Rebella Accountancy | 507 E. First Street, Suite A | Tustin, CA 92780 | Phone: 714-619-0667 | Fax: 714-544-0236

       

 

 

Monica Rebella, CPA

Rebella Accountancy

 

Call our Testimonial Hotline & give us your feedback at:

 

800-609-9006 extension 1222

 


 

Other Articles

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Feature Articles

- Tax measures large and small await Congressional action
- Identifying investment-related issues from fluctuating markets
- Back-to-school look at education tax benefits
- Using fringe benefits as an income substitute during the economic downturn
- The Saver's Credit: An underused retirement savings benefit
- September 2011 tax compliance calendar

How Do I?

- How do I Claim the adoption tax credit?
- How do I Obtain an appraisal for a noncash charitable contribution?
- How do I Compute gain in a like-kind exchange when some cash is received?
- How do I Deduct a contribution of clothing or a household item under the new rules?

Frequently Asked Questions

- What is a tax return transcript?
- When is the best time of year to contribute to an IRA?
- How does a 60-day loan from an IRA work?
- What if I owe taxes and can't pay the full amount?
- How does the new sales tax deduction for vehicle purchases work?
- How much proof is enough, when contributing used clothing to charity?

 

(To read all the articles from my physically mailed Summer Newsletter, click here.)

Embezzlement - Don't Be The Next Victim

 

So many people tell me that their office would never have an embezzler as an employee! They all have great, trustworthy people in their office.

 

However, I still get calls from businesses that have become VICTIMS.

 

Embezzlement is on the rise and there are even seminars and internet sites that give the how-to information out!

 

Take the blinders off and follow these simple practices!

  • Keep everyone aware of your involvement with spot checks, especially regarding daily cash and checks.

  • Diversify the duties so that no one employee has all the financial responsibility. This means one person should not make deposits, pay bills and do payroll.

  • Review your credit card and bank statements immediately. Make sure these statements are mailed to your home. Do not allow anyone to sign for you or to have your bank account passwords.

  • Do not allow anyone to pay your bills on-line.

  • Authorize and review all adjustments to customer ledgers.

  • Record all cash receipts and provide customers with one part of a two part walk out receipt. This way all cash received has a receipt in the office. Endorse all checks immediately. Make deposits daily. Do not have the same person make deposits and adjustments to patient accounts.

  • Be aware of lavish lifestyle changes of your employees or of employees not taking vacation time.

If you need further assistance, suspect or just to be sure, want to have me review your accounting practices that might encourage embezzlement, call me at the office at 714-619-0667.  To read this & my other articles online, click here.

 


 

Are Fees Eating Up Your Retirement Savings?

 

Be aware of all the fees that can be charged to you in your 401(k)plans, IRAs and other retirement accounts. How you handle these fees can make a difference on your returns.

  • Account termination fees

  • Account maintenance fees

  • Various account transfer fees

  • Roth conversion fees: charged when traditional IRA is converted to Roth IRA

  • Federal fund wire fee and overnight delivery fee: those who are unable to wait for regular delivery and want same day or overnight receipt

  • "Special Investment" fees: applies to non-traditional/non-publicly traded investments such as private placements, real estate and certain limited partnerships. A one-time “set-up” fee for special investments can be charged along with a servicing fee of up to $2,000 per year. Also for special investments, the custodian/trustee may have to file Form 990-T with IRS and this fee can be a few hundred dollars more.

  • Loan processing fees: for those who take loans from 401(k)/403(b) or other employer plans.

  • Recordkeeping fee: if you use the services of a record-keeper for solo-K/individual-K plans, this fee can be several hundred dollars.

How you deal with these fees can make a difference to your account. If you are in the “accumulation” phase of your savings, see if you can pay these fees from money outside your retirement account.

 

This will allow more money to grow tax-deferred. However, if you are in the “distribution phase”, it may make more sense to pay from the account.

 

To read this & my other articles online, click here.

 


 

ROTH IRA

 

If you haven’t converted your traditional IRAs to Roth IRAs you may want to consider the benefits. Here are some tips on how to convert into a Roth IRA while paying the least amount of tax possible:

 

  • Calculate all non-deductible contributions you have made into your IRA.

  • Roll over any taxable portion of your IRA into other retirement plans, i.e. 401(k), defined benefit. Be sure to check your plan to see if it is allowed.

  • Convert the regular IRA that now only has non-deductible contributions into a Roth IRA.

  • Make your maximum contributions to the regular IRA.

  • After the next tax year end convert that account into your Roth IRA tax-free.

  • If you made a conversion in 2010 and paid high taxes, the law allows you to undo a conversion no later t han 6 months after the due date, including extensions, for filing your tax return for the year of the conversion.

Also, if you are in the process of selling your business, you may want to consider converting portions of your taxable IRA into Roths starting in the year following the sale and continue until the IRA distribution begins at age 70½.

 

This can save a considerable amount in federal and sate income taxes. However, seek advise before trying this.  To read this & my other articles online, click here or go to www.RebellaCPA.com and click on the Newsletter section.


 

As always you can call me at 714-619-0667 if you have any questions about investing, retirement or any other tax & accounting related issues. 

 

Regards, Monica Rebella, CPA

President, Rebella Accountancy

 
Disclaimer:  The opinions contained herein are not intended to be investment advice or a solicitation to buy or sell any securities. With any investment you should carefully consider the investment objectives, potential risks, management fees, and charges and expenses before investing.  Past performance is not a guarantee of future results. The investment return and principle value of any investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

To see more Business Owner Clients talk about Monica, click here!

 

 

Monica Rebella, CPA | President - Rebella Accountancy | Certified Public Accountants
507 E. First Street, Suite A | Tustin, CA 92780 | Phone: 714-619-0667 | Fax: 714-544-0236
Email: mrebella@rebellacpa.com | www.RebellaCPA.com | www.MyDentalCPA.com