Roger Rossmeisl, CPA, Author at Roger Rossmeisl, CPA

12 Mar 2020

Deducting Charitable Gifts on Your Tax Return

Many taxpayers make charitable gifts — because they’re generous and they want to save money on their federal tax bills. But with the tax law changes that went into effect a couple years ago and the many rules that apply to charitable deductions, deducting charitable gifts may no longer yield you a tax break for your generosity. Are you going to itemize? The Tax Cuts and Jobs Act (TCJA), signed into law in 2017, didn’t put new limits on or suspend the charitable deduction, like it did with many other itemized deductions. Nevertheless, it reduces or eliminates the tax benefits of charitable giving for many taxpayers. Itemizing saves tax only if itemized deductions exceed the standard deduction. Through 2025, the TCJA significantly increases the standard deduction. For 2020,...

11 Mar 2020

Unpacking the Economy’s Bubble Dynamics

Roger Rossmeisl, CPA

Current Events, Economic Concepts

As posted to the Peak Prosperity YouTube Channel on 3/9/2020 (Run Time: 49 min, 14 sec) Author's Description of Clip "For years, Peak Prosperity has been raising a loud warning of the 'Everything Bubble' that the world's central banks have blown in global asset prices. Over that time, we've debated with hundreds of economic experts on what will be the trigger to "pop" this mania. Well, now we're finding out. The economic damage being wrought worldwide by the Coronavirus is the black swan the system never saw coming. Trade is being strangled, and the necessary productivity needed to support that massive increase in global debt that has been taken on over the past decade is just not there. Bankruptcies are set to ripple across industries like wildfire. Mass layoffs...

08 Mar 2020

Answers Regarding 2020 Individual Tax Limits

Roger Rossmeisl, CPA

Individual Tax Briefs

Answers Regarding 2020 Individual Tax Limits

Right now, you may be more concerned about your 2019 tax bill than you are about your 2020 tax situation. That’s understandable because your 2019 individual tax return is due to be filed in less than three months. However, it’s a good idea to familiarize yourself with tax-related amounts that may have changed for 2020 . . . 2020 individual tax limits. For example, the amount of money you can put into a 401(k) plan has increased and you may want to start making contributions as early in the year as possible because retirement plan contributions will lower your taxable income. Note: Not all tax figures are adjusted for inflation and even if they are, they may be unchanged or change only slightly each year due to...

08 Mar 2020

5 Best Practices When Investigating Employee Complaints

Roger Rossmeisl, CPA

Fraud Briefs

5 Best Practices When Investigating Employee Complaints

“All complaints will be swiftly and thoroughly investigated.” No doubt this sentence, or something similar, appears in your company’s employee handbook. Unfortunately, there will likely be a time when you’ll have to put those words into action. Whether an employee alleges discrimination or harassment, or reports a coworker for theft or fraud, you’ll need to handle investigating employee complaints appropriately. Keep these five best practices in mind to avoid unnecessary legal complications: (1) Maintain confidentiality Take every precaution to keep details of the allegation private — especially the identities of the accused and the accuser. Remind managers that they need to have all conversations behind closed doors, store all meeting notes securely and speak only to those people who are necessary to the investigation. Assure workers involved in...

05 Mar 2020

Currency Oblivion Coming

Roger Rossmeisl, CPA

Current Events

As posted to the GoldSilver.com YouTube Channel on 3/3/20 (Run Time: 28 min, 07 sec) Mike Maloney believes that the Fed now has no option but to print the US dollar into oblivion, find out why in this comprehensive analysis of Tuesday’s (3/3/20) market action. The Fed's rate cut, bonds, gold and silver are all discussed. (This is Blog Post #759) 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 been advocating gold and silver as the ultimate means of protecting wealth from the games played by our governments and the banking sector....

05 Mar 2020

Supply Chain Disruptions Will Crash the Stock Market

Roger Rossmeisl, CPA

Current Events

As posted to the David Stockman YouTube Channel on 3/2/20 David Stockman appears on Fox Business Network's "Cavuto: Coast to Coast" to discuss the devastating effects that supply chain disruptions caused by the pandemic will have on the stock market. (This is Blog Post #758) 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 How to Bring it Back". His current content can be found at davidstockmanscontracorner.com, ...

02 Mar 2020

Jim Rogers on Gold Market Meltdown

Roger Rossmeisl, CPA

Current Events

As posted to Kitco News YouTube Channel on 2/28/20 "Pandemic fears continued to move stocks towards the worst week since the financial crisis. What is the key to navigating this sell-off? Joining Daniela Cambone for an exclusive interview is legendary investor Jim Rogers. The Dow Jones Industrial Average dropped 900 points, or more than 3%, and traded below 25,000. The S&P 500 slid 2.6% and gold futures were in freefall heading into the weekend, down close to 3.5% on the day, last trading at $1,583.90 an ounce. Rogers comments on where to keep your money safe." (This is Blog Post #757) James B. Rogers, Jr. is an American businessman, investor and author. Currently based in Singapore, Rogers is the Chairman of Rogers Holdings and Beeland Interests, Inc. He was the...

02 Mar 2020

Could Pandemic Trigger the Monetary Reset

Roger Rossmeisl, CPA

Current Events

As posted to the GoldSilver.com YouTube Channel on February 28, 2020 (Run Time: 16 min, 07 sec) "How serious could the pandemic get? Will it decimate world economies, or is this just a short term blip? Is it the virus to blame for the recent market action, or the fact that the world economies have been balanced on a razor’s edge for a decade?" Find the answers to all of the above in this 2/28/20 update with Mike Maloney (GoldSilver.com) and Chris Martenson (PeakProsperity.com) (This is Blog Post #756) Chris Martenson, is a former American biochemical scientist and Vice President of Science Applications International Corporation. Currently he is an author and trend forecaster interested in macro trends regarding the economy, energy composition and the environment at his site, www.peakprosperity.com. Michael Maloney, founder of www.GoldSilver.com is...

28 Feb 2020

Tax Limits Affecting Businesses Increased for 2020

Roger Rossmeisl, CPA

Small Business Tax Briefs

Tax Limits Affecting Businesses Increased for 2020

How much can your employees contribute to 401(k) plans this year? How much do employees have to earn in 2020 before they can stop paying Social Security tax? An array of tax limits affecting businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important to you and your business. Social Security tax The amount of employees’ earnings that are subject to Social Security tax is capped for 2020 at $137,700 (up from $132,900 for 2019). Deductions Section 179 expensing: Limit: $1.04 million (up from $1.02 million for 2019) Phaseout: $2.59 million (up from $2.55 million) Income-based phase-out for certain limits on the Sec. 199A qualified business income deduction begins at: Married filing jointly: $326,600 (up from $321,400) Married filing separately:...

20 Feb 2020

Common Business Insurance Coverage Oversight

Roger Rossmeisl, CPA

Fraud Briefs

You may think your business has enough insurance already. What's a common business insurance coverage oversight? If you business is vulnerable to employee theft and fraud — and most businesses are — you may want to consider adding more coverage. Some insurance companies offer policies to protect against loss of money and property due to criminal acts by employees. Here’s how to decide whether your business needs one. Specialty coverage Employee dishonesty insurance can cover not only theft of money, property and securities, but also willful damage to property. If, for example, an employee smashes a computer or kicks a hole in a wall, it’s likely covered. And this type of policy covers losses from all employees. However, coverage generally is based on occurrences. So if more...

Deducting Charitable Gifts on Your Tax Return

Unpacking the Economy’s Bubble Dynamics

Answers Regarding 2020 Individual Tax Limits

5 Best Practices When Investigating Employee Complaints

Currency Oblivion Coming

Supply Chain Disruptions Will Crash the Stock Market

Jim Rogers on Gold Market Meltdown

Could Pandemic Trigger the Monetary Reset

Tax Limits Affecting Businesses Increased for 2020

Common Business Insurance Coverage Oversight

ROGER ROSSMEISL, CPA

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