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,...
by Leif Jensen | Feb 13, 2018 | General |
I have a couple of clients who decided to design and build their own website. Now they are not the typical creative type. But the results are interesting. They both used website template was provided by their hosting company. They dropped in the images and text....
by Leif Jensen | Feb 12, 2018 | General |
Occasionally I will get a rogue e-mail from the spouse of a client. I am usually taken aback by this. Since most if not all communication typically comes from the client running the business. Now, I have suggested that potential client not move forward with their...
by Leif Jensen | Feb 7, 2018 | General |
As many of you are well aware several restaurant chains have Ziosk devices on their tables. I have to say I am not a fan. I don’t want to play a game if I am with someone. I like to have wait staff employed at restaurants and places I frequent. Also, most of the...
by Leif Jensen | Feb 6, 2018 | General |
We have a client that came to us with a problem. They had done their own taxes for 2014 and 2015. They were Turbo-Tax users. In 2014 they had made an extraordinary contribution to their church, but because of their use of Turbo-tax, the software defaulted to the...
by Leif Jensen | Feb 5, 2018 | General |
My wife and I were thinking of seeing the movie “Darkest Hour” but it was not playing at an AMC theater. We are surrounded by AMC theaters only (Niles, Mt Prospect, Rosemont, and Schaumburg). Never mind that I resent coughing up money to China to see a US film; but...
by Leif Jensen | Jan 31, 2018 | General |
Is it true that the biggest reason for wealth inequality in the U.S. is that many Americans are uninformed about investing? Granted research has shown that the pre-tax income for the bottom 50% of earners in the U.S. has dropped since the 1980’s. And a full 36% of...
by Leif Jensen | Jan 30, 2018 | General |
You always need to be sure whom you do business with as the details of this court case show. Of you have partners have an operating agreement even in an S-Corp. A locked-out shareholder has to report her share of S corporation income on here individual return. A...
by Leif Jensen | Jan 29, 2018 | General |
If you have a side business, there are things you should be doing to ensure that the business is not a hobby. A ranching operation that lost millions is not a hobby, according to the Tax Court. A man who ran the venture in addition to his day job as an economist is...
by Leif Jensen | Jan 24, 2018 | General |
Huzzah! Small employers get guidance on health reimbursement arrangements. A 2017 law lets eligible firms, defined as those with fewer than 50 employees that don’t offer group health insurance, to reimburse workers for health insurance and medical expenses if they...
by Leif Jensen | Jan 23, 2018 | General |
When I meet with clients, I like to take a holistic approach to their business. Yes, we review their Financial Dashboard: reviewing the various metrics, as well as the prior year comparisons and industry comparisons if pertinent. But I also spend time discussing...
by Leif Jensen | Jan 22, 2018 | General |
Barkly.com in 2017 shared the following information on small business cyber-attacks. Small to medium sized businesses typically pay the ransomware for the release of their data. The average ransom demand was $1,077 22% of the businesses that experienced the ransomware...
by Leif Jensen | Jan 17, 2018 | General |
We had a call come in from someone we did not know. They were unemployed for over a year, but received health insurance from the ACA exchange. They were getting the subsidy and did not want to have to pay it back. So they were looking for ways to show income without...
by Leif Jensen | Jan 16, 2018 | General |
I was at a seminar and during it the Symantec 2017 survey of “Industry Cyber Targets” was shared. This is the top 10 sectors breached by the number of incidents; the data was based upon 2016 occurrences. Rank Industry Breaches Percentage 1 Services 452 44.2% 2...
by Leif Jensen | Jan 15, 2018 | General |
The old saying goes “Our new Constitution is now established, and has an appearance that promises permanency; but in this world nothing can be said to be certain, except death and taxes.” The IRS is proving this point. The IRS has also made a modification to this. ...
by Leif Jensen | Jan 11, 2018 | Uncategorized |
Your money isn’t always safe at the bank. A bank teller withdrew thousands of dollars from customers’ accounts without their permission, and deposited them in her personal account. Why a bank hired someone with an arrest record of fraud is beyond me. It gets worse....
by Leif Jensen | Jan 10, 2018 | General |
Last tax season we picked up a new client. The client had moved a couple of miles to a new location. In doing so, their prior CPA stated that they could not travel that far to continue to work with them. Basically the client was fired from the prior CPA and not aware...
