by Leif Jensen | Jul 24, 2024 | Running a Business |
Corporate Transparency Act (CTA), which was enacted by Congress in 2021 and became effective on January 1, 2024. This legislation mandates that businesses report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN), a bureau...
by Leif Jensen | Jul 22, 2024 | Advertising |
To re-energize the marketing of an existing small business, consider implementing the following strategies: Revisit your target audience: Take a fresh look at your ideal customers and their current needs. Conduct surveys, analyze social media interactions, and review...
by Leif Jensen | Jul 17, 2024 | Money Management |
Here are some of the most lucrative side gigs that can generate significant extra income: Freelance Writing Freelance writing is in high demand and can be quite profitable, especially for those with expertise in specific industries. Content writers can earn around...
by Leif Jensen | Jul 15, 2024 | General, Taxes |
If you file your taxes late in the U.S., you may face two primary penalties: the late filing penalty and the late payment penalty. ### Late Filing Penalty – The penalty for not filing your tax return on time is 5% of the unpaid taxes for each month or part of a...
by Leif Jensen | Jul 10, 2024 | Rant |
Grifter schemes, also known as confidence scams or fraud, have been a persistent problem throughout history, evolving and adapting to exploit human vulnerabilities and changing societal conditions. These schemes typically involve deceiving victims into parting with...
by Leif Jensen | Jul 8, 2024 | Rant |
Here are the key pros and cons of implementing a wealth tax: Pros: Reduces wealth inequality: A wealth tax could help address the growing wealth gap by redistributing assets from the ultra-wealthy to fund programs benefiting lower and middle-income Americans[1][4]....
by Leif Jensen | Jul 3, 2024 | Running a Business |
If you own and run an S-Corporation you are supposed to pay yourself a reasonable salary. Granted the IRS does not define reasonable salary, but there should be a salary. I work with a client whose son-in-law is retired an receives no Social Security, he had run his...
by Leif Jensen | Jul 1, 2024 | General |
This year we have worked on more amended returns than ever before. We have picked up a few new temporary client ranks, because the clients rushed to do it themselves to come to us for the amended return. Now the software is not their friend, and that rogue K-1 is...
by Leif Jensen | Jun 26, 2024 | Rant |
I had an unusual request from the son-in-law of a client, they wanted copies of the client’s tax returns for the last couple of years. We followed up with the client regarding the request. We were initially concerned that the client might not be aware of the actions....
by Leif Jensen | Jun 24, 2024 | Rant |
Recently I was watching tv and the show had the MacGuffin that the SS office had processed the death of a client, who was obviously still alive. So nothing new or original, except the ass backwards way they attempted to correct the issue. They went to court instead...
by Leif Jensen | Jun 19, 2024 | Running a Business |
Hobbies and businesses are treated differently when it comes to filing taxes. The biggest difference between the two is that businesses operate to make a profit while hobbies are for pleasure or recreation. Whether someone is having fun with a hobby or running a...
by Leif Jensen | Jun 17, 2024 | Running a Business |
Beneficial Ownership Information Report are required reports that need to be filed. I have just completed the Beneficial Ownership Information Reports for the companies that I own or am active with such as a NFP run by one of my sons. Yes, NFP’s need to file as...
by Leif Jensen | Jun 12, 2024 | Running a Business |
If you own and run an S-Corporation you are supposed to pay yourself a reasonable salary. Granted the IRS does not define reasonable salary, but there should be a salary. I work with a client whose son-in-law is retired and receives no Social Security, he had run his...
by Leif Jensen | Jun 10, 2024 | Rant |
After the Judge denied the merger between Penguin Publishing and Simon and Shuster. Penguin went through a massive round of layoffs and Simon & Schuster was sold to a private equity company instead. Private equity tends to have one game plan strategy: buy a...
by Leif Jensen | Jun 5, 2024 | Rant |
Every second book in America, ballpark, is being sold via e-commerce…Amazon.com has 50 million books available. A bookstore, a good independent bookstore, has around 50,000 different books available… an algorithm decides what is being presented and made visible and...
by Leif Jensen | Jun 3, 2024 | Rant |
My son sent me a story/article the other day which shared the stats from a DOJ case regarding Penguin wanting to buy Simon and Shuster. The deal was killed because of monopoly issues. Penguin has 37% of the market and Shuster has 11%, a merger would dominate the...
by Leif Jensen | May 29, 2024 | Taxes |
The IRS has this pesky thing about taxes, they expect them to be paid. I have a couple of clients who are independent contractors and they should be. But they tend to not gross a lot of money and never plan for the inevitability of income taxes. They believe that they...
by Leif Jensen | May 27, 2024 | Investing |
A couple of years ago crypto was all over the news and the IRS was seeming addressing the issue constantly. That is not the case at the moment. That may be because of Crypto and it’s many losses – I am seeing client dumping crypto in multiple forms and taking heavy...
by Leif Jensen | May 22, 2024 | Taxes |
A surprising number of clients are currently going through a divorce this tax season. Both sides have been asking all sorts of questions. Usually about the others income, probably at the behest of their attorney. All of these clients are still filing joint returns,...
by Leif Jensen | May 20, 2024 | Taxes |
2023 was the year on the unexpected escalating income and under withholding. Interest rates jumped up in 2023, along with dividends. Mutual fund companies, followed the great adage of buying low and selling high. Capital gains were up significantly for a number of...
