Roger Rossmeisl, CPA, Author at Roger Rossmeisl, CPA

17 Nov 2019

Beware Tax-Related Scams

“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. Criminals can contact victims through regular mail, telephone calls and email messages. Beware tax-related scams by being aware of these two scams the tax agency has seen in recent months. Fake property liens. A tax bill is sent from a fictional government agency in the mail. The fake agency may have a legitimate sounding name such as the Bureau of Tax Enforcement. The bill is accompanied by a letter threatening an IRS lien or levy based on bogus overdue taxes. (A levy is a legal seizure of property to satisfy a tax debt. A lien is a legal claim against your property to secure payment of...

17 Nov 2019

Estate Tax Relief for Family Businesses

Roger Rossmeisl, CPA

Estate Planning Briefs

Fewer people currently are subject to transfer taxes than ever before. But gift, estate and generation-skipping transfer (GST) taxes continue to place a burden on families with significant amounts of wealth tied up in illiquid closely held businesses, including farms. Fortunately, Internal Revenue Code §6166 provides some estate tax relief, allowing the estates of family business owners to defer estate taxes and pay them in installments if certain requirements are met. §6166 benefits For families with substantial closely held business interests, an election to defer estate taxes under §6166 can help them avoid having to sell business assets to pay estate taxes. It allows an estate to pay interest only (at modest rates) for four years and then to stretch out estate tax payments over 10 years in...

17 Nov 2019

The Truth About the Fed’s Rate Cuts

Roger Rossmeisl, CPA

Current Events, Economic Concepts

Mike Maloney, the owner of GoldSilver.com is doing a great service by releasing regular video clips which analyze and comment on the economy in a way you’re just not going to hear on main stream media. Mike’s latest video entitled “The Truth about the Fed’s Rate Cuts” (released November 11, 2019) is actually not about the economy, per se, but about currency abuse, interest rate cuts, and a big fat warning about the coming recession. (Run Time: 3 min, 29 sec) As posted to the GoldSilver YouTube Channel on 11/11/19 (Run Time: 9 min, 23 sec) Download Mike Maloney's best-selling book for free here: https://pages.goldsilver.com/freebook (This is Blog Post #655) Michael Maloney, founder of www.GoldSilver.com is also the author of the world’s best selling book on precious metals investing. Since 2003 he has...

15 Nov 2019

U.S. Economy is a House of Cards Built on Unsustainable Debt

Roger Rossmeisl, CPA

Current Events

U.S. Economy is a House of Cards Built on Unsustainable Debt

As posted to the David Stockman YouTube Channel on 11/12/19 David Stockman appears on RT's "The News with David Sanchez" to discuss the recent decision by the Fed to add money to the financial system through the repo markets. Also discussed is the fact that we are at the top of the longest business cycle in history (month 130 of month 125) and in the last four months, the Treasury has borrowed $800 billion. (This is Blog Post #654) 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:...

14 Nov 2019

Encourage Sales Staff to Walk an Ethical Line

Roger Rossmeisl, CPA

Fraud Briefs

Encourage Your Sales Staff to Walk an Ethical Line

When market competition heats up, you might provide extra incentives for your sales staff to perform. But be careful: Some employees may step over the line — to earn bigger bonuses or out of enthusiasm for the challenge — and use unethical sales tactics. Take steps to ensure your salespeople always walk an ethical line and operate with integrity. Walk an ethical line: make a commitment to honesty Culture starts at the top. If you clearly demonstrate, through both words and behavior, your commitment to honesty, your sales team will get the message. Your customers will too. Try to anticipate the challenges your sales force may face as they attempt to meet sales goals. The temptation to sell more than your company can deliver, for example — or...

13 Nov 2019

Controlling Unemployment Tax Costs of Your Business

Roger Rossmeisl, CPA

Small Business Tax Briefs

Controlling Unemployment Tax Costs of Your Business

As an employer, you must pay federal unemployment (FUTA) tax on amounts up to $7,000 paid to each employee as wages during the calendar year. The rate of tax imposed is 6% but can be reduced by a credit (described below). Most employers end up paying an effective FUTA tax rate of 0.6%. An employer taxed at a 6% rate would pay FUTA tax of $420 for each employee who earned at least $7,000 per year, while an employer taxed at 0.6% pays $42. That said, what are you doing toward controlling unemployment tax costs of your business? Tax credit Unlike FICA taxes, only employers — and not employees — are liable for FUTA tax. Most employers pay both federal and a state unemployment tax. Unemployment tax...

12 Nov 2019

Gift Tax Exclusion Rules are Advantageous

Roger Rossmeisl, CPA

Individual Tax Briefs

Gift Tax Exclusion Rules are Advantageous

As we head toward the gift-giving season, you may be considering giving gifts of cash or securities to your loved ones. The gift tax exclusion rules are advantageous as they give taxpayers the ability to transfer substantial amounts free of gift taxes to their children and others each year. The amount is adjusted for inflation annually. For 2019, the exclusion is $15,000. The exclusion covers gifts that you make to each person, each year. Therefore, if you have three children, you can transfer a total of $45,000 to them this year (and next year) free of federal gift taxes. If the only gifts made during the year are excluded in this way, there’s no need to file a federal gift tax return. If annual gifts exceed...

11 Nov 2019

Business Owners Should be Prepared for IRS Audits

Roger Rossmeisl, CPA

Small Business Tax Briefs

Business Owners Should be Prepared for IRS Audits

Many business owners ask: How can I avoid an IRS audit? The good news is that the odds against being audited are in your favor. In fiscal year 2018, the IRS audited approximately 0.6% of individuals. Businesses, large corporations and high-income individuals are more likely to be audited but, overall, audit rates are historically low. That said, business owners should be prepared. There’s no 100% guarantee that you won’t be picked for an audit, because some tax returns are chosen randomly. However, completing your returns in a timely and accurate fashion with our firm certainly works in your favor. And it helps to know what might catch the attention of the IRS. Business owners should be prepared: audit red flags A variety of tax-return entries may raise red...

08 Nov 2019

Typosquatters Profit from Common User Errors

Roger Rossmeisl, CPA

Fraud Briefs

Typosquatters profit from common user errors

The Web has opened plenty of new avenues for criminal behavior. For example, you may have heard of cybersquatting. Someone registers a site’s domain name that includes a trademark and then tries to profit by selling that name to the trademark owner. But are you familiar with typosquatting? You should be because typosquatters profit from common user errors. These schemes can make just about any organization, along with visitors to its website, the victims of fraud. Fat fingers Like cybersquatting, typosquatting (also known as URL hijacking) involves the purchase of domain names in bad faith. It takes advantage of an inclination among users known as “fat fingers” — basically, our tendency to hit the wrong keys and enter misspelled trademarks or brands. For example, in a case involving...

07 Nov 2019

Crummey Trusts Are Still Relevant

Roger Rossmeisl, CPA

Estate Planning Briefs

Traditionally, trusts used in estate planning contain “Crummey” withdrawal powers to ensure that contributions qualify for the annual gift tax exclusion. Today, the exclusion allows you to give up to $15,000 per year ($30,000 for married couples) to any number of recipients. Now that the gift and estate tax exemption has reached an inflation-adjusted $11.4 million, fewer people have to worry about gift and estate taxes. But, for many affluent people, the annual exclusion continues to be an important estate planning strategy. Thus, Crummey trusts are still relevant. Reasons to make annual exclusion gifts Despite the record-high exemption, there are two important reasons to make annual exclusion gifts. First, if your wealth exceeds the exemption amount, an annual gifting program can reduce or even eliminate your liability for...

Beware Tax-Related Scams

Estate Tax Relief for Family Businesses

The Truth About the Fed’s Rate Cuts

U.S. Economy is a House of Cards Built on Unsustainable Debt

Encourage Sales Staff to Walk an Ethical Line

Controlling Unemployment Tax Costs of Your Business

Gift Tax Exclusion Rules are Advantageous

Business Owners Should be Prepared for IRS Audits

Typosquatters Profit from Common User Errors

Crummey Trusts Are Still Relevant

ROGER ROSSMEISL, CPA

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