by Leif Jensen | Apr 2, 2018 | General |
Trump’s infrastructure initiative is missing a key piece: How to pay for it. The recommended solution is to raise the federal gasoline tax, which has remained steady at 18.4¢ a gallon since 1993. There’s a push by the U.S. Chamber of Commerce to hike the tax to 43.4¢,...
by Leif Jensen | Mar 28, 2018 | General |
Trump is again calling for increased oversight of paid preparers. The IRS is thrilled at the prospect. The Service has been asking for this ever since an appeals court struck down its regulations requiring unenrolled preparers to pass a competency exam and take tax...
by Leif Jensen | Mar 27, 2018 | General |
The IRS is giving us something that no one was asking for. A new tax return for seniors only. Seniors age 65 and older will get a new, simplified tax return to fill out, granted it is not for this tax filing season. It will take the Service some time to develop the...
by Leif Jensen | Mar 26, 2018 | General |
A sure sign that consumers are feeling good: consumers are drinking more in bars and restaurants, compared with at home. Having a drink out costs far more, and folks generally only do a lot of it when they’re optimistic about their finances. By contrast, recessions...
by Leif Jensen | Mar 21, 2018 | General |
Comcast holds a virtual monopoly on internet in my world (home and office), when I last went to try to price compare AT&T does not cover either my home of office. So Comcast is the monopoly I have to live with. At least for now other businesses are just starting...
by Leif Jensen | Mar 20, 2018 | General |
The Senate amendment to the “Tax Cuts and Jobs Act 2017” directs the Secretary of the Treasury to promulgate due diligence requirements for paid preparers in determining eligibility for a tax payer to file as head of household. So we are now again put in the...
by Leif Jensen | Mar 19, 2018 | General |
The Democrats are hoping that net neutrality will drive young voters to the polls this fall in their favor. Many are upset by the overturn on net neutrality barring telecoms from charging more for faster internet speeds or controlling content. The party...
by Leif Jensen | Mar 14, 2018 | General |
Some refunds will be held up by the IRS. Filers who are claiming the earned income tax credit as well as taxpayers claiming the refundable child tax credit will have to wait until Feb. 27 before their refunds are deposited into their bank accounts. And...
by Leif Jensen | Mar 13, 2018 | General |
Retaining too much control over a company costs an inventor a tax benefit. The Royalties he got from patent transfers do not qualify for capital gains treatment. Inventors who sell to an unrelated person their entire interest in a patent they created before commercial...
by Leif Jensen | Mar 12, 2018 | General |
The $10,000 cap on deducting state and local taxes is causing chaos. In an attempt to beat the deduction crackdown coming in 2018, many homeowners rushed out January to prepay 2018 property tax liabilities, in the belief they could deduct them on 2017 returns,...
by Leif Jensen | Mar 7, 2018 | General |
Do you need or want to apply for or renew a passport? Then you need to make sure that your taxes are paid up and current. The State Department can deny and has revoked U.S. passports of individuals with federal tax debts in excess of $51,000 and on whom...
by Leif Jensen | Mar 6, 2018 | General |
Surprise the Service’s private debt-collection program is off to a shaky start. A 2015 law called for the agency to turn over many inactive tax receivables to private debt collectors in an effort to recoup overdue taxes owed by taxpayers. The IRS began...
by Leif Jensen | Mar 5, 2018 | General |
Surprise, charity insiders who use funds for personal use can draw a huge tax penalty. The founder and chief executive officer of a 501(c)(3) tax-exempt organization used money in the group’s checking account to pay for a host of personal expenses (i.e....
by Leif Jensen | Feb 28, 2018 | General |
Making infrequent sales of real estate costs a taxpayer an ordinary loss. The seller, who was a real estate pro, first sought to develop land he owned. But after the development activities stalled and did not progress beyond the planning stage, he had put the land in...
by Leif Jensen | Feb 27, 2018 | General |
Surprise two tax payer find that taking your C Corporation’s losses on your individual return is a no-no. Two brothers who were the sole shareholders in a regular C Corporation which operated a cattle business deducted the firm’s losses on their 1040 returns. The...
by Leif Jensen | Feb 26, 2018 | General |
Individuals can e-file their federal returns at no cost, no matter their income, directly with the IRS. The Service has two options. If your 2017 adjusted gross income was $66,000 or less, you can prepare and e-file your return with no charge by going to...
by Leif Jensen | Feb 21, 2018 | General |
I have a few clients with banking issues… One client’s bank is holding cash for 48 hours regardless of where the money is coming from, even another account at the bank. Think about it, you move money from one account to another on the banks website and can’t touch...
by Leif Jensen | Feb 20, 2018 | General |
Years ago you incorporated your business. Did you get the binder package for your corporate books and records? Hopefully your answer is yes and that you have been having your at least annual meetings and maintaining your books and records (B&R). But If I had to...
by Leif Jensen | Feb 19, 2018 | General |
As a licensed CPA, I am required to obtain 120 hours of Continuing Professional Education (CPE). Four of those hours also have to be in ethics. Beyond the ethics, the CPE can be on almost any topic. The ICPAS had a program before their Accounting and Finance Show...
by Leif Jensen | Feb 14, 2018 | General |
In today’s world you need to be able to control your domain. I know that there are those who believe that a Facebook page is more important to your business than a domain. I personally disagree with that. A Facebook page defiantly has its place in your marketing,...
