27 Oct 2019
0

Real Estate Money Laundering Schemes

Roger Rossmeisl, CPA
Fraud Briefs
Real Estate Money Laudering Schemes

Money laundering is the process by which criminals transform their ill-gotten gains into legitimate-looking funds. It’s widespread and wide-reaching, making it a significant corrupting influence on financial systems, governments and certain professionals. Criminals use many different types of businesses to “wash” their dirty money, but some are more useful than others. Real estate money laundering is a favorite industry, given its high dollar value and availability of inventory. Money Laundering: 3 steps The typical money laundering scheme involves three phases: Placement: Here the proceeds of criminal activity enter the financial system. Layering: This is where the money launderer conducts a series of transactions to distance the money from its criminal source. Integration: Finally, the criminal uses the money, which now appears legitimate and divorced of any crime. Executing money laundering operations effectively is critical if...

20 Oct 2019
0

Quantitative Easing Explained . . . Again

Roger Rossmeisl, CPA
Current Events, Economic Concepts
Quantitative Easing Explained

As posted to Malekanoms YouTube Channel on 11/11/10 (Run Time: 6 minutes, 48 seconds) Quantitative Easing Explained . . . Again?  Why "Again"? That's because I originally posted this clip as Blog Post #150 way back on 11/17/2010 when it was hot off the presses.  Now . . . 9 years later, the powers-that-be have learned nothing. On 10/16/2019, the Wall Street Journal (WSJ) released an article entitled, "The Fed Is Buying Treasurys Again. Just Don’t Call It Quantitative Easing".  The article alerts the reader to the fact that, on 10/15/2019, The Federal Reserve began buying short-term Treasury debt Tuesday at an initial pace of $60 billion a month, but officials say these purchases are nothing like the bond-buying stimulus campaigns unleashed by the central bank between 2008...

20 Oct 2019
0

Connection Between Fraud and Geometry

Roger Rossmeisl, CPA
Fraud Briefs
Connection Between Fraud and Geometry

What is the connection between fraud and geometry?  Fraud experts have long suggested that the presence of three conditions, known as the “fraud triangle,” greatly increases the likelihood that an employee will commit fraud. Over the years, this conceptual framework has been expanded to become a “fraud diamond.” Understanding these models can help you protect your business. Classic shape The classic fraud triangle consists of: Pressure An individual experiences some type of pressure that motivates the fraud. Pressure can come from within the organization — for example, pressure to meet aggressive earnings or revenue growth targets. Or, the pressure could be personal, such as the need to maintain a high standard of living or pay off debt from credit cards, medical bills or gambling. Rationalization Perpetrators must be able to mentally...

20 Oct 2019
0

The Right Retirement Plan for Your Business

Roger Rossmeisl, CPA
Small Business Tax Briefs
Picking the Right Retirement Plan for Your Business

If you’re a small business owner or you’re involved in a start-up, you may want to set up a tax-favored retirement plan for yourself and any employees. Several types of plans are eligible for tax advantages.  But what is the right retirement plan for your business and it's employees? 401(k) plan One of the best-known retirement plan options is the 401(k) plan. It provides for employer contributions made at the direction of employees. Specifically, the employee elects to have a certain amount of pay deferred and contributed by the employer on his or her behalf to an individual account. Employee contributions can be made on a pretax basis, saving employees current income tax on the amount contributed. Employers may, or may not, provide matching contributions on behalf of...

20 Oct 2019
0

What is the Best Fuel to Use in Your Vehicle?

Roger Rossmeisl, CPA
Automotive, Technology
Wjat is the Best Fuel to Use in Your Vehicle?

As posted to the Chris Fix YouTube Channel on 10/15/19 (Run Time: 16 min, 10 sec) What is the best fuel to use in your vehicle?  Chris Fix explains the octane rating system and other related matters in this informative clip. (This is Blog Post #635) Chris Fix creates and posts easy-to-follow, step-by-step how-to style videos for both beginners and experts that want to save money by fixing their own car.  With new content every 10 days or so, Chris takes pride in helping others at the Chris Fix YouTube Channel. ...

20 Oct 2019
0

A Family Bank Affords Intrafamily Lending

Roger Rossmeisl, CPA
Estate Planning Briefs
A Family Bank Affords Intrafamily Lending

One of the primary goals of estate planning is to put in writing how you want your wealth distributed to loved ones after your death. But what if you’d like to use that wealth to help a family member in need while you’re still alive? A family bank affords intrafamily lending. If you’re considering making an intrafamily loan to your children or other family members, it’s worth a look at establishing a “family bank.” Loan structure is important Lending can be an effective way to provide your family financial assistance without triggering unwanted gift taxes. So long as a loan is structured in a manner similar to an arm’s-length loan between unrelated parties, it won’t be treated as a taxable gift. This means, among other things: Documenting the...

18 Oct 2019
0

Tax Deductible Teacher Expenses

Roger Rossmeisl, CPA
Individual Tax Briefs
Tax Deductible Teacher Expenses

With the school year now in full swing, teachers often pay for various expenses for which they don’t receive reimbursement. Fortunately, they may be able to deduct them on their tax returns. However, there are limits on this special deduction, and some expenses can’t be written off.  What are tax deductible teacher expenses? For 2019, qualifying educators can deduct some of their unreimbursed out-of-pocket classroom costs under the educator expense deduction. This is an “above-the-line” deduction, which means you don’t have to itemize your deductions in order to claim it. Tax deductible teacher expenses: eligible deductions Here are some details about the educator expense deduction: For 2019, educators can deduct up to $250 of trade or business expenses that weren’t reimbursed. (The deduction is $500 if both taxpayers...

16 Oct 2019
0

Chris Martenson on the Economy Triple Header

Roger Rossmeisl, CPA
Current Events, Economic Concepts
Chris Martenson on the Economy

As  posted to the GoldSilver YouTube Channel on 10/9/19,  10/10/19 and 10/11/19 Chris Martenson on the economy from his home in Massachusetts with Mike Maloney of GoldSilver.com: Part 1 - End of the "Everything" Bubble In this first of a series of three videos, they discuss the general state of the economy since the last time they spoke together, and the importance of being prepared for "something big". (Run Time: 5 min, 09 sec) Part 2 - Silver & Gold as Portfolio Core . . . But What Else? In the second of this three-video series, Mike Maloney and Chris Martenson reveal that there is one asset apart from gold and silver that they are both looking to accumulate. What could it be? At what valuation will they trade gold...

16 Oct 2019
0

Health Care Fraud is Alive and Well in America

Roger Rossmeisl, CPA
Fraud Briefs
Health Care Fraud is Alive and Well in America

Even if you haven’t heard much about it lately, know this: Health care fraud is alive and well in America. Here’s a roundup of recent stats, law enforcement initiatives, common fraud schemes and how you can help prevent these crimes. Just the facts During fiscal year (FY) 2018, the Health Care Fraud and Abuse Control Program (a government initiative that coordinates federal, state, and local law enforcement) won or negotiated over $2.3 billion in health care fraud judgments and settlements. During the same period, the Department of Justice (DOF) opened 1,139 new criminal health care fraud investigations. In addition, the DOJ filed charges in 572 criminal cases. What does this mean for you? The National Health Care Anti-Fraud Association estimates that health care fraud costs the nation at...

ROGER ROSSMEISL, CPA

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

(714) 325-0442
roger@khopatel.com

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