by Leif Jensen | Jan 30, 2011 | General |
The IRS is imposing Revenue Ruling 74-44 very aggressively. Revenue Ruling 74-44 basically states that an S Corporation owner must take reasonable compensation subject to payroll taxes and not dividends. There was a recent case of a CPA who took $24,000 as income and...
by Leif Jensen | Jan 12, 2011 | General |
Well, we got what we asked for. Pat Quinn campaigned on the basis of an Illinois income tax increase and he delivered on his campaign promise. Never mind that the initial talks were for a temporary 33% increase. Much too low! But our valiant politicians fought to...
by Leif Jensen | Jan 10, 2011 | General |
Over 7.5MM returns for 2008 were nontaxable. So 15.6% of all filers did not have to pay any federal income taxes. Over 3MM returns or over 6% of the population had taxable income of under $20,000. Total returns for 2008 were $48,167,224 per the IRS...
by Leif Jensen | Jan 9, 2011 | General |
Since Congress dragged their feet on the final approval in late 2010 of the 2010 tax rules, this has delayed the IRS. So the IRS is still working on reprogramming their computers. The IRS estimates that they will be unable to accept returns that itemize deductions...
by Leif Jensen | Jan 9, 2011 | General |
Congress is seriously considering the elimination the mortgage interest deduction on individual returns (Schedule A). This would be the first step in the elimination of the Alternative Minimum Tax (AMT); kind of sort of. Without the mortgage interest deduction most...
