by Leif Jensen | Nov 1, 2017 | General |
Worker classification continues to remains a priority for the IRS. The Service continues to seek back taxes and issue penalties to firms that have wrongly treated actual employees as independent contractors. Unreported and underreported employment taxes continue to...
by Leif Jensen | Oct 31, 2017 | General |
Surprise the IRS is looking for filers who claim large charitable deductions. In the case of the big-game hunter, who found out after he took a $1.45 million write-off for animal hides, skulls, horns and other hunting specimens he donated to charity. His stance was...
by Leif Jensen | Oct 30, 2017 | General |
The airlines have been implementing lower and lower fares; they can be good for consumers. But to recoup those monies, we all need to beware of unexpected fees they are imposing when we travel on a basic economy fare. These new bare-bones fare, recently rolled out by...
by Leif Jensen | Oct 25, 2017 | General |
An individual found a tax preparer who promised him a refund of approximately $20,000 and charged him 20% of the refund amount as a fee. Probably up front as well. The preparer attached a fraudulent Schedule C to the return, which showed a $54,000 loss, even though...
by Leif Jensen | Oct 24, 2017 | General |
Surprise there is a lawsuit against Equifax. The lawsuit accused Equifax of failing to implement reasonable procedures to protect the information and for failing to notify victims of the breach in a timely manner The hacked information included names, full Social...
by Leif Jensen | Oct 23, 2017 | General |
There has been a lot of talk in the media about the difficulties of finding employees. One of the main problems in finding qualified employees is turning out to be drug addiction. Surprise drug addiction is apparently widespread. Because of this up to 25% of job...
by Leif Jensen | Oct 18, 2017 | General |
The advertising landscape has been changing for the better and worse for small businesses. Mobile ads are growing fast, but they don’t work well for all products and services. Especially those that require something more than a simple click of a button Accounting and...
by Leif Jensen | Oct 17, 2017 | General |
Currently we have two giants that dominate the new ad world; Google and Facebook . Between the two of them they control about two-thirds of all digital ad spending; Facebook only controls18% of the market, while half is under Google icy grip. They...
by Leif Jensen | Oct 16, 2017 | General |
I am working with a client that will be closing its business down because they did not follow all of the necessary rules and closing the company is easier than dealing with the resulting consequences according to their attorney. They already have a new company...
by Leif Jensen | Oct 11, 2017 | General |
During a meeting a client was sharing their spouse’s situation. Their company had been small for a long time and make really good money. Then the decision was made to go bigger. They made the infrastructure changes and bulked up the support staff in...
by Leif Jensen | Oct 10, 2017 | General |
I was having lunch with someone I have done business with before. They had been able to assist where those who were supposed to help me would not. So I was surprised when he had left the company, because it was not for another position with another company. When we...
by Leif Jensen | Oct 9, 2017 | General |
This year some of our clients have been taking longer to get us their information. This is not a good trend; we only have so much capacity beyond our existing monthly work. Not to mention this is when some of us take our vacations. At the beginning of August,...
by Leif Jensen | Oct 4, 2017 | General |
A client’s business has been going through a bit of a transition lately. So we pulled together a monthly and annual listing of their data going back four years; this was to ease the monthly comparison for longer term trends and the annual was just for more basic...
by Leif Jensen | Oct 3, 2017 | General |
A client recently received an audit letter. The IRS apparently did not like the fact that they were able to deduct medical expenses. Now the letter stated that they were also looking into their charitable deduction and mortgage interest. But the IRS receives...
by Leif Jensen | Oct 2, 2017 | General |
With a quarter of the year remaining, now is the time to look towards the year end for tax issues and year end planning. First businesses should be making sure that they have valid up to date W-9’s for all of the Independent Contractors that they utilize. I am also...
by Leif Jensen | Sep 27, 2017 | General |
At times it seems that I have the same conversations over and over again. This occurs when I am meeting with someone who wants to start a business and they already have a preconceived business entity in mind. For those who have been around the block a few...
by Leif Jensen | Sep 26, 2017 | General |
I have a client that is frustrating the hell out of me. A couple of years ago the clients stopped receiving rent checks on their rental property so there was no return on investment (ROI). I strongly encouraged them to address the issue immediately. I was...
by Leif Jensen | Sep 25, 2017 | General |
I have recently opened an account to start a dividend investment strategy. The focus of this account is maximizing the yield of the account. One stock that I have in the account is Oxford Lane Capital; I bought a 100 shares at $109.48. But I am currently looking...
by Leif Jensen | Sep 20, 2017 | General |
I recently rewatched the movie “The Founder” the biopic of Ray Kroc and the beginning of McDonalds. What truly struck me was that originally the initial costs of a McDonald were minimal. The franchises were achievable for lower middle class people. ...
by Leif Jensen | Sep 19, 2017 | General |
“I think the great leaders find partners who basically can exploit their weaknesses but not, kind of, dance on their strengths. Instead of hiring weaker versions of themselves they hire people that are tremendous experts at what they’re not.” – Donny Deutsch ...
