05 Mar 2020
0

Currency Oblivion Coming

Roger Rossmeisl, CPA
Current Events
Currency Oblivion Coming

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....

28 Feb 2020
0

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
0

Common Business Insurance Coverage Oversight

Roger Rossmeisl, CPA
Fraud Briefs
Common Business Insurance Coverage Oversight

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...

13 Feb 2020
0

Employers Must Disclose Retirement Income to Employees

Roger Rossmeisl, CPA
Small Business Tax Briefs
Employers Must Disclose Retirement Income to Employees

As you’ve probably heard, a new law was recently passed with a wide range of retirement plan changes for employers and individuals. One of the provisions of the SECURE Act involves a new requirement for employers that sponsor tax-favored defined contribution retirement plans that are subject to ERISA.  Soon, employers must disclose retirement income to employees.  Specifically, the law will require that the benefit statements sent to plan participants include a lifetime income disclosure at least once during any 12-month period. The disclosure will need to illustrate the monthly payments that an employee would receive if the total account balance were used to provide lifetime income streams, including a single life annuity and a qualified joint and survivor annuity for the participant and the participant’s surviving...

11 Feb 2020
0

Bypass the SALT Deduction Limit with a Nongrantor Trust

Roger Rossmeisl, CPA
Estate Planning Briefs
Use Nongrantor Trusts to Bypass the SALT Deduction Limit

If you reside in a high-tax state, you may want to want to use nongrantor trusts to bypass the SALT deduction limit (the $10,000 federal limit on State And Local Tax deductions. The limit can significantly reduce itemized deductions if your state income and property taxes are well over $10,000. A potential strategy for avoiding the limit is to transfer interests in real estate to several nongrantor trusts, each of which enjoys its own $10,000 SALT deduction. Grantor vs. nongrantor trusts The main difference between a grantor and nongrantor trust is that a grantor trust is treated as your alter ego for tax purposes, while a nongrantor trust is treated as a separate entity. Traditionally, grantor trusts have been the vehicle of choice for estate planning purposes...

08 Feb 2020
0

SECURE Act Helps Secure Employees Retirement

Roger Rossmeisl, CPA
Small Business Tax Briefs
SECURE Act Helps Secure Employees Retirement

A significant law was recently passed that adds tax breaks and makes changes to employer-provided retirement plans. If your small business has a current plan for employees or if you’re thinking about adding one, you should familiarize yourself with the new rules.  The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) was signed into law on December 20, 2019 as part of a larger spending bill. Here are three provisions of interest to small businesses which helps secure employees retirement. Employers that are unrelated will be able to join together to create one retirement plan Beginning in 2021, new rules will make it easier to create and maintain a multiple employer plan (MEP). A MEP is a single plan operated by two or more unrelated employers....

08 Feb 2020
0

Don’t Contemplate Fraud Litigation Without a CPA

Roger Rossmeisl, CPA
Fraud Briefs
Dont Contemplate Fraud Litigation without a CPA

You may already know how CPAs can help businesses uncover and prevent fraud. But what about when a fraud incident leads to civil litigation? Don't contemplate fraud litigation without an experienced CPA that can help your legal team collect and summarize complex financial documents and reconstruct lost or stolen records. CPAs can also serve as expert witnesses in court. From investigator to expert witness As a fraud investigation becomes a fraud case, CPAs can help identify critical evidence. They may also be enlisted to analyze and translate financial data for attorneys, insurers and other parties. These financial experts can be equally valuable with depositions by helping to frame questions that attorneys ask witnesses. They also are skilled at spotting inconsistencies and flaws in witness testimony. Once a case...

04 Feb 2020
0

Highlights of Tax Laws Passed at Year-End

Roger Rossmeisl, CPA
Small Business Tax Briefs
Highlights of the Tax Laws Passed at Year-End

While you were celebrating the holidays, you may not have noticed that Congress passed a law with a grab bag of provisions that provide tax relief to businesses and employers. The “Further Consolidated Appropriations Act, 2020” was signed into law on December 20, 2019. It makes many changes to the tax code, including an extension (generally through 2020) of more than 30 provisions that were set to expire or already expired.  Two other laws were passed as part of the law (The Taxpayer Certainty and Disaster Tax Relief Act of 2019 and the Setting Every Community Up for Retirement Enhancement Act).  Here are five highlights of tax laws passed at year-end. Long-term part-timers can participate in 401(k)s Under current law, employers generally can exclude part-time employees (those who work...

04 Feb 2020
0

QOFs as Part of Your Estate Planning

Roger Rossmeisl, CPA
Estate Planning Briefs
QOFs as Part of Your Estate Planning

The Tax Cuts and Jobs Act (TCJA) created a new program to encourage investment in economically distressed areas through generous tax incentives. The Qualified Opportunity Zone (QOZ) program relies on investments in Qualified Opportunity Funds (QOFs) — funds that can provide wealthy taxpayers with some new avenues for estate planning. 3 big tax benefits Investors in QOFs stand to reap three significant tax breaks: They can defer capital gains on the disposition of appreciated property by reinvesting the gains in a QOF within 180 days of disposition. The tax is deferred until the QOF investment is sold or Dec. 31, 2026, whichever is earlier. Depending on how long they hold their QOF investment, they can eliminate 10% to 15% of the tax. After 10 years, post-acquisition appreciation...

ROGER ROSSMEISL, CPA

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

(714) 325-0442
roger@khopatel.com

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