How To Prevent Hangovers (With Science)

For those that might need a cure.  I suggest you view this before you need it.

IRS Scams! Be very careful!

Subject:  IRS reminds tax preparers to remain vigilant and alert to new phishing scams

---

Earlier this year, the IRS warned tax professionals to be on the lookout for continuing attempts to compromise various types of personal data. It has come to our attention that there are a few new phishing scams to obtain e-services information, and one is in the form of an email. These scams are asking e-services users to update their e-services information. E-services will never ask you to do this. If you receive an email or requests like this, do not click on the links or take any other action. It is important to keep in mind the IRS does not initiate contact with taxpayers by email to request personal or financial information. This includes any type of electronic communication, such as text messages and social media channels. Never click on strange emails or links seeking updated information. IRS.gov has information that can help you protect yourself from email scams.

Even the College Business Professors Get it Wrong!!

These are very basic mistakes that under normal circumstances, could lead an IRS auditor to suspect the intent to commit fraud.  He was very lucky CID did not get involved.


 Code Section 162—Business deductions—travel and meals and entertainment expenses—substantiation.
Adjunct business professor/owner of 2 consulting businesses was denied deductions for 1 business's travel and meals and entertainment expenses: taxpayer didn't provide receipts; credit card statements that he offered didn't show name or account number; and he didn't record meals on his calendar or keep receipts for any meals under $75, and instead offered only self-generated spreadsheets or other unsubstantiating documents. Also, his testimony was inconsistent and otherwise unpersuasive when considering he was claiming to have been on different business trips at same time and admitted to claiming meal expense deductions both by specific items and at per diem rates without showing he didn't duplicate expenses. Moreover, he didn't explain how expenses claimed for this business were distinguishable from those already allowed for his other business. (John H. Besaw v. Commissioner, (2015) TC Memo 2015-233, 2015 RIA TC Memo ¶2015-233 )


 Code Section 274—Business deductions—wage expenses—substantiation—business purpose.

Adjunct business professor/owner of 2 consulting businesses was denied deductions for 1 business's alleged wage payments to independent contractors who included his daughter: taxpayer failed to prove he made payments in amounts claimed or that they were ordinary and necessary business expenses. Notably, while he claimed that he established payments via his testimony and corroborating Forms 1099-MISC and bank statements, he didn't even offer any Forms 1099-MISC for 1 of years at issue, didn't explain mismatch of amounts claimed for other year, didn't offer into evidence any Schedules C from his daughter or other alleged contractor showing they reported supposed payments as income, and didn't identify any specific withdrawals in bank records that would reflect payments at issue. Moreover, he admitted he was financially supporting daughter during years at issue. (John H. Besaw v. Commissioner, (2015) TC Memo 2015-233, 2015 RIA TC Memo ¶2015-233 )

Outsourcing: Secrets to Success with Reg Baker

Outsourced Accounting and Finance: Very Informative!!!

Newman Consulting - Employment Training & Support

Aloha!

Here is this week’s Business in Hawaii with Reg Baker. 

Newman Consulting helps many across Hawaii find and keep
jobs.  They provide great training for
new hires to significantly increase their chances of success.  And they help the military transition from
active duty to the civilian workforce. 
What a success story!!

Please check it out. 
And if you know of a success story that I can invite to my show please
let me know. 

You can find all the past shows on my website at http://regbaker.com/tv-show/

Aloha!

Afordable Housing Solution for Hawaii

Very informative discussion on low cost renovations for the elderly!  Aux Dwelling Units (ADU's) is part of the affordable housing solution in Hawaii. 

Reg Baker restarts firm and reflects on his time with PKF

The restart of my firm was announced on October 1, 2015.  Truth be told, the firm has been operating continuously since January 1991.  Almost 25 years!! 

I felt that it made sense to focus more on my own business and serving my own clients during the last ten years of my career.  Might even be able to leave a legacy of sorts. 

Please enjoy the article.  And by the way, I am accepting new clients now........

Reg Baker restarts firm and reflects on his time with PKF Published: October 8, 2015 Reg Baker, former executive committee chairman for PKF Hawaii, is relaunching his CPA firm in Downtown Honolulu. View full article

 Visit www.regbaker.com 

The Future orf E-Commerce and IT with James Kerr and Tim Caminos

Wow!!  E-Commerce and the future of IT is setting viewer records!!  Despite the first 5 seconds of no sound.......



Here is the most recent Business in Hawaii with Reg Baker.  Please enjoy!



Business in Hawaii broadcasts live on Thursday's at 2:00 on www.Livestream.com and is rebroadcast on several TV stations in Hawaii throughout the month. 

Commercial Real Estate in Hawaii

Check out my most recent "Business in Hawaii" show about the Commercial Real Estate Market in Hawaii.  Jamie Brown is one of the leading commercial real state brokers in Hawaii and shares his knowledge of the markets and what the future may hold for Hawaii.

https://www.youtube.com/watch?v=5TcJ7eWduzM 

Beware of Online Business Loans!

Predators are everyone on the internet.  Including products and services to SMB's (Small and Mid-sized Businesses).  Below is one example of potential predator activity written by a colleague of mine.  Frank Knapp and I serve on the SBA's Regulatory Fairness Board and when not busy with SBA activities serves as the President & CEO of the South Carolina Small Business Chamber of Commerce.  Be careful out there!!

Are online business loans turning into predatory lending?

Posted: 03 Oct 2015

As a result of the Great Recession the flow of capital to entrepreneurs and small businesses went from a uniform stream to a trickle. Traditional financial institutions largely closed the capital pipeline as they considered small businesses to be too risky a venture.

Even today when banks are saying they have money to lend, the reality is that they only want to make the safest small business loans. With the Great Recession having tanked the personal equity of entrepreneurs and small business owners, these once good-risk customers turned into off-limits applicants.

With this unsatisfied demand for small business capital, the online lending businesses is becoming a significant player in the capital access market.

According to a Wall Street Journal story by Peter Rudegeair and James Sterngold, the online small business lending industry could see 68% increase this year over last year reaching an eye-popping $7.9 billion in loans.

However, the reporters point out that having more online small business lenders brings more aggressive competition and potential problems for those using the service. While brick and mortar institutions proceed with over abundant caution, these online lenders appear to want to throw money at small businesses.

And there is the red flag.

Small business owners who take out online loans are being targeted by other online lenders to obtain more loans and cash advances. According to the WSJ story, the cash advance “annual percentage rates on interest and fees can run to well over 100%.”

While this level of usury doesn’t rise to the obscene predatory lending practices we have seen in the individual market where interest rates are often over 300%, entrepreneurs and small business owners might be the next frontier for profit-hungry online lenders.

Small businesses often need capital to develop and grow. But unwise loans not only can sink a business, they can ruin an entrepreneur and their family’s lives.

Caution is strongly advised when obtaining an online business loan as well as getting help from a reputable business or financial consultant.

UnConflicted is the small business advocacy blog of Frank Knapp, Jr., President & CEO of the South Carolina Small Business Chamber of Commerce. Visit our website to join, subscribe to our newsletter, or follow the issues affecting small businesses in SC: http://www.scsbc.org

Baker leaves PKF to relaunch his Hawaii CPA Firm

From the Pacific Business News

Baker leaves PKF to relaunch his Hawaii CPA Firm

Oct 2, 2015, 2:12pm HST
Lorin Eleni Gill
Reporter- Pacific Business News

Reg Baker, former executive committee chairman for PKF Hawaii, is relaunching his CPA firm
in Downtown Honolulu.

Reg Baker & Company offers wealth management services for small and mid-sized businesses. He
originally opened the firm in 1991.

From then until 2012, the firm was one of the largest in Hawaii, serving over 300 businesses and
preparing 7,000 tax returns annually, with more than 200 employees.

Baker told PBN he is pulling together “some of the best minds in Hawaii.”
“The small and mid-sized business market is sometimes overloaded with information from numerous
sources,” he said. “The SMB market is where I have focused my efforts for close to 25 years. My
Team and I know the SMB market very well and just as importantly, the owners. We have walked in
their shoes and know what keeps them awake at night. We find the best practices that work best for
each individual business. We team with the owners to constantly improve operational results and
profitability.”

The former treasurer, CFO and COO of the Hawaii Medical Assurance Association was recently
appointed chair of the Region IX Regulatory Fairness Board of the U.S. Small Business
Administration.

Baker’s 25 years of experience include positions at Bank of Hawaii, Arthur Anderson, Price
Waterhouse and Ernst & Young.

Baker joined PKF Pacific Hawaii last October, and his year contract expired in September.
“The past year at PKF Hawaii was interesting and at times challenging,” he said, referring to
pending charges against PKF Pacific Hawaii Managing Partner Patrick Oki . “I worked with some very passionate individuals that just wanted to focus on client service. That helped me to decide to go
back to my roots and relaunch my firm. Being passionate about what you  are doing is vital to
success.”

Lorin Eleni Gill covers health care, nonprofits and the University of Hawaii for Pacific Business
News.

Think Tech Hawaii Announcement

Although this is more of the same previously posted, it is nice to receive the well wishes of those you work with.  Thank you Thank you Think Tech Hawaii!!

REG BAKER CPA ANNOUNCES RELAUNCH OF CPA AND FINANCIAL ADVISORY FIRM   Reg Baker Reg Baker CPA, formerly Chairman of PKF Hawaii, today announced the relaunching of his CPA firm that was originally opened in January 1991. Between 1991 and 2012 Reg Baker owned and managed the largest CPA and business services firm in Hawaii serving over 300 businesses and preparing 7,000 tax returns annually. Employing over 200 employees he also owned the third largest payroll processing and HR support firm, managed $55 million in retirement & investment assets and provided contract CFO services for many entities in Hawaii including the Chamber of Commerce, Boys and Girls Clubs and the Girl Scouts. Specializing in the Small and Mid-sized Business (SMB) market and supporting the SMB owners with wealth management services is a natural focus for Reg Baker following over 25 years’ experience serving those markets and customers. Baker is a nationally recognized SMB specialist and currently serves on the national board of Directors for the Small Business Administration (SBA) for Regulatory Fairness, he was recently asked to serve as Chairman for SBA Region IX. He chairs the State Chamber of Commerce’s Small Business and Entrepreneur (SBE) Committee, hosts his own TV show “Business in Hawaii with Reg Baker”, is the Hawaii state Chairman for Junior Achievement of Hawaii and is a member of the University of Hawaii’s Advisory Board for EMBA in Healthcare. Looks like the small and mid-sized business market is set to gain an excellent ally. Congratulations and good luck to Reg!

Hawaii Chamber of Commerce Announcement

Some more visibility (scroll down 1/2 page)! Thank you Hawaii Chamber of Commerce!!

 

Please check out the link -

 

http://www.cochawaii.org/member-news-discounts/ 

Reg Baker Announces Relaunch of Firm

REG BAKER CPA ANNOUNCES RELAUNCH

OF CPA AND FINANCIAL ADVISORY FIRM

Honolulu – October 1, 2015 – Reg Baker CPA, formerly Chairman of Executive Committee for PKF Hawaii, today announced the relaunching of his CPA firm that was originally opened in January 1991.  Between 1991 and 2012 Reg Baker owned and managed the largest CPA and business services firm in Hawaii serving over 300 businesses and preparing 7,000 tax returns annually.  Employing over 200 employees he also owned the third largest payroll processing and HR support firm, managed $55 million in retirement & investment assets and provided contract CFO services for many entities in Hawaii including the Chamber of Commerce, Boys and Girls Clubs and the Girl Scouts. 

Specializing in the Small and Mid-sized Business (SMB) market and supporting the SMB owners with wealth management services is a natural focus for Reg Baker following over 25 years’ experience serving those markets and customers.  Baker is a nationally recognized SMB specialist and currently serves on the national board of Directors for the Small Business Administration (SBA) for Regulatory Fairness, he was recently asked to serve as Chairman for SBA Region IX.  He chairs the State Chamber of Commerce’s Small Business and Entrepreneur (SBE) Committee, hosts his own TV show “Business in Hawaii with Reg Baker”, is the Hawaii state Chairman for Junior Achievement of Hawaii and is a member of the University of Hawaii’s Advisory Board for EMBA in Healthcare.

Baker most recently was the Chairman of the Management Committee for PKF Hawaii.  He previously served as the Treasurer, CFO and COO of Hawaii Medical Assurance Association (HMAA), was under contract for several medium and large companies as a turnaround specialist and managed the operations for the international division and trust services division for Bank of Hawaii.  Earlier he worked for Arthur Anderson, Price Waterhouse and Ernst & Young before joining the Bank of Hawaii and eventually starting his own firm. 

 

Media Contact:

Reg Baker

Reg Baker & Company

808 753-6026

Reg@regbaker.com

Hawaii Movie Production with Leroy Jenkins

My latest Business in Hawaii program. Watch my impersonation of Tom Selleck and Jack Lord! LOL!!



The film industry in Hawaii has come a long way and mostly because of Leroy Jenkins efforts.  We need more dedicated people like Leroy!



Enjoy the show and please tune in every Thursday at 2:00 on www.livestream.com on the Think Tech Hawaii channel.



Aloha!

Business in Hawaii and the Magic of Dale Carnegie

Here is my most recent Business in Hawaii broadcast.

Learn all about Dale Carnegie and the magic they offer!

https://www.youtube.com/watch?v=KU-2aAqfPKA

Junior Achievement on the Island of Kauai!!

So proud to be the state Chairman of JA Hawaii!!  Kim and our Team has done exceptionally well bringing JA to Kauai.  Great effort by all!!

 http://thegardenisland.com/news/local/on-the-money/article_a0e006c0-0582-540e-aa65-f2b5266a2a3a.html

Received $572 Million in Excess Obamacare Tax Credits

Is anyone surprised by this headline?  This was projected years ago when the ACA was passed.  It is essentially the same kind of abuse we see with the Child Credits and Earned Income credits.  Like most other taxes on income that is biased towards the so called wealthy it is a disguised form of income redistribution.   

Tax Pro Today     Sep 02, 2015

Top Stories   Taxpayers Received $572 Million in Excess Obamacare Tax Credits by MICHAEL COHN   The Internal Revenue Service’s processing of tax returns that reported or claimed Premium Tax Credits during the 2015 filing season was challenged by delays in receiving data from some health insurance marketplaces and exchanges, and overpayments of Advance Premium Tax Credits, according to a new government report. READ MORE »

Business in Hawaii with Reg Baker

Both Dennis Wong of Hawaii National Bank and Tom McDonald of Kahumana Community share their secrets of success.  Very valuable for both commercial and non-profit entities.  Please enjoy!

Business in Hawaii with Reg Baker - 8/13/2015

Here is the link to my premier showing of “Business in Hawaii with Reg Baker” featuring the PBN’s Bob Charlet and Kam Napier.   Please ignore the opening funny face.  They began taping a little earlier than expected.  https://www.youtube.com/watch?v=lGK-cGZdI00

Business in Hawaii with Reg Baker

Just notified that I have my own TV Show starting August 13.  Called "Business in Hawaii with Reg Baker".  Will cover positive stories about successful businesses in Hawaii and how they did it.  Shows locally on OC16, Oleo, PBS and YouTube.  About 16,000 viewers I've been told.

Good to be Back!

After almost 5 years of being away I have returned. 

A lot has happened these past few years.  I got involved with the launch of the Affordable Care Act (ACA) aka Obama Care and what a circus that was!  As the COO and CFO I managed one of the largest healthcare insurance companies in Hawaii (HMAA).  I have been interviewed numerous times by the local press and Fox news about how poorly the ACA launch and related health exchange was performing in Hawaii.  The Hawaii Health Connector lead the nation for waste and failure.  What a shame since Hawaii had (and still has) one of the most successful healthcare systems in the country. 

Late last year I joined PKF Pacific (an international CPA and Advisory firm) as a partner and as a result of some recent legal challenges was voted in as the Chairman of the Executive Management Committee.  In addition to managing the local office I focus my professional services on the SMB market and related wealth management and tax issues with the SMB owners and families. 

I was also named to the SBA (US Small Business Administration) Board of Director for regulatory Fairness in January 2015 and them asked to serve as Chairman of Region IX.  My region includes California, Nevada, Arizona, Hawaii, Guam and American Samoa.  Naturally my focus is on healthcare issues and outreach.

I serve as the Chairman of the Small Business Committee for the Chamber of Commerce of Hawaii and the State Chairman for Junior Achievement of Hawaii.  I also served until last year as the Chairman of the PFP Committee at the Hawaii Society of CPA's.     

And now I am in the process of rebuilding my own practice focusing on the SMB and the owners Wealth Management needs.   

Whew!!  I am tired just writing this all down.  Needless to say I have been neglecting my blog.

It is good to be back and I plan on sticking around for a while.

Aloha form Hawaii!!

PS - Here is a link to a PBN article on my recent appointment tot eh SBA Regulatory Fairness Board of Directors.    https://dl.dropboxusercontent.com/u/83014418/Public%20Articles/RB%20on%20SBA%20Role%20-%20PBN%207-25-2015.pdf