01 Nov 2023
0

IRS Opens Clean Vehicle Tax Credit Tool to Auto Dealers

Roger Rossmeisl, CPA
Automotive, Current Events, Taxes
IRS Opens Clean Vehicle Tax Credit Tool to Auto Dealers

As reported via IR-2023-202 on 11/1/2023 IRS opens free Energy Credit Online tool for sellers of clean vehicles to register for time-of-sale reporting and dealer advance payments for the Clean Vehicle Credit The Internal Revenue Service announced today that sellers of clean vehicles can now register using the new IRS Energy Credits Online tool, available free from the IRS. Known as IRS Energy Credits Online or IRS ECO, this free electronic service is secure, accurate and requires no special software. Though available to any business of any size, IRS Energy Credit Online may be especially helpful to any small business that currently sells clean vehicles. The IRS’s new Energy Credits Online tool will allow dealers and sellers of clean vehicles to complete the entire process online and receive advance...

29 Oct 2023
0

Divorcing Business Owners Should Pay Attention to the Tax Consequences

Roger Rossmeisl, CPA
Small Business Tax Briefs
Divorcing Business Owners Should Pay Attention to the Tax Consequences

If you’re getting a divorce, you know the process is generally filled with stress. But if you’re a business owner, tax issues can complicate matters even more. Your business ownership interest is one of your biggest personal assets and in many cases, your marital property will include all or part of it. Transferring property tax-free In general, you can divide most assets, including cash and business ownership interests, between you and your soon-to-be ex-spouse without any federal income or gift tax consequences. When an asset falls under this tax-free transfer rule, the spouse who receives the asset takes over its existing tax basis (for tax gain or loss purposes) and its existing holding period (for short-term or long-term holding period purposes). For example, let’s say that under the...

29 Oct 2023
0

Tax Implications of Guaranteeing a Loan to Your Corporation

Roger Rossmeisl, CPA
Small Business Tax Briefs
Tax Implications of Guaranteeing a Loan to Your Corporation

Let’s say you decide to, or are asked to, guarantee a loan to your corporation. Before agreeing to act as a guarantor, endorser or indemnitor of a debt obligation of your closely held corporation, be aware of the possible tax implications. If your corporation defaults on the loan and you’re required to pay principal or interest under the guarantee agreement, you don’t want to be caught unaware. A business bad debt If you’re compelled to make good on the obligation, the payment of principal or interest in discharge of the obligation generally results in a bad debt deduction. This may be either a business or a non-business bad debt deduction. If it’s a business bad debt, it’s deductible against ordinary income. A business bad debt can be...

18 Sep 2023
0

Planning Ahead for 2024: Should Your 401(k) Help Employees with Emergencies?

Roger Rossmeisl, CPA
Small Business Tax Briefs
Planning Ahead for 2024: Should Your 401(k) Help Employees with Emergencies?

The SECURE 2.0 law, which was enacted last year, contains wide-ranging changes to retirement plans. One provision in the law is that eligible employers will soon be able to provide more help to staff members facing emergencies. This will be done through what the law calls “pension-linked emergency savings accounts.” Effective for plan years beginning January 1, 2024, SECURE 2.0 permits a plan sponsor to amend its 401(k), 403(b) or government 457(b) plan to offer emergency savings accounts that are connected to the plan. Basic distribution rules If a retirement plan participant withdraws money from an employer plan before reaching age 59½, a 10% additional tax or penalty generally applies unless an exception exists. This is on top of the ordinary tax that may be due. The goal of...

18 Sep 2023
0

Receive More than $10,000 in Cash at your Business? Here’s What You Must Do

Roger Rossmeisl, CPA
Small Business Tax Briefs
Receive More Than $10,000 in Cash at your Business? Here's What You Must Do

Does your business receive large amounts of cash or cash equivalents? If so, you’re generally required to report these transactions to the IRS — and not just on your tax return. The requirements Each person who, in the course of operating a trade or business, receives more than $10,000 in cash in one transaction (or two or more related transactions), must file Form 8300. Who is a “person”? It can be an individual, company, corporation, partnership, association, trust or estate. What are considered “related transactions”? Any transactions conducted in a 24-hour period. Transactions can also be considered related even if they occur over a period of more than 24 hours if the recipient knows, or has reason to know, that each transaction is one of a series...

14 Sep 2023
0

IRS Orders Immediate Stop to New Employee Retention Tax Credit Processing

Roger Rossmeisl, CPA
Automotive, Current Events, Small Business Tax Briefs
IRS Orders Immediate Stop to New ERTC Processing

As appearing in IRS IR-2023-169 To protect taxpayers from scams, IRS orders immediate stop to new Employee Retention Tax Credit (ERTC) processing amid surge of questionable claims Concerns from tax pros, aggressive marketing to ineligible applicants highlights unacceptable risk to businesses and the tax system Moratorium on processing of new claims through year’s end will allow IRS to add more safeguards to prevent future abuse, protect businesses from predatory tactics; IRS working with Justice Department to pursue fraud fueled by aggressive marketing WASHINGTON – Amid rising concerns about a flood of improper Employee Retention Credit claims, the Internal Revenue Service today announced an immediate moratorium through at least the end of the year on processing new claims for the pandemic-era relief program to protect honest small business owners from...

04 Sep 2023
0

Cash Payments Over $10,000 Must Be Reported Online Beginning 1/1/2024

Roger Rossmeisl, CPA
Automotive, Small Business Tax Briefs
Cash Payments Over $10,000 Must be Reported Online Beginning 1/1/2024

As reported in IRS News Release IR-2023-157 The Internal Revenue Service announced that starting 1/1/2024, businesses are required to electronically file (e-file) Form 8300, Report of Cash Payments Over $10,000, instead of filing a paper return. This new requirement follows final regulations amending e-filing rules for information returns, including Forms 8300. Businesses that receive more than $10,000 in cash must report transactions to the U.S. government. Although many cash transactions are legitimate, information reported on Forms 8300 can help combat those who evade taxes, profit from the drug trade, engage in terrorist financing or conduct other criminal activities. The government can often trace money from these illegal activities through payments reported on Forms 8300 that are timely filed, complete and accurate. The new requirement for e-filing Forms 8300...

01 Aug 2023
0

What it Will Take to Build a Better Automotive Battery Supply Chain

Roger Rossmeisl, CPA
Automotive, Technology
What it Will Take to Build a Better Automotive Battery Supply Chain

As posted to the Climate One YouTube page on 7/17/23 Run Time 58 minutes, 47 seconds (when beginning at Time Stamp 21:33) Climate One clip description: Demand for lithium ion batteries is expected to grow 500% by 2030, and the race for raw materials is on. Lithium mines around the world are opening or expanding, while children as young as six in the Congo carry sacks of cobalt-laced rocks on their backs for less than $2 a day. Recycling presents promising opportunities, yet before millions of batteries can be recycled, they have to be made in the first place. At the same time, advances in battery chemistry continue to be made, and it’s not hard to imagine a near future when batteries don’t require lithium or cobalt at...

19 Jun 2023
0

Electric Car Tires Explained

Roger Rossmeisl, CPA
Automotive
Electric Car Tires Explained

As posted to the Engineering Explained YouTube Channel on 12/23/2022 (Run Time 11 min, 45 sec) Electric cars place unique challenges on tires, as a result of four key characteristics: weight, efficiency, noise, and torque. Thanks to asking Hankook's engineers an abundance of questions, John Fenske has got all the answers on how electric car tires can help EVs overcome these challenges. (This is Blog Post #1396) Jason Fenske is a graduated mechanical engineer with a passion for cars, and his goal is to help other people passionate about cars learn how they work.  Check out his YouTube Channel here: www.youtube.com/@EngineeringExplained/about...

15 May 2023
0

Ranking the Top 12 Automakers

Roger Rossmeisl, CPA
Automotive
Ranking the Top 12 Automakers

As posted to the AutoLine Network YouTube Channel on 4/8/2023 (Run Time 10 min, 25 sec) John McElroy presents his 2023 ranking of the top 12 automakers based on revenue, profits and several other factors. No editorializing . . . just the numbers. (This is Blog Post #1396) John McElroy has been called an influential thought leader in the automotive industry. He created “Autoline Daily,” the first industry webcast of industry news and analysis. He also hosts the Emmy Award-winning television program “Autoline This Week” and co-hosts “Autoline After Hours”, all of which can be found at www.autoline.tv....

ROGER ROSSMEISL, CPA

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

(714) 325-0442
roger@khopatel.com

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