16 Oct 2019
0

Chris Martenson on the Economy Triple Header

Roger Rossmeisl, CPA
Current Events, Economic Concepts
Chris Martenson on the Economy

As  posted to the GoldSilver YouTube Channel on 10/9/19,  10/10/19 and 10/11/19 Chris Martenson on the economy from his home in Massachusetts with Mike Maloney of GoldSilver.com: Part 1 - End of the "Everything" Bubble In this first of a series of three videos, they discuss the general state of the economy since the last time they spoke together, and the importance of being prepared for "something big". (Run Time: 5 min, 09 sec) Part 2 - Silver & Gold as Portfolio Core . . . But What Else? In the second of this three-video series, Mike Maloney and Chris Martenson reveal that there is one asset apart from gold and silver that they are both looking to accumulate. What could it be? At what valuation will they trade gold...

16 Oct 2019
0

Health Care Fraud is Alive and Well in America

Roger Rossmeisl, CPA
Fraud Briefs
Health Care Fraud is Alive and Well in America

Even if you haven’t heard much about it lately, know this: Health care fraud is alive and well in America. Here’s a roundup of recent stats, law enforcement initiatives, common fraud schemes and how you can help prevent these crimes. Just the facts During fiscal year (FY) 2018, the Health Care Fraud and Abuse Control Program (a government initiative that coordinates federal, state, and local law enforcement) won or negotiated over $2.3 billion in health care fraud judgments and settlements. During the same period, the Department of Justice (DOF) opened 1,139 new criminal health care fraud investigations. In addition, the DOJ filed charges in 572 criminal cases. What does this mean for you? The National Health Care Anti-Fraud Association estimates that health care fraud costs the nation at...

11 Oct 2019
0

Tax Implications of Company Cars

Roger Rossmeisl, CPA
Small Business Tax Briefs
Tax Implications of Company Cars

The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This benefit results in tax deductions for the employer as well as tax breaks for the owners and employees using the cars. (And of course, they get the nontax benefits of driving the cars!) Even better, recent tax law changes and IRS rules make the perk more valuable than before.  But what are the tax implications of company cars? Tax implications of company cars: here’s an example Let’s say you’re the owner-employee of a corporation that’s going to provide you with a company car. You need the car to visit customers, meet with vendors and check on suppliers. You expect to drive the car 8,500 miles a year for...

08 Oct 2019
0

Should You Elect S Corporation Status?

Roger Rossmeisl, CPA
Small Business Tax Briefs
Should You Elect S Corporation Status?

Operating a business as an S corporation may provide many advantages, including limited liability for owners and no double taxation (at least at the federal level). Self-employed people may also be able to lower their exposure to Social Security and Medicare taxes if they structure their businesses as S corps for federal tax purposes. But not all businesses are eligible — and with changes under the Tax Cuts and Jobs Act (TCJA), S corps may not be as appealing as they once were.  Should you elect S corporation status? Compare and contrast The main reason why businesses elect S corp status is to obtain the limited liability of a corporation and the ability to pass corporate income, losses, deductions and credits through to shareholders. In other words,...

03 Oct 2019
0

Steps to Take if an SSA No-Match Letter is Received

Roger Rossmeisl, CPA
Small Business Tax Briefs
Steps to Take if an SSA No-Match Letter is Received

What should you do if an SSA no-match letter is received by your business? In the past few months, many businesses and employers nationwide have received “no-match” letters from the Social Security Administration (SSA). The purpose of these letters is to alert employers if there’s a discrepancy between the agency’s files and data reported on W-2 forms, which are given to employees and filed with the IRS. Specifically, they point out that an employee’s name and Social Security number (SSN) don’t match the government’s records. According to the SSA, the purpose of the letters is to “advise employers that corrections are needed in order for us to properly post” employees’ earnings to the correct records. If a person’s earnings are missing, the worker may not qualify...

24 Sep 2019
0

Fight Fraud Actively for Maximum Effect

Roger Rossmeisl, CPA
Fraud Briefs
Fight Fraud Actively for Maximum Effect

When it comes to reducing fraud loss and duration, companies should fight fraud actively. Active detection methods (such as surprise audits or data monitoring) are far more effective than passive methods (such as confessions or notification by police). This was a major finding of the latest Association of Certified Fraud Examiners (ACFE) Report to the Nations: 2018 Global Study on Occupational Fraud and Abuse. Yet many companies fail to use active methods to their full potential. Active vs. passive detection The ACFE study found that frauds detected using passive methods tend to last longer and produce larger losses than those detected by such active methods as: IT controls, Data monitoring and analysis, Account reconciliation, Internal audit, Surprise audits, Management review, and Document examination. These active methods of detection...

22 Sep 2019
0

Plummeting RV Sales Forecast 2020 Recession

Roger Rossmeisl, CPA
Current Events, Economic Concepts
Plummeting RV Sales Forecast 2020 Recession

As posted to the Dent Research affiliated website Economy and Markets on 8/26/19 -- Harry Dent | August 26, 2019 RV sales are crashing at a year-over-year rate of 20% below sales for the same period last year. 2017 was the peak thus far and 2018 sales were 4% lower. Hence, this year's crash is making this look like a clear top.  This article seeks to demonstrate that plummeting RV sales forecast a 2020 recession. RVs are one of our mid-life-to-retirement sectors for Boomers. Sales used to peak at age 63, but the most recent updates to the Consumer Expenditure Survey shows them peaking a bit earlier, at age 59-60. That still makes it a strong growth industry into 2020-2021 for aging Boomers. Hence, there’s no demographic reason for...

20 Sep 2019
0

Smartphones Impair the Brain’s Ability to Focus

Roger Rossmeisl, CPA
Technology
Smartphones Impair Our Brains Ability to Focus

As posted to the Wall Street Journal YouTube Channel on 5/20/19 (Run time: 5 min, 17 sec) Our phones give us instant gratification.  But there's a cost: loss of attention and productivity.  Attention is a limited resource.  At any particulary moment you can only have that much of it.  We live in an age of constant distractions.  9-5 is out, and 24/7 is in.  With our smartphone in hand, we now bring our work with us everywhere.  But do our devices make us less attentive? Wall Street Journal's (WSJ's) Daniela Hernandez goes on a quest to understand the science of distractions and what you can do to stay focused and productive. (This is Blog Post #616) Wall Street Journal is a U.S. business-focused, English-language internationaly daily newspaper based in New...

19 Sep 2019
0

IRS is Targeting Virtual Currencies Used in Business Transactions

Roger Rossmeisl, CPA
Small Business Tax Briefs
IRS is Targeting Business Transactions in Virtual Currencies

Bitcoin and other forms of virtual currency are gaining popularity. But many businesses, consumers, employees and investors are still confused about how they work and how to report transactions on their federal tax returns. And it has just been announced that the IRS is targeting virtual currencies that are used in business transactions users in a new “educational letter” campaign. The nuts and bolts Unlike cash or credit cards, small businesses generally don’t accept bitcoin payments for routine transactions. However, a growing number of larger retailers — and online businesses — now accept payments. Businesses can also pay employees or independent contractors with virtual currency. The trend is expected to continue, so more small businesses may soon get on board. Bitcoin has an equivalent value in government issued...

18 Sep 2019
0

Two Types of Power of Attorney Used in Estate Planning

Roger Rossmeisl, CPA
Estate Planning Briefs
Two Types of Power of Attorney Used in Estate Planning

When drafting your estate plan, you and your attorney must account for what happens to your children and your assets after you die. But your plan must also spell out your wishes for making financial and medical decisions if you’re unable to make those decisions yourself. A crucial component of this plan are two types of power of attorney (POA). ABCs of a POA A POA appoints a trusted representative to make medical or financial decisions on your behalf in the event an accident or illness renders you unconscious or mentally incapacitated. Without it, your loved ones would have to petition a court for guardianship or conservatorship, a costly process that can delay urgent decisions. Two types of Power of Attorney in action A POA is a document under...

ROGER ROSSMEISL, CPA

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

(714) 325-0442
roger@khopatel.com

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