by Leif Jensen | Aug 14, 2019 | Tax Court |
Surprise, collectors can’t get the market full value of coins seized by IRS, according to a federal court. During a home search, an IRS agent confiscated 364,000 presidential $1 coins that were rolled and boxed. After seizing the coins, the Service unpacked them and...
by Leif Jensen | Aug 13, 2019 | Tax Court |
Shocking news; reporting Schedule C losses and lots of other income is an audit red flag. Make it seem like the activity sounds like a hobby to cinch the deal. In a recent case, a pilot with substantial wage and pension income bought an antique fighter jet. He then...
by Leif Jensen | Aug 12, 2019 | General, Rant |
Words are the foundation of our means of communicating; our words and body language tell the story. Words hold a power over us, so much so that one of my writer clients named their company “Words Create Change”, because they do and they have. So with words being so...
by Leif Jensen | Aug 7, 2019 | Franchises, General, Investing, Rant |
People close their businesses for a number of reasons. I had one client who bought a franchise and poured time and money into it, but it grew slowly. Unfortunately, too slowly. The original idea was that the business would start slow and grow to provide an income...
by Leif Jensen | Aug 6, 2019 | Advertising |
What size footprint does your business have? What size footprint should it have? Let’s back it up a step or two. Is your product a service or a consumable or a durable product? I think these would have an impact on how wide a footprint you want or need in a...
by Leif Jensen | Aug 5, 2019 | Advertising |
How easy is it to locate you on the internet? I mean your contact information. If you are an independent contractor is the only way to get a message to you through LinkedIn or Facebook? I was reading an editorial in a business magazine where the publisher was...
by Leif Jensen | Jul 31, 2019 | Retail |
Are consumers the lemmings that retailers believe them to be? Just because a celebrity is paid to point to an object does not mean that consumers will automatically buy that object. Or will they? Amazon is betting big on Lady Gaga to do just that with cosmetics,...
by Leif Jensen | Jul 30, 2019 | General |
The mention of mentors and mentoring seem to be on the rise again. There were discussions and articles about 10 years ago, and then they went away. I missed out; in my life I never really have a mentor. My father passed while I was in college and my bosses always...
by Leif Jensen | Jul 29, 2019 | General |
Mangers are those employees that can make or break your business. Especially if you are a serially entrepreneur and have multiple businesses in multiple arenas, the difference between a good and a great manager will greatly impact on each and every one of your...
by Leif Jensen | Jul 24, 2019 | Rant |
There are not many celebrities million or billionaires that I am willing to trust. Most of them seem slimy or out and out @$$holes. In this grouping I am including those who get their names out into the world via every avenue. One celebrities whom I believe and...
by Leif Jensen | Jul 23, 2019 | Rant |
I have argued that I hate partners. Which for the most part is true; whether it’s in a formal partnership, or an S-Corp or a NFP. You are on the hook for whatever dumb or stupid things your partners do. They are also on the hook for the dumb and stupid things you...
by Leif Jensen | Jul 22, 2019 | Franchises |
I admit I am not a fan of franchises. I see them making only guaranteed money for the franchisor and seldom if ever for the franchisee. I do know a couple who own a Chick-fil-a and they seem to be doing well, but the costs were high and it took a tremendous amount of...
by Leif Jensen | Jul 17, 2019 | Investing |
It is not surprising that there are websites that show the best return on investment for colleges. On the first website I investigated https://www.payscale.com/college-roi, surprised me on how many of the top listed where military service institutions. MIT was number...
by Leif Jensen | Jul 16, 2019 | Investing |
It is always interesting when I find myself in a similar situation as my clients. It gives me a guilty pleasure when it involves my kids and my kids are making the right moves and my clients kids are not. My second son graduated college in 3.5 years; he would have...
by Leif Jensen | Jul 15, 2019 | Rant |
Why is anyone surprised by the admissions cheating scandal? Why is this still an issue? Professor Doom believes it is still is an issue because the money was going to the administrators now, where before it went to the colleges. http://professorconfess.blogspot.com/...
by Leif Jensen | Jul 10, 2019 | General |
There are those who believe in renting and those who believe in owning. As a business owner, I fall into the owning category, or at least indirectly. I am currently working with a couple of clients who have been in business for decades and they wish they had...
by Leif Jensen | Jul 9, 2019 | General |
There are those who believe that renting space makes more sense than purchasing business space. There are those who believe in renting because of the concept of flexibility. If they need to grow, they will just move to a larger space. If they need to contract, they...
by Leif Jensen | Jul 8, 2019 | General |
When you start your business, the physical location of that business can get complicated. I know from experience. When I started my business, it was physically located in my basement. It was impossible to see clients in my home. For one I could not legally meet...
by Leif Jensen | Jul 3, 2019 | General |
The new Revenue Recognition standard establishes consistent principles (regardless of industry or geography) to report useful information about the nature, amount, timing, and uncertainty of revenue from contracts with customers. Public companies were required to...
by Leif Jensen | Jul 2, 2019 | General |
The new lease standard went into effect earlier this year. The idea behind the standard is to focus on increased transparency and comparability – providing financial statement users with more information about an entity’s leasing activities. From now on the lessee...
