by Leif Jensen | Feb 14, 2022 | Tax Court |
Are you one of the millions that you have income from the cancellation or discharge of indebtedness? if so, keep in mind that insolvent taxpayers can escape tax on forgiven debts, in rare occasions. Where those taxpayers whose liabilities are greater than the fair...
by Leif Jensen | Feb 9, 2022 | Economy |
China has been building up its military. At present its navy is the world’s largest, by number of warships, enabling increasingly aggressive maritime posturing in the East and South China seas and the Taiwan Strait. Unfortunately, the US did not prosper in this...
by Leif Jensen | Feb 8, 2022 | Economy |
I was reading that it is believed that trade with China and the U.S. is likely to remain strong into 2030 and beyond. We two countries rely on each other for so many things that disentangling us would be too difficult. In China’s case: Food for its immense population....
by Leif Jensen | Feb 7, 2022 | Economy |
I am always curious about where the world is going as far as job creation and investable companies and industries. Having lived through the birth of the PC (anyone else remember the IBM Chaplin ad?s) to basically Star Trek communications. It is a different world,...
by Leif Jensen | Feb 2, 2022 | General |
Besides the making of an SNL skit about petty billionaires going into orbit as a lark, I was curious what is out there and how much after the story about the Chinese space station, needing to make a course correction because of a wayward satellite. Apparently, there...
by Leif Jensen | Feb 1, 2022 | Rant |
The reasons for immigration have drastically changed over the past centuries. Today it is surmised that primarily, immigrants choose to leave their home country in order to improve their quality of life. Economic reasons for immigrating include seeking higher wage...
by Leif Jensen | Jan 31, 2022 | Advertising |
I have thought about getting one years ago. You know those little background chines that you hear on commercials, website or when you turn on electronics. AOL had one whether it was planned or not had one, the static and dialing when you used to log on. Whenever you...
by Leif Jensen | Jan 26, 2022 | Money Management |
Are you saving enough money? Are you saving any money whatsoever? Most people don’t, they are expecting better times in the future. Rather than more of the same… There is the old saying to pay yourself first. This is above and beyond your paycheck if you run your...
by Leif Jensen | Jan 25, 2022 | Money Management |
At various times clients call up asking for a bit of advice, they have recently gotten a bonus or an inheritance or some other windfall and want ideas on what to do with it. Some want to pay off mortgages, others to save it, but most want to piss it away on wine,...
by Leif Jensen | Jan 24, 2022 | Investing |
Do you feel a certain amount of dread for not owning cryptocurrencies or being part of the latest stock sparking conversations on Reddit, but don’t feel the need to jump in? If so don’t worry. According to Scott Newhouse, a financial planner stated“It may feel like a...
by Leif Jensen | Jan 18, 2022 | Taxes |
There is always a question of those who own multiple properties, and they want to sell one. That one is surprisingly always their principal residence until I give them the requirements for exclusion. But there are ways to determine which is really their principal...
by Leif Jensen | Jan 12, 2022 | Running a Business |
Thinking of starting that side business? I always think it is a great idea to start a side business and have multiple income streams and not being solely reliant on your employer for all income. But you will need to keep some information in mind when you do start...
by Leif Jensen | Jan 11, 2022 | Taxes |
There are times that you need someone to work with the IRS on your behalf and they Service has made it rather easy for that to occur. A Form 2848 has to be filled out and submitted to the service. This form should be faxed to the IRS and not mailed. Mailing takes...
by Leif Jensen | Jan 10, 2022 | Running a Business |
I have been warned about scope creep and the need for engagements letters to spell out ever more details. So, I should be using an engagement letter for tax returns which we do utilize for businesses and individuals. I should then have a new separate letter for any...
by Leif Jensen | Jan 5, 2022 | Taxes |
The IRS typically has three years, to audit your returns. The overarching federal tax statute of limitations runs three years after you file your tax return. If warranted, the IRS must make an additional tax assessment within the later of three years from: The return...
by Leif Jensen | Jan 4, 2022 | Taxes |
In certain circumstances, the IRS allows for abatement of penalties. Utilizing Form 843, Claim for Refund and Request for Abatement, to claim a refund or abatement of penalties assessed by the IRS. The IRS instructions to Form 843 list the instances where taxpayers...
by Leif Jensen | Jan 3, 2022 | Tax Court, Taxes |
Taxpayers have the following rights that apply whenever they have dealings with the IRS. The right to be informed – Taxpayers have the right to know what they need to do to comply with tax laws. They are entitled to clear explanations of the law and IRS...
by Leif Jensen | Dec 21, 2021 | Rant |
I was reading an article in Fast Company, where they were discussing all the new ways to make food products, which will be produced worldwide. We can’t get a third of the country to vaccinate, how are you going to get them to eat a 3D printed steak? I am sure at some...
by Leif Jensen | Dec 20, 2021 | Rant |
Leadership is someone who can break tasks down into deliverable items, create teams with clear responsibilities, establish milestones and measures, and hold people accountable succeed in enacting the provisions of the plans. Are you that type of leader? Do you work...
by Leif Jensen | Dec 15, 2021 | Taxes |
I have to admit that tax software has made it easier for people to prepare their own taxes, but there are still situations where it’s smart to bring in a pro. Depending on your income, you may be able to prepare and file your taxes at no cost through the...
