by Leif Jensen | Nov 4, 2019 | General, Rant, Running a Business, Taxes |
U.S. National Debt has risen to a record high exceeding $22 Trillion. To make matter worse according to the Treasury Department data comes as tax revenue has fallen and federal spending continues to rise. The new debt level reflects a rise of more than $2 trillion...
by Leif Jensen | Oct 30, 2019 | Rant, Running a Business |
I was working with a client that came to me after a worker’s comp audit. The owner and family were the only ones listed on the policy and drawing salary. The audit determined that their independent contractors were in fact employees and not independent contractors...
by Leif Jensen | Oct 29, 2019 | Advertising, General, Rant |
Imagine that you developed and refined a destructive force that changed the world of warfare and that you made of fortune doing so. But you never really thought about the consequences of your actions until you read an obituary about yourself that was run instead of...
by Leif Jensen | Oct 28, 2019 | General |
Student loans are typically extremely difficult, but not impossible, to discharge in bankruptcy. To do so, you must show that payment of the debt “will impose an undue hardship on you and your dependents.” If you can successfully prove undue hardship, your student...
by Leif Jensen | Oct 23, 2019 | Running a Business |
I did some reading and investigation on the financials of publishing; I always want to see how a business works. What I found startled me and I thought I had a good idea how the numbers played out. An author published through a small press that sells 100,000 ebooks at...
by Leif Jensen | Oct 22, 2019 | Advertising, General, Running a Business |
In 2017 a new record was set with more than 1 million books being Self-Published. Today the average U.S. nonfiction book is unfortunately now selling less than 250 copies per year and less than 3,000 copies over its lifetime. Very few titles are big sellers. Only 62...
by Leif Jensen | Oct 21, 2019 | General, Investing, Rant |
I recently traded in my Mercedes. Before I traded the car in, I needed to determine what I would drive next. I went back and forth on a number of makes and models. Then I sat back and thought about this from a different perspective. I thought about what is the most...
by Leif Jensen | Oct 16, 2019 | General, Rant |
I was surprised to find out that, as private organizations, political parties in the U.S. are under no legal obligation to democratically choose their nominees for general elections; parties could choose to select nominees by tennis match. I was aware that delegates...
by Leif Jensen | Oct 15, 2019 | General, Rant, Taxes |
How does this actually work… The states, Illinois included, have done everything they can to threaten, sue, rob and kill the tobacco industry. Now they are setting their sights on killing e-cigarettes and the vaping markets. But Illinois plans to remake its fortunes...
by Leif Jensen | Oct 9, 2019 | Taxes |
As the Democratic fashion completion continues for the presidential nomination, Senators Elizabeth Warren of Massachusetts and Bernie Sanders of Vermont have both proposed wealth taxes that would shrink the fortunes of the richest Americans. Their plans envision an...
by Leif Jensen | Oct 8, 2019 | Investing, Retail, Running a Business |
Do you know anyone that owns a Tesla or a Hybrid? They are becoming more plentiful on the road. Which is causing a problem for a sector of business. Gas stations across the country are now facing a significant long-term problem; the rise of electric vehicles and...
by Leif Jensen | Oct 7, 2019 | Running a Business, Taxes |
Banks are rushing to meet a 2020 deadline for a new bookkeeping rule. They will need to estimate possible losses on a loan when it’s originated. Under today’s accounting rules, banks don’t book loan losses until they have evidence that a loss will occur. This change...
by Leif Jensen | Oct 2, 2019 | Advertising |
I was at the ICPAS Summit this year and bounced in and out of a couple of seminars. They had one on “Marketing your Practice” by Xero. I was intrigued; I know that there is always room for improvement and I am willing to learn something new. So I went. Once they...
by Leif Jensen | Oct 1, 2019 | Advertising, Running a Business |
“Accountants suck at marketing for the same reason that makes them great accountants: They’re highly rational people” -Blake Oliver This is true, I can attest to this as a CPA running his own business. I am much more comfortable talking to a client about their long...
by Leif Jensen | Sep 30, 2019 | Running a Business, Taxes |
While some states taxing authorities are urging the IRS to pick up the pace on giving them W-2 data. Others like Illinois are requiring that the data be entered on the My Tax Illinois website. Employers are required to file W-2s with the Social Security...
by Leif Jensen | Sep 25, 2019 | Advertising, Running a Business |
We recently picked up some work from a new client. They needed some assistance with their Chicago Use Taxes. When questioned why they sought us out, we were informed that their CPA was not interested in assisting them with the issue. They had been unwilling to...
by Leif Jensen | Sep 24, 2019 | Taxes |
Earlier this year I was invited to an event that I have never been a part of before, an IDES audit. I know that the Illinois Department of Employment Security does audit, but I have never had a client who was audited. Now I have had one. The client was an unlikely...
by Leif Jensen | Sep 23, 2019 | Running a Business, Taxes |
This tax season we picked up a new tax client. This person is apparently an independent contractor. Based upon the facts of the case, I disagree. I believe this person to be an employee and that his employer has him paid as an independent contract to save on the...
by Leif Jensen | Sep 18, 2019 | Investing |
Do you have or believe in life insurance? Years ago, I was not a fan and didn’t see the philosophy. Then when I worked as a financial planner and compliance for a group of financial advisors, I was taught and saw the benefits at work. Life Insurance is one of the...
by Leif Jensen | Sep 17, 2019 | Estate Planning |
I have a business client who owns a business and has three children. The largest asset the owner has is the business. One child works within the business and the plans are for them to eventually take over the running of it, while the siblings dabble in the business...
