Happy Thanksgiving! PLEASE NOTE:
CalCPA offices will be closed Thursday, Nov. 25 and Friday, Nov. 26, for Thanksgiving.CalCPA’s Customer Success team—and chat—will be back on Monday, Nov. 29.
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Financial Empowerment is a service of CalCPA Institute. Our podcasts help consumers make sense of today’s complex financial issues. Most podcasts are under 15 minutes in length.
E-mail your questions to FinancialEmpowerment@calcpa.org.
With the boomer generation increasingly filling the ranks of senior citizens, more instances of financial elder abuse are occurring. The National Adult Protective Services Association reports that “one in twenty older adults” has experienced “some form of perceived financial mistreatment occurring in the recent past.” Mitch Freedman, a CPA and personal financial specialist, is an expert on the subject and explains what seniors can do to prevent themselves from becoming victims of scams.
Audio Podcast (Mp3, 2MB)
Link discussed in this podcast:
National Adult Protective Services Association
The holidays are upon us and people are rushing to stores and online sites to buy gifts for loved ones. It may be the most wonderful time of the year, but it also may be the most stressful—especially if your bank account doesn’t have enough funds to cover your purchases. Gina Chironis, an Irvine, California, CPA/PFS, has some ideas on how to minimize your expenses and still have enjoyable holidays. Many of her suggestions are applicable for other gift-giving occasions, such as birthdays and anniversaries.
Link discussed in this podcast:
In addition to the certified public accountant designation, some CPAs also have the letters PFS following their names. PFS stands for personal financial specialist. Those CPAs with that designation combine tax expertise with additional background in investments, insurance, charitable giving and other aspects of financial planning. They also must pass a rigorous exam to acquire the PFS credential. Gina Chironis, an Irvine, California, CPA/PFS, explains how consumers can benefit by consulting a CPA/PFS before making important financial decisions.
Audio Podcast (Mp3, 3MB)
Find a CPA/PFS
Having a comfortable retirement with little or no monetary worries is the dream of many Americans. Unfortunately many retirees find that their savings, pensions and social security may not adequately support them through their retirement years. So they may have to go back to work to get a few extra dollars. Monica Rebella, a Tustin, California, CPA, discusses various reasons for retirees to return to the workforce.
Audio Podcast (Mp3, 3.25MB)
Links discussed in this podcast:
People per Hour
Probably most of us wouldn’t complain if we were filthy rich. But realistically most of us will never be billionaires or even have several million in our bank accounts. Still it is possible to be wealthy if we understand that wealth has a lot to do with how we responsibly use the money and assets we accumulate over time. CPA Rob Seltzer, who also is a personal financial specialist, explains how even the average person can become wealthy.
Audio Podcast (Mp3, 3.4MB)
A 1031 exchange, also known as a like-kind exchange, involves the transfer of business or investment property for similar property. By doing a like-kind exchange, a taxpayer is able to postpone paying capital gains tax. CalCPA member Harlan Levinson, a Los Angeles CPA, explains the rules for 1031 exchanges. He discusses what kinds of property are eligible for such exchanges, tax implications, delayed exchanges, how many exchanges are possible each year, and how doing an exchange that involves a relative might complicate things.
Audio Podcast (Mp3, 4.49MB)
Link discussed in this podcast.
IRC Code Section 1031
CalCPA's Ask a CPA page receives numerous questions from California small businesses and entrepreneurs regarding if they should charge sales tax for the services they provide. Generally, the answer is no, but not always, especially if a tangible product is involved. California's sales tax rules can be difficult to understand, so it is usually best to consult with a Certified Public Accountant regarding this issue. We spoke with Dan Morris, CPA, about sales tax and how businesses can determine if and when to charge it.
Download the Podcast (Mp3, 6.5Mb)