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...

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...

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....

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:...

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...

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...

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...

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....

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...