Guy M Wong CPA

Guy M Wong CPA

Certified Public Accountant in Sacramento, California

01/07/2020

2020 Tax Refund Chart Can Help You Guess When You’ll Receive Your Money

https://www.forbes.com/sites/kellyphillipserb/2020/01/06/2020-tax-refund-chart-can-help-you-guess-when-youll-receive-your-money/

forbes.com The Internal Revenue Service (IRS) has announced that tax season will open on Monday, January 27, 2020. Assuming no delays, here are my best guesses for expected tax refunds based on filing dates and information from the IRS.

12/31/2019

Simply Tax Episode 83: Top 10 Tax Cases of 2019 with Tony Nitti | BKD, LLP

https://www.bkd.com/podcast/2019/12/simply-tax-episode-83-top-10-tax-cases-2019-tony-nitti

bkd.com Count down the top 10 tax cases of 2019 with returning guest Tony Nitti

11/16/2019

Hey, Elizabeth Warren: Your wealth tax plan? It's unconstitutional.

https://www.usatoday.com/story/opinion/2019/11/15/elizabeth-warren-bernie-sanders-wealth-tax-plan-unconstitutional-irs-column/2577982001/

usatoday.com Not every tax is created equal; Not in effectiveness or legality. Hopefully, the senator from Massachusetts will learn that lesson.

11/14/2019

The IRS Released New Tax Brackets For 2020. Here's What They Mean.

https://news.yahoo.com/2020-tax-brackets-irs-021902558.html

news.yahoo.com There's more change ahead for taxpayers. Here's how to calculate your new federal tax rate.

09/20/2019

Index funds now rule the market — here's why they're a smart and popular way to invest

https://grow.acorns.com/index-funds-surpass-stock-pickers/

grow.acorns.com Index funds make "the most sense practically all the time," says investing legend Warren Buffett, and are a great way to invest in the stock market.

08/10/2019

What's in the candidates' tax returns?

https://www.yahoo.com/news/whats-in-the-candidates-tax-returns-204947341.html

news.yahoo.com Several Democratic presidential candidates have leveraged their time in public office to make tens of thousands from book deals or speaking fees.

05/25/2019

Qualcomm: The Party's Over

Apple was unhappy with the royalty and proposed a 5% royalty rate on the chipset alone, which would have amounted to $1.50 per phone. Jeff Williams testified that the $7.50 per handset royalty was what the companies agreed to under the MIA, after rebates from Qualcomm

https://seekingalpha.com/article/4266456-qualcomm-partys

seekingalpha.com The troubled Apple relationship. Qualcomm's anti-competitive practices, according to Judge Koh. Remediation required by Koh. Investor takeaways.

05/23/2019

The US tariffs on China have been paid almost entirely by US importers: IMF study

https://www.cnbc.com/2019/05/23/the-us-tariffs-on-china-have-been-paid-almost-entirely-by-us-importers-imf-study.html

cnbc.com U.S. tariffs on Chinese goods are hurting an unintended target as the trade war with China rages, an International Monetary Fund study finds.

05/22/2019

More than 20,000 Linksys routers hit by serious security exploit

https://www.techradar.com/news/more-than-20000-linksys-routers-hit-by-serious-security-exploit

techradar.com They've been leaking device connection histories

05/01/2019

How Vanguard Patented a Way to Avoid Taxes on Mutual Funds

https://www.bloomberg.com/graphics/2019-vanguard-mutual-fund-tax-dodge/

bloomberg.com Controversial heartbeat trades are helping mutual funds wash away taxable gains.

04/30/2019

Warren Buffett's one-sentence advice for investors

https://finance.yahoo.com/news/warren-buffett-investment-advice-152818197.html

finance.yahoo.com Warren Buffett says, "All you have to do is just buy a cross-section of America and then never listen to people like me or read the papers or do anything subsequently."

04/28/2019

Hertz Wanted a Cool Website: It Ended Up With a $32 Million Legal Nightmare

https://skift.com/2019/04/26/hertz-wanted-a-cool-website-it-ended-up-with-a-32-million-legal-nightmare/

skift.com A furious Hertz is suing over a massive web design failure. The car rental giant filed a lawsuit last week against management consulting firm Accenture, A furious Hertz is suing over a massive web design failure.

04/28/2019

Weekend Reading: Your Advisor Doesn't Like Index Funds Edition

https://boomerandecho.com/weekend-reading-your-advisor-doesnt-like-index-funds-edition/

boomerandecho.com A client is moving her portfolio to the robo-advisor Wealthsimple, where she will save a minimum of $5,000 in annual fees. Her former advisor is not happy about this, as you'd expect, and sent an email filled with all the reasons why she'd be better off staying invested in his actively managed mutua...

04/15/2019

Explaining Social Security Spousal Benefits

https://www.thebalance.com/how-the-the-social-security-spouse-benefit-works-2388924

thebalance.com The Social Security spousal benefit applies to current, widowed, and ex-spouses. Find out how it works as well as some pitfalls you'll want to avoid.

04/13/2019

Here’s why US doesn’t have a 5G telecoms giant like Huawei

https://www.scmp.com/tech/enterprises/article/3004325/how-us-went-telecoms-leader-5g-also-ran-without-challenger-chinas

scmp.com The US has found itself without a telecommunications hardware champion that can compete with major 5G players such as China’s Huawei Technologies, Finland’s Nokia and Sweden’s Ericsson.

04/06/2019

4 tax issues to consider when you close an estate

And don't forget taking the last required minimum distribution from the decedent's IRA.
https://www.marketwatch.com/story/4-tax-issues-to-consider-when-you-close-an-estate-2015-02-17

marketwatch.com If executors don’t take their responsibility seriously, the IRS can come after them personally for tax underpayments — even if they hired a professional to...

04/02/2019

5 pieces of traditional retirement advice that no longer work like they used to

https://www.msn.com/en-us/money/savingandinvesting/5-pieces-of-traditional-retirement-advice-that-no-longer-work-like-they-used-to/ar-BBVu6rr?li=BBnb7Kz

msn.com People have been using the same old retirement advice for ages, but as the times evolve so should your savings strategy. Here are five outdated tips.

03/19/2019

7 red flags that could trigger an IRS audit of your taxes

https://www.usatoday.com/story/money/2019/03/19/irs-audit-triggers-how-avoid-review-your-tax-return-year/3205302002/

usatoday.com If you get too generous with your calculations, you may need to back up your tax return. Here's what could trigger an IRS audit.

03/16/2019

How to Jump-Start Your Car

http://www.caranddriver.com/features/a26801962/how-to-jump-start-car/

caranddriver.com Follow these helpful steps to do it properly—and safely.

03/16/2019

Tax refund fraud: IRS crackdown ensnares legitimate taxpayers

https://www.usatoday.com/story/money/2019/03/16/tax-refund-fraud-irs-crackdown-may-ensnare-legit-taxpayers/3166441002/

usatoday.com While the IRS efforts to reduce tax refund fraud have been successful, legitimate taxpayers have been caught up in the process, delaying refunds.

03/15/2019

Struggling to pick between a MacBook Pro and Surface Pro 6? This guide can help

https://www.digitaltrends.com/computing/macbook-pro-vs-surface-pro-6/

digitaltrends.com Apple's MacBook Pro and Windows Surface Pro 6 are two of the best laptops you can buy, for quite different reasons. If you don't mind which operating system you end up with, picking one over the other needs some careful consideration. To help you make that choice, we've pitted the MacBook Pro versus...

02/03/2019

5 Retirement Rules to Live By -- The Motley Fool

https://www.fool.com/retirement/2019/02/03/5-retirement-rules-to-live-by.aspx

fool.com If you mess up on following these, you could lose a fortune!

01/30/2019

How Much Umbrella Insurance Do You Need?

https://www.kiplinger.com/article/insurance/T028-C000-S002-how-much-umbrella-insurance-do-you-need.html

kiplinger.com Having too much liability insurance is better than having too little. And it's affordable.

01/26/2019

Which Should I Form—an LLC or a Partnership?

https://www.thebalancesmb.com/which-should-i-form-an-llc-or-a-partnership-398646

thebalancesmb.com A detailed comparison of the limited liability company and the partnership, including different types of partnerships.

01/23/2019

2019 Tax Refund Chart Can Help You Guess When You'll Receive Your Money

https://www.forbes.com/sites/kellyphillipserb/2019/01/21/2019-tax-refund-chart-can-help-you-guess-when-youll-receive-your-money/amp/

forbes.com The Internal Revenue Service (IRS) claims that the season will operate as close to normal as possible - including issuing tax refunds. Assuming no delays, here are my best guesses for expected returns based on filing dates and information from the IRS.

01/22/2019

The 10 tax law changes that will most affect your 2018 personal return

https://www.marketwatch.com/amp/story/guid/F4020D72-1E58-11E9-8B21-347ACBCE6D74

marketwatch.com After the Tax Cuts and Jobs Act, it’s a whole new ballgame.

01/22/2019

Big Data meets Big Gov't: New IRS spy software - WND

https://mobile.wnd.com/2019/01/big-data-meets-big-govt-new-irs-spy-software/

mobile.wnd.com On Sept. 27, 2018, the IRS entered into a contract with Palantir Technologies of Palo Alto, California, to handle the task of data assimilation.

01/19/2019

IRS Publishes Final Guidance On The 20% Pass-Through Deduction: Putting It All Together

https://www.forbes.com/sites/anthonynitti/2019/01/19/irs-publishes-final-guidance-on-the-20-pass-through-deduction-putting-it-all-together/

forbes.com As part of the Tax Cuts and Jobs Act, Congress enacted Section 199A, which provides a 20% deduction against the income earned in certain businesses. Yesterday, final regulations were published, meaning taxpayers finally have the guidance necessary to implement the new provision. Let's take a look.

01/17/2019

Ask Larry: What If My Wife Files For Social Security Retirement Benefits At 62?

https://www.forbes.com/sites/kotlikoff/2019/01/16/ask-larry-what-if-my-wife-files-for-social-security-retirement-benefits-at-62/amp/

forbes.com Today’s column addresses potential effects of early filing, the availability of spousal benefits, the availability of divorced spousal benefits and what can invoke the Windfall Elimination Provision and the Government Pension Offset.

01/16/2019

Tax Reform: New Deduction For Pass-Through Income - Mysock, Chevaillier & Bolden, L.L.P.

http://tulsataxlaw.net/2017/12/20/tax-reform-new-deduction-pass-income/

tulsataxlaw.net Layman’s version of Deduction for Qualified Business Income of an Individual under Sec. 199A   The Qualified Business Income tax deduction gives the owners of pass-through businesses like sole proprietors, partnerships, S corporations and real estate investors a deduction equal to 20% of qualifie...

01/14/2019

Tax returns documents you need

https://www.rochesterfirst.com/amp/news/local-news/tax-return-documents-you-need/1701019954

rochesterfirst.com With the implementation of the Tax Cuts and Jobs Act your tax return this year might be different than year's past, but your need for certain tax documentation will likely not change.

01/06/2019

Required Minimum Distribution Rules: Everything You Need to Know -- The Motley Fool

https://www.fool.com/amp/retirement/2019/01/05/required-minimum-distribution-rules-everything-you.aspx

fool.com Make sure you follow the rules for taking money out of your IRAs, 401(k)s, and other tax-favored retirement accounts.

12/18/2018

ALLAN WERNICK: Undocumented workers can receive their Social Security benefits in most countries when they return home - NY Daily News

https://www.nydailynews.com/news/ny-metro-allan-wernick-column-20181217-story.html

nydailynews.com While in the United States, undocumented immigrants cannot collect federal government retirement benefits. However, while abroad, they can receive them in most countries. It depends on the country’s policies toward providing benefits to U.S. citizens.

12/17/2018

The Taxation of Benefits Puts Social Security Between a Rock and a Hard Place

https://finance.yahoo.com/news/taxation-benefits-puts-social-security-120600931.html

finance.yahoo.com It's a no-win situation for this much-hated Social Security tax.

11/16/2018

Celebrating Ten Years With The Backdoor Roth IRA

https://www.forbes.com/sites/jimdahle/2018/11/16/celebrating-ten-years-with-the-backdoor-roth-ira/

forbes.com Funding a Roth IRA indirectly has helped high income investors meet their financial goals and achieve tax diversification now for a decade. It's time for Congress to simplify the process. 

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