by Leif Jensen | Aug 4, 2021 | Taxes |
The fine for willfully failing to report foreign accounts are not capped, according to an appeals court decision. Under the statute, the penalty for willful failures is the greater of $100,000 or 50% of the highest balance in the overseas account. The IRS regulations...
by Leif Jensen | Aug 3, 2021 | Taxes |
IRS and the Justice Department continue to be on the prowl for undisclosed foreign accounts, devoting resources to get U.S. owners of the accounts to timely report them each year if the aggregate value exceeded $10,000 at any time during the prior year. Penalties for...
by Leif Jensen | Aug 2, 2021 | Running a Business |
Who thought this was a good idea? In this case they were treating its officers as contractors which was causing headaches for a corporation that owned and operated day care centers. The corporation didn’t pay any salary to a couple who were its sole shareholders and...
by Leif Jensen | Jul 28, 2021 | Retirement |
Let’s take a look at three important rules if contemplating an IRA rollover: First, the money must be returned within 60 days, or the distribution is taxed, assuming no direct rollover. It’s also hit with an early payout penalty for people under age 59½. The IRS...
by Leif Jensen | Jul 27, 2021 | Retirement |
If you made a qualified charitable distribution from my traditional IRA. Will the 2021 Form 1099-R that I get early next year reflect the QCD? No. People age 70½ and older can transfer up to $100,000 yearly from traditional IRAs directly to charity. These QCDs can...
by Leif Jensen | Jul 26, 2021 | Retirement |
If you inherited an IRA last year. When must you take distributions from it? You have 10 years from the death to clean out the account. This doesn’t mean payouts must be distributed evenly over a 10-year period. You can wait until the 10th year to take out all the...
by Leif Jensen | Jul 20, 2021 | General |
Nearly five million new gun owners have joined the 100 million-plus gun owners already in the U.S. in 2020. This is according to recent estimates from the National Shooting Sports Foundation (NSSF). The same data also shows that 40% of all firearms sales are going to...
by Leif Jensen | Jul 19, 2021 | General |
The Streaming Wars are upon us, and the deck is stacked against the small players. Amazon and Roku held HBO Max and Peacock out of the game at the beginning. Peacock is still not in the game, and seemingly may never be. Content is king, but what is amazing more so...
by Leif Jensen | Jul 13, 2021 | Taxes |
What are the federal income tax consequences from selling a timeshare? Losses from the sale of timeshares held for personal use are nondeductible. If you are one of the lucky few that sells a timeshare at a profit, you have capital gain. Different tax rules apply to...
by Leif Jensen | Jul 12, 2021 | Running a Business |
Not paying salary to its owner causes headaches for an S corporation. A lawyer who was the president of her own S firm. The company did not pay her a salary but did provide her with funds, which the firm deducted as officer’s compensation on its Form 1120-S. She...
