06 Apr 2020
0

COVID-19 Poses Fraud Threats to Businesses

Roger Rossmeisl, CPA
Fraud Briefs
COVID-19 Poses Fraud Threats to Businesses

Scam artists know how anxious business owners are during the current coronavirus (COVID-19) crisis. They know that as you struggle to meet customer demands, pay employees and stay solvent, you’re more likely to drop your guard and fall for a fraud scheme. The last thing your business needs right now is to suffer additional financial losses. So keep an eye out for the latest ways that COVID-19 poses fraud threats to businesses: Fake suppliers Whether you’re a manufacturer seeking raw materials or a grocer desperate to keep shelves stocked, you may have trouble getting your usual supplies. If a regular supplier is temporarily — or permanently — shut down, be careful about doing business with unknown vendors. Many authentic-looking websites are, in fact, fronts for criminal operations,...

01 Apr 2020
0

IRS Q&A on Receiving Economic Impact Payments

Roger Rossmeisl, CPA
Individual Tax Briefs
IRS Q&A on Receiving Economic Impact Payments

In an Information Release (IR 2020-61), the Treasury Department and IRS have announced that distribution of economic impact payments, made as part of the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, people who did not file 2018 or 2019 federal income tax returns will need to submit "a simple tax return" to receive the stimulus payment. The Information Release answers the following questions: Who is eligible for the economic impact payment? Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For filers with income above those amounts, the payment...

01 Apr 2020
0

New SBA Website Discusses CARES Act Relief

Roger Rossmeisl, CPA
Small Business Tax Briefs
New SBA Website Discusses CARES Act Relief for Businesses

On March 27, the President signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES Act, PL 116-136). Among other provisions, the CARES Act contains several new SBA loan and debt relief programs, including the: Paycheck Protection Program, Economic Injury Disaster Loans, and SBA debt relief, for the self-employed, independent contractors, and small and large businesses suffering economic damage from the Coronavirus (COVID-19) outbreak. The Small Business Administration (SBA) has a new website called Coronavirus (COVID-19): Small Business Guidance and Loan Resources. The new website includes information on the aforementioned new SBA programs that were enacted as part of the CARES Act, as well as information on the following SBA Express Bridge Loans and other guidance/resources: SBA Express Bridge Loan Pilot Program SBA Economic Injury...

01 Apr 2020
0

Expanded Coverage of the CARES Act

Roger Rossmeisl, CPA
Individual Tax Briefs, Small Business Tax Briefs, Taxes
Expanded Coverage of the CARES Act

This post provides expanded coverage of the CARES Act, Congress’s gigantic economic stimulus package that the President signed into law on March 27, 2020. PROVISIONS AFFECTING INDIVIDUALS Recovery rebates for individuals To help individuals stay afloat during this time of economic uncertainty, the government will send up to $1,200 payments to eligible taxpayers and $2,400 for married couples filing joints returns. An additional $500 additional payment will be sent to taxpayers for each qualifying child dependent under age 17 (using the qualification rules under the Child Tax Credit). Rebates are gradually phased out, at a rate of 5% of the individual’s adjusted gross income over $75,000 (singles or marrieds filing separately), $122,500 (head of household), and $150,000 (joint). There is no income floor or ‘‘phase-in’’—all recipients who are under...

01 Apr 2020
0

CARES Act Tax Relief for Individuals

Roger Rossmeisl, CPA
Individual Tax Briefs
CARES Act Tax Relief for Individuals

The Coronavirus Aid, Relief, and Economic Security (CARES) Act signed by President Trump on 3/27/2020 provides a variety of tax and financial relief measures to help Americans during the Coronavirus (COVID-19) pandemic. This post explains some of the CARES Act tax relief for individuals. Individual cash payments Under the new law, an eligible individual will receive a cash payment equal to the sum of: $1,200 ($2,400 for eligible married couples filing jointly) plus $500 for each qualifying child. Eligibility is based on adjusted gross income (AGI). Individuals who have no income, as well as those whose income comes entirely from Social Security benefits, are also eligible for the payment. The AGI thresholds will be based on 2019 tax returns, or 2018 returns if you haven’t yet filed your 2019...

24 Mar 2020
0

Coronavirus Tax Relief for Small Businesses

Roger Rossmeisl, CPA
Small Business Tax Briefs
Coronavirus Tax Relief for Small Businesses

Businesses across the country are being affected by the worldwide pandemic. Fortunately, Congress recently passed Coronavirus tax relief for small businesses. In a separate development, the IRS has issued guidance allowing taxpayers to defer any amount of federal income tax payments due on April 15, 2020, until July 15, 2020, without penalties or interest.  New law On March 18, the Senate passed the House's Coronavirus bill, the Families First Coronavirus Response Act. President Trump signed the bill that day. It includes: Paid leave benefits to employees, Tax credits for employers and self-employed taxpayers, and FICA tax relief for employers. Tax filing and payment extension In Notice 2020-18, the IRS provides relief for taxpayers with a federal income tax payment due April 15, 2020. The due date for making federal income...

15 Mar 2020
0

Stealing the Identities of the Dead

Roger Rossmeisl, CPA
Fraud Briefs
Stealing the Identities of the Dead

It’s bad enough that the living have to worry about identity theft. But criminals also exploit the deceased with “ghosting” schemes. These thieves are stealing the identities of the dead to open credit card and service accounts and obtain loans and tax refunds. Here’s how to prevent fraudsters from taking advantage of your family. Stealing the identities of the dead: window of opportunity Months may elapse between the time a person dies and when financial institutions, credit bureaus and government entities update their records. This provides fraudsters with a big window of opportunity. Making identity theft even easier is the fact that victims aren’t around to monitor their finances and grieving families are often occupied with other matters. It can take as long as 60 days for a...

11 Mar 2020
0

Unpacking the Economy’s Bubble Dynamics

Roger Rossmeisl, CPA
Current Events, Economic Concepts
Unpacking the Economys Bubble Dynamics

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
0

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...

ROGER ROSSMEISL, CPA

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

(714) 325-0442
roger@khopatel.com

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