by Leif Jensen | Dec 14, 2021 | Taxes |
A ghost preparer is someone who doesn’t sign tax returns they prepare. Those unscrupulous preparers often print the return and have the taxpayer to sign and mail it to the IRS. For e-filed returns, the ghost will prepare but refuse to digitally sign as the paid...
by Leif Jensen | Dec 13, 2021 | Taxes |
The IRS is apparently being stingy on granting homeowner associations tax-exempt status as social welfare organizations, finding that many of them are organized or operated to mainly serve private interests of the members. I only know HOA’s to be self-serving...
by Leif Jensen | Dec 8, 2021 | Running a Business, Tax Court |
There is an issue that keep appearing in cases coming out of the Tax Court: Large rental losses taken by taxpayers claiming to be real estate pros. Real estate professionals must meet two tests to beat the passive-activity loss rules and deduct their rental losses in...
by Leif Jensen | Dec 7, 2021 | Tax Court |
Individual members of a bankrupt LLC catch a break from a district court. The bankruptcy trustee can’t recoup payments the owners got from the firm, even though the payments were made within two years prior to the bankruptcy filing. The payments constituted...
by Leif Jensen | Dec 6, 2021 | Running a Business, Taxes |
There is a new law changing the 1099-K reporting rules which should hike compliance requirements in this area. What is a 1099-K??? This form endeavors to ensure that all online retailers are reporting sales for tax purposes. It requires credit card companies, such as...
by Leif Jensen | Dec 1, 2021 | Running a Business, Taxes |
Are you a gig worker? Do you have a side hustle to make yourself some extra cash? Do you know that you are supposed to report that cash to the IRS as reportable income and possibly pay self-employment taxes on those monies? The IRS wants to raise public awareness of...
by Leif Jensen | Nov 30, 2021 | General, Uncategorized |
Apartment rents are rising across the nation as tenants return to cities and soaring home prices push many would-be buyers out of the market. One data provider shows the median rent for a one-bedroom apartment is up 9.2% since the second quarter of 2020. Two-bedrooms...
by Leif Jensen | Nov 29, 2021 | General |
The coronavirus pandemic was listed, to be the overwhelming cause for the surge in US for gun sales; attributed to fears around social unrest and crime and, in some cases, people having more time for hunting. But now ammunition had quickly been depleted into short...
by Leif Jensen | Nov 23, 2021 | Economy, Employees, Running a Business |
Have you seen those cheesy Amazon commercial, where people are making all sorts of demands from an employer before they will deem to work for them? We all know that there are people who just don’t want to work. Well businesses have solutions to all of these people,...
by Leif Jensen | Nov 22, 2021 | Investing |
Have written before about Bitcoin and virtual currencies. I am not a fan. People whom I expected to embrace virtual currencies are avoiding them and other are embracing them, who I thought would never touch them. But now investors now have a new option for gaining...
by Leif Jensen | Nov 17, 2021 | Running a Business |
I am having unusual conversation with my logistic clients. They are living a nightmare. The work is there for the taking, but they can’t take is because they don’t have the trucks, or they don’t have the drivers. Retailers this holiday season simply can’t keep up...
by Leif Jensen | Nov 16, 2021 | General |
There are some fun things that are going to impact all of our 2022. The supply chain is still bottlenecked and will take a good deal of time to straighten itself off. Remember that stuck container ship in the Suez Canal, it got worse from there. On 28 March, 2021,...
by Leif Jensen | Nov 15, 2021 | Rant |
Running a major sports team is an expensive endeavor. Most teams are not bringing in the big bucks especially in smaller markets; fewer still are profitable. Instead of following normal business protocols, reducing expenses they are looking at increasing revenue,...
by Leif Jensen | Nov 10, 2021 | Rant |
There is now a old/new way to force new technology sales. Is your phone more than a few years old? You may need to upgrade, fast. 3G is scheduled to be fully turned off next year, affecting millions of phones and owners who are happy with what they have. Also other...
by Leif Jensen | Nov 9, 2021 | Running a Business, Taxes |
S corporation owners that pay themselves low salaries should and will be a bigger IRS target, according to Treasury inspectors. Many S corporation shareholders take low salaries, so the bulk of their profits are passed through to their own 1040 individual returns free...
by Leif Jensen | Nov 8, 2021 | Taxes |
S corporations’ owners can blunt the impact of the 3.8% surtax on unearned income. Shareholders who materially participate in the S corporation’s operations generally aren’t subject to the 3.8% surtax on their allocable share of the firm’s income or on distributions...
by Leif Jensen | Nov 3, 2021 | Tax Court, Taxes |
We are all aware that the IRS uses ratio analysis to determine further scrutiny for their investigations. So taking higher-than-average deductions on Schedule A is an audit red flag if your write-offs are disproportionately large when compared with income reported on...
by Leif Jensen | Nov 2, 2021 | Tax Court |
It’s seems the government can garnish a criminal’s 401(k) to pay restitution, according to an appeals court. A man who pled guilty after embezzling money from his employer was sentenced to prison and forced to pay monetary restitution under the Mandatory Victims...
by Leif Jensen | Nov 1, 2021 | Estate Planning |
I have to say, I get my motivated to accomplish some tasks done in the oddest ways. I have had a client pass earlier this year and their spouse had been handed a mess. There was no will or trust in place. There was property in three states. To make matter more...
by Leif Jensen | Oct 27, 2021 | Economy |
The battle has begun for the next frontier of the industrial revolution, mineral rights. Mineral rights for specific minerals will be the driving force in the next level of the information and transportation revolution. Were you aware that there has been a 500 to...
