Roger Rossmeisl, CPA, Author at Roger Rossmeisl, CPA

19 Aug 2019

The Greatest Corporate Espionage Risk

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....

16 Aug 2019

Summer Camp May Yield a Tax Break

Roger Rossmeisl, CPA

Individual Tax Briefs

When schools were out for the summer, you might have sent your children to day camp. It’s often a significant expense. The good news: Summer camp may yield a tax break for the cost. The value of a credit Day camp is a qualified expense under the child and dependent care credit, which is worth 20% to 35% of qualifying expenses, subject to a cap. Note: Sleep-away camp does not qualify. For 2019, the maximum expenses allowed for the credit are $3,000 for one qualifying child and $6,000 for two or more. Other expenses eligible for the credit include payments to a daycare center, nanny, or nursery school. Keep in mind that tax credits are especially valuable because they reduce your tax liability dollar-for-dollar — $1 of tax credit...

15 Aug 2019

Stockman on the Fed’s Rate Cut

Roger Rossmeisl, CPA

Current Events

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...

14 Aug 2019

Specific Bequests of Sentimental Value Assets

Roger Rossmeisl, CPA

Estate Planning Briefs

Specific Bequests of Sentimental Value Assets

When planning your estate, you’re likely focused on major assets, such as real estate, investments and retirement plans. But it’s also important to consider specific bequests of sentimental value assets. Examples include jewelry, antiques and photographs. These personal items — which often have modest monetary value but significant sentimental value — may be more difficult to deal with, and more likely to result in disputes, than big-ticket items. Squabbling over these items can lead to emotionally charged disputes and even litigation. In some cases, the legal fees and court costs can eclipse the monetary value of the property itself. Prepare a personal property memorandum Spelling out every gift of personal property in your will or trust can be cumbersome. Perhaps you want to leave your son a painting...

12 Aug 2019

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

Bartering is a Taxable Transaction

Roger Rossmeisl, CPA

Small Business Tax Briefs

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...

07 Aug 2019

Fraud Guides Help Criminals Hack Your Data

Roger Rossmeisl, CPA

Fraud Briefs

Fraud experts have long known that “dark web” sites provide information, support and illicit goods to hackers and other criminals. But security company Terbium Labs recently published a report analyzing a treasure trove of fraud guides for sale on shady sites. Fraud guides help criminals hack your data. These “educational” publications provide crooks with detailed instructions on exploiting security weaknesses to hack networks, obtain financial information and steal identities. Effective tips While fraud guides help criminals, Terbium found that most of the guides it downloaded were relatively useless. Still, there were plenty that provided effective tips on compromising networks and disrupting antifraud procedures. The guides cover everything from account takeovers to phishing to counterfeit documents to stolen credit cards. Often, they discuss specific companies. For example, a...

The Greatest Corporate Espionage Risk

Taxability of Non-Resident Pensions

Summer Camp May Yield a Tax Break

Stockman on the Fed’s Rate Cut

Specific Bequests of Sentimental Value Assets

M&A Transactions Necessitate Additional IRS Filing

Bartering is a Taxable Transaction

Fraud Guides Help Criminals Hack Your Data

ROGER ROSSMEISL, CPA

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