by Leif Jensen | Feb 19, 2025 | Rant |
Growing up my dad told me to do a number of things, at times I thought he was nuts. But in my dotage, I see the wisdom in what he said. Unfortunately, what he needed to do was explain it better to his dim-witted son better first. During the Carter administration, my...
by Leif Jensen | Feb 17, 2025 | Rant |
Growing up my dad told me to do a number of things, at times I thought he was nuts. But in my dotage, I see the wisdom in what he said. Unfortunately, what he needed to do was explain it better to his dim-witted son better first. I forget when exactly he told me, I...
by Leif Jensen | Feb 12, 2025 | Employees |
When an individual receives both W-2 and 1099 forms from the same company, there are several key factors to consider: Possible Scenarios: – Dual roles: The individual may be an employee who also serves as an independent contractor for separate work....
by Leif Jensen | Feb 10, 2025 | Advertising, Running a Business |
The optimal Return on Ad Spend (ROAS) for social media ads can vary widely depending on factors like industry, business model, and company goals. While a ROAS of 4:1 or higher is generally considered strong, what constitutes a “good” ROAS can differ...
by Leif Jensen | Feb 5, 2025 | Corporate Entities |
I am not certain is you are aware of shelf corporations or not. It seems most people are not. A shelf corporation, also known as a dormant or aged corporation, is a legally formed company that has been left inactive without any business activities for a certain...
by Leif Jensen | Feb 3, 2025 | Running a Business |
Illinois and Chicago have specific requirements for sexual harassment prevention training: Illinois State Requirements: All employers in Illinois must provide annual sexual harassment prevention training to all employees. The training must cover: Explanation of sexual...
by Leif Jensen | Jan 29, 2025 | Running a Business |
Flirting and sexual harassment are distinct behaviors with key differences: Consent and Reciprocation The primary distinction is consent and reciprocation. Flirting is generally welcome and mutual, with both parties enjoying the interaction. In contrast, sexual...
by Leif Jensen | Jan 27, 2025 | Running a Business |
S-corporation owners who own more than 2% of the company’s stock can deduct their health insurance premiums, but the process differs from how regular employees receive this tax-free benefit. To qualify for the health insurance deduction, S-corp owners must...
by Leif Jensen | Jan 22, 2025 | Rant |
Recently I have been talking to my kids and they believe that the US is not headed in the right direction. They feel that the “American Dream” is no longer possible. They are not alone. A recent Wall Street Journal/NORC poll of 1,502 U.S. adults reveals this stark...
by Leif Jensen | Jan 20, 2025 | Advertising |
Many businesses are recognizing that social media may not be the best growth strategy for every business model and are exploring alternative approaches. I am a member of the industries where social media is not particularly effective for firm growth. I am essentially...
by Leif Jensen | Jan 15, 2025 | Retirement |
The average retirement age in the United States has been rising in recent years. While some people are able to retire relatively early, even in their 40s, others work well into their 70s and 80s. Currently, the average retirement age is 65 for men and 63 for women....
by Leif Jensen | Jan 13, 2025 | Rant |
The next world war isn’t going to be a cold one. It’s going to be a shooting war, its going to be a ballistic war over a rapidly shrinking ecosystem. It’s going to be a war for the last of our dwindling energy, drinkable water, breathable air. Kittridge – Mission...
by Leif Jensen | Jan 8, 2025 | Rant |
The phrase “college of corporations not nations” originates from the 1976 film “Network.” In a famous scene, the character Arthur Jensen, played by Ned Beatty, delivers a powerful monologue to Howard Beale, portrayed by Peter Finch. Jensen...
by Leif Jensen | Jan 6, 2025 | Taxes |
IRS has finalized regulations on broker tax reporting rules for digital assets. A 2021 law requires brokers to report the sales price, tax basis and other data on digital asset trades. The rules were scheduled to first take effect for digital assets acquired on or...
by Leif Jensen | Dec 18, 2024 | Taxes |
The potential penalties for mistakes or fraud related to Employee Retention Credit (ERC) claims can be severe. For unintentional errors or negligence, the IRS may impose a 20% penalty on the understated tax amount. If the IRS believes the taxpayer deliberately tried...
by Leif Jensen | Dec 16, 2024 | Taxes |
The IRS is slowly addressing its backlog of employee retention credit (ERC) claims. In September 2023, the agency halted processing of ERC refund claims filed on Form 941-X. It has since sent out 28,000 letters denying refunds to employers whose claims, according to...
by Leif Jensen | Dec 11, 2024 | Tax Court |
The defrauded shareholder, who owned 40% of the S corporation he co-founded, was required to report his share of the company’s income on his personal tax return, even though the other owners had stolen funds and made unauthorized, disproportionate distributions...
by Leif Jensen | Dec 9, 2024 | Taxes |
The IRS is closely scrutinizing taxpayers who report large, recurring losses from hobby-like activities on their Schedule C forms to offset wages, business earnings, or other income. Reporting these “hobby losses” is considered a red flag that can trigger...
by Leif Jensen | Dec 4, 2024 | Retirement |
I am getting more and more questions on the taxation of Social Security. One taxpayer who waited till 70 to collect has been hit with a huge tax bill because of the taxable amount of Social Security. The federal taxation of Social Security benefits can be complex....
by Leif Jensen | Dec 2, 2024 | Investing |
While manufacturing and warehouse space in the O’Hare corridor remain tight, other forms of commercial real estate differ. As the commercial real estate (CRE) market struggles with deepening woes, offices in particular are facing record-high vacancies. This is...
