: We Believe the Dollar Could Lose its Status as the World's Reserve Currency (07/20/19) Asia Crypto Today: Iran Announces Gold-Backed National Cryptocurrency (06/25/19) Forex & Currencies Trading: How the Triffin Dilemma Affects Currencies . . . and financial data: Gross Federal Debt as a Percentage of GDP GDP divided by Gross Federal Debt GDP minus the...

25 Aug 2019
0

4 Pieces of Advice from Elon Musk

Roger Rossmeisl, CPA
Personal Development
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 some of his favorite books in self-improvement and self-help that he has found useful on his personal development journey, animates them, and shares them with his audience....

25 Aug 2019
0

Good Time to Review Your Investments

Roger Rossmeisl, CPA
Individual Tax Briefs
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 capital gains tax rate is still historically low on appreciated securities that have been held for more than 12 months. And since we’re already in the second half of the year, it’s a good time to review your investments for possible tax-saving strategies. The federal income tax rate on long-term capital gains recognized in 2019 is 15% for most taxpayers. However, the maximum rate of 20% plus the 3.8% net investment...

25 Aug 2019
0

Background Checks on Prospective Employees

Roger Rossmeisl, CPA
Fraud Briefs
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 and has an incentive to cook the books. If you’ll be issuing a company car, you probably don’t want to hire someone with a slew of moving violations. Basic information At a minimum, ask former employers to confirm dates of employment, job titles and other resumé information, and then ask about the applicant’s work habits and reliability. Many employers are unwilling to divulge more than factual information because they fear lawsuits from...

25 Aug 2019
0

A Good Time to Buy Business Equipment

Roger Rossmeisl, CPA
Small Business Tax Briefs
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, it's a good time to buy business equipment. Even better, the §179 deduction isn’t the only avenue for immediate tax write-offs for qualified assets. Under the 100% bonus depreciation tax break provided by the TCJA, the entire cost of eligible assets placed in service in 2019 can be written off this year. §179 basics The §179 deduction applies to tangible personal property (e.g. machinery and equipment) purchased for use in a trade...

25 Aug 2019
0

Digital License Plate Now Available

Roger Rossmeisl, CPA
Technology
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 Rplate app Front-lit HD Display The crisp, bright, reflective screen is easily discernible in all weather conditions LTE Connected Built-in LTD connection keeps you connected with your car Smart Registration Rnewal DMV registration renewal can be done on-online Personalized Messages Customize with running messages including sports teams, universities and organizations Trip & Mileage Tracking GPS tracking and journey mapping Location Alerts Know where your cars is at all times For more information, visit www.reviver.com (This is Blog Post #600)...

19 Aug 2019
0

Maximizing Your Social Security

Roger Rossmeisl, CPA
Economic Concepts
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 discovered during a tennis game with friend and Social Security expert Larry Kotlikoff. Their 2015 book, “Get What’s Yours”, shares that knowledge. (This is Blog Post #597)...

15 Aug 2019
0

Stockman on the Fed’s Rate Cut

Roger Rossmeisl, CPA
Current Events
Stockman on the Feds 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 Blog Post #593) David Stockman is a former businessman and U.S. politician who served as a Republican U.S. Representative from the state of Michigan and as the Director of the Office of Management and Budget under President Ronald Reagan.  He is the author of a number of books including "The Great Deformation: The Corruption of Capitalism in America" and, most recently, "Trumped! A Nation on the Brink of Ruin . . . and...

12 Aug 2019
0

M&A Transactions Necessitate Additional IRS Filing

Roger Rossmeisl, CPA
Small Business Tax Briefs
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 increase your chances of being audited. If a sale involves business assets (as opposed to stock or ownership interests), buyer and seller must generally report to the IRS.  What the IRS is interested in is the purchase price allocations that both use. This is done by preparing IRS Form 8594, “Asset Acquisition Statement”. This form is attached to each of their respective returns for the tax year that includes the transaction. M&A...

08 Aug 2019
0

Bartering is a Taxable Transaction

Roger Rossmeisl, CPA
Small Business Tax Briefs
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 both parties. Income is also realized if services are exchanged for property. For example, if a construction firm does work for a retail business in exchange for unsold inventory, it will have income equal to the fair market value of the inventory. Barter clubs Many business owners join barter clubs that facilitate barter exchanges. In general, these clubs use a system of “credit units” that are awarded to members who provide goods and...

ROGER ROSSMEISL, CPA

Kho & Patel CPAs
160 E. Arrow Highway
San Dimas, CA 91773

(714) 325-0442
roger@khopatel.com

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