by Leif Jensen | Nov 15, 2023 | Taxes |
The Federal Income Tax from 1861 was repealed in 1872, the bills of the Civil War were paid. Alas, there were puritanicals that wanted to enforce their will and beliefs on others. They had disdain for those cultures that drank beer or wine, and hated those who...
by Leif Jensen | Nov 13, 2023 | Taxes |
At 4:30 a.m. on April 12, 1861, Confederate troops fired on Fort Sumter in South Carolina’s Charleston Harbor. Less than 34 hours later, Union forces surrendered. Thus, the Civil War began. So did the financial requirements to fund the Civil War. This prompted...
by Leif Jensen | Nov 8, 2023 | Rant |
When meeting with clients who have unexpected tax liabilities, usually tied to events they were not monitoring as well as they could, interest, dividends capital gains on brokerage accounts where the brokers have discretion on trading. At time it helps to show them...
by Leif Jensen | Nov 6, 2023 | Tax Court |
A tax-saving rent scheme backfires on the three owners of an S corporation. Each man owned one-third of a firm that operated fitness center franchises. The S corp didn’t have a central office, but instead paid rent to each shareholder for use of their personal...
by Leif Jensen | Nov 1, 2023 | Tax Court |
A canceled debt of a single-member LLC is taxable COD income to its owner. A man wholly ,owned an LLC that was disregarded for federal tax purposes. The LLC borrowed money from a bank but didn’t repay it. Eight years later, the bank sent Form 1099-C to the LLC,...
