by Leif Jensen | Dec 19, 2016 | General |
DO you have a financial plan? If so when was it originally done? When did you last have it updated? How often should you have it updated? The answer to some of these questions in my mind actually rests with how close you are to retirement. I am aware of...
by Leif Jensen | Dec 14, 2016 | General |
We are working with a new client that had themselves set-up as an LLC. A Sole LLC! A Sole LLC is a disregarded entity as far as the IRS is concerned. They are required to file a Schedule C with their personal tax return. This is also an entity type that I am...
by Leif Jensen | Dec 13, 2016 | General |
In a recent case a married couple had their gambling losses disallowed due to their shoddy recordkeeping. They were not able to use their gambling losses to offset winnings, according to the Tax Court. The couple worked as house poker players at a...
by Leif Jensen | Dec 12, 2016 | General |
The IRS is out there attempting to catch tax cheats. I just read about on way in which they were successful. The IRS has agents go under cover posing as prospective buyers of a taxpayer’s business. It seems that this was done in order to get the seller to reveal that...
by Leif Jensen | Dec 7, 2016 | General |
What is your management style? Long ago I was interviewing with a very timid Controller. I remember her as a very mousey person, very unsure of herself, especially since she was hiring a peer. If I remember it correctly she was going to become Treasurer and...
by Leif Jensen | Dec 6, 2016 | General |
We have had some clients pass recently. Some were surprises other were as expected and can be. What we all need to do is have a plan or as much of a plan as possible for these circumstances. There should be wills, trusts and estates set up and funded. ...
by Leif Jensen | Dec 5, 2016 | General |
Now that the election is over and all the liberals are complaining, there continues to be talk of moving out of the US. One if you can find a country that will take you. It is not as easy to setup a household in another country as you may believe. The US may...
by Leif Jensen | Nov 30, 2016 | General |
To incorporate of not to incorporate… If you are a “Trader” there are a number of issues that exist before you. One that may have the most impact on your tax situation may be where or not you incorporate or not. There are distinct benefits to...
by Leif Jensen | Nov 29, 2016 | General |
I am currently reading the latest book in the continuation of the Tom Clancy series. In the novel, the Russian President is looking to move $8 Billion dollars out of Russia and into secret accounts and a Bitcoin launderer is being used to obscure the trail from any...
by Leif Jensen | Nov 28, 2016 | General |
I was finally cleaning my office and I stumbled over a “Code of Ethic” that I printed off the internet. This came from Frank Abagnale’s website. I have heard him speak a couple of times in the past and he mentioned this “Code of Ethics”. As a firm of CPA’s we...
by Leif Jensen | Nov 25, 2016 | Case Study |
What motivates you? Is it the typical trio; money, wealth or power? In other words, why do you do what you do for a living? I was asked this question recently at a software convention, where a number of sessions were structured around this question. I am...
by Leif Jensen | Nov 22, 2016 | General |
I have a client who has a few employees, but refers to one in particular as a blue collar office worker. Apparently this employee will not start until it is exactly the time to start the day. They also end the day exactly on time as well. It does not matter...
by Leif Jensen | Nov 21, 2016 | General |
There are certain jobs that are created that were never meant to support a family on. They were ways to make some extra cash or provide part time employment for kids to have some cash. I believe McDonald’s jobs were created with this in mind. The owner’s...
by Leif Jensen | Nov 15, 2016 | General |
I was watching a television program were it was stated that all cons are variation from seven basic principles. So hearing this I was curious. Especially with the number of scams and cons that where we are bombarded with e-mail scans to IRS fraud calls or calls...
by Leif Jensen | Nov 14, 2016 | General |
When was the last time you needed an application that can spot a counterfeit bill? Or assist in picking a piece of ripe fruit? Well you will have it soon! A researcher at PARC, part of Xerox, has developed a way to use cheap camera tech to detect wavelengths of...
by Leif Jensen | Nov 9, 2016 | General |
We just started working with a new client. She is a pleasant elderly woman who has been preparing her taxes for years. In the past she worked for H&R Block and then another tax preparer. She was referred to us from her banker and her financial advisor....
by Leif Jensen | Nov 8, 2016 | General |
In a recent study from the Institute of Legal Reform, it was found that consumers who participate in class action lawsuits typically recover little to nothing as a result of the litigation. In more than half of the class actions filed, class members receive...
by Leif Jensen | Nov 7, 2016 | General |
Retirement planning has never been easy, unless your plan was to drop dead at work. But, if you happen to be one of those who do experience a financial shock, it may have the ability to deplete your savings by 25%. But, now it seems that pre-retirees can...
by Leif Jensen | Nov 2, 2016 | General |
The IRS seemingly has thrown up their hands and admitted defeat. They will be outsourcing aspects of the debt-collection program. This new enterprise is expected to be up and running in spring of 2017. A law passed last year calls for the IRS to turn over many...
by Leif Jensen | Nov 1, 2016 | General |
In a recent court case an estate gets a theft loss for assets invested with Bernie Madoff. The decedent who owned 99% of a limited liability company whose only asset was an account with Madoff. After his death and before the filing of the estate return, the LLC-owned...
