Roger Rossmeisl, CPA, Author at Roger Rossmeisl, CPA

25 Aug 2019

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

Good Time to Review Your Investments

Roger Rossmeisl, CPA

Individual Tax Briefs

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

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

A Good Time to Buy Business Equipment

Roger Rossmeisl, CPA

Small Business Tax Briefs

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

Digital License Plate Now Available

Roger Rossmeisl, CPA

Technology

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

Does Charitable Volunteering Yield Tax Breaks?

Roger Rossmeisl, CPA

Individual Tax Briefs

If you’re a volunteer who works for charity, you may be wondering . . . does charitable volunteering yield tax breaks? Yes, you may be entitled to some tax breaks if you itemize deductions on your tax return. Unfortunately, they may not amount to as much as you think your generosity is worth. Donations to charity of cash or property generally are tax deductible for itemizers. As such, it may seem like donations of something more valuable for many people — their time — would also be deductible. As it turns out, that's not the case. It doesn’t matter if the services you provide require significant skills and experience, such as construction, which a charity would have to pay dearly for if it went out and obtained...

19 Aug 2019

Confidential Fraud Hotlines Work

Roger Rossmeisl, CPA

Infographics

(This is Blog Post #598)...

19 Aug 2019

The Greatest Corporate Espionage Risk

Roger Rossmeisl, CPA

Fraud Briefs

It’s a federal crime to steal trade secrets. However, that doesn’t stop thieves from successfully making off with billions of dollars in intellectual property (IP) annually. Companies may work hard to prevent outsiders from infiltrating their organizations, yet the greater danger is generally internal. Here’s how to identify your business’s corporate espionage vulnerabilities and prevent employees from taking advantage of them. The greatest corporate espionage risk: bad and good intentions The greatest corporate espionage risk is internal. Employees with access to trade secrets may take that information with them when they leave your company. Or they can pad their paychecks by selling information while still employed. But not all employees who share IP have bad intentions. In some cases, they may not realize they’re passing it on....

19 Aug 2019

Taxability of Non-Resident Pensions

Roger Rossmeisl, CPA

Individual Tax Briefs

In the attached audio clip (click on photo above to listen), Spidell Publishing's "California Minute" discusses a questions that comes up a lot. What is that taxability of non-resident pensions? These are situations in which you earn a pension in one state, and then retire in another. Under both federal law and California R&TC §17952.5, qualified pension payments paid to former California residents are not taxable by California. (This is Blog Post #595) Spidell Publishing, Inc. has been a critical source of California tax information for tax professionals since 1975, promoting ideas, references, solutions, and guidance, plus news and commentary covering all aspects of tax and its administration....

4 Pieces of Advice from Elon Musk

Good Time to Review Your Investments

Background Checks on Prospective Employees

A Good Time to Buy Business Equipment

Digital License Plate Now Available

Does Charitable Volunteering Yield Tax Breaks?

Confidential Fraud Hotlines Work

The Greatest Corporate Espionage Risk

Taxability of Non-Resident Pensions

ROGER ROSSMEISL, CPA

RECENT BLOG ENTRIES

BOI Reporting Deadline Extension Proposed in House Budget Bill

To File or Not to File: Navigating BOI Reporting After the Texas Injunction

JOIN OUR E-NEWS

LET’S GET SOCIAL