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...
by Leif Jensen | Oct 31, 2016 | General |
Born from the Gaelic festival “Samhain” marking the end of the harvest season and into winter- the dark times and aided by Pope Gregory III’s “All Saints Day” and the Celtic “New Year”; comes “All Hallows Eve” or “Halloween”. Granted this is a streamlined...
by Leif Jensen | Oct 26, 2016 | General |
In another recent tax case it was decided that a lawyer’s malpractice won’t prevent penalties for a late-filed estate tax return. The executor hired an attorney to file an estate’s Form 706. But, unbeknownst to her, the lawyer was battling brain cancer and...
by Leif Jensen | Oct 25, 2016 | General |
I was reading an article recently regarding predictions on the end of the world. The article referenced an article in the New Yorker, but I have read about these prophecies before. Actually I have seen multiple movies and read a few books regarding all of these...
by Leif Jensen | Oct 24, 2016 | General |
As of July 1, 2017, Pub. Act 099-0637 became effective amending 805 ILCS 180 et seq. What does that mean? It means that now all LLCs are member managed unless the operating agreement specifically states otherwise. The operating agreement must also express...
by Leif Jensen | Oct 19, 2016 | General |
The illusion of the simple return, no one believes that their lives are as complicated as they are. We received a call at the beginning of October where a potential client was looking for someone to prepare their tax return. “Since the filing deadline on an...
by Leif Jensen | Oct 18, 2016 | General |
Have you used a budget for your household expenses? What about work? Have you ever gone through the budget process for your company or department? Yes, yes it is a fun process for one and all. I worked for one company that had just finished their budget...
by Leif Jensen | Oct 17, 2016 | General |
Recently my bank was robbed. Yes, the one where I make most of my deposits. Granted I knew there are still morons out there that think it is lucrative to rob banks, even in this day and age. So this rocket scientist was caught within 2 hours or so of the...
by Leif Jensen | Oct 12, 2016 | General |
My middle son asked the question, “What will the stock market do after the election”? I have to admit I do not have a clear indication what it may do. Frankly I don’t think the markets have had a clear plan for decades for after election directions. The last one...
by Leif Jensen | Oct 11, 2016 | General |
Passwords have been an issue for quite a while now and the situation does not seem to be getting any easier of less complex. Initially short passwords were used and no one used any creativity, they used birthday, anniversaries or other special days. Making them...
by Leif Jensen | Oct 10, 2016 | General |
With the next major shift on the economy will be the Internet revolution. I have questions as to how this will work. Since we have just had a large bank and airlines get hacked, Yes I believe the Wells Fargo, Delta Airlines, Southwest Airlines, and American Airlines...
by Leif Jensen | Oct 5, 2016 | General |
Before Tim Berners-Lee invented the World Wide Web for the Internet, a business’s location was generally limited to its brick-and-mortar office or storefront. The WWW and the internet are now considered one and the same, by most. Allowing the Internet to created new...
by Leif Jensen | Oct 4, 2016 | General |
The calculation of basis has always been required and sometimes not as clear to some as it should be. When you take on an investor and sell a portion of your company. You are giving up your rights to those shares and possibly your autonomy to run the business as you...
by Leif Jensen | Oct 3, 2016 | General |
“In the future, everyone will be world-famous for 15 minutes” – Andy Warhol The source of the quote may be contested, but the idea is solid. It seems that now days everyone seems to think that they are special and unique in every aspect. Otherwise why...
by Leif Jensen | Sep 28, 2016 | General |
Do you owe the IRS over $50,000? As part of the FAST Act, the State Department can revoke, deny or limit passports for anyone the IRS certifies as having a seriously delinquent tax debt in an amount in excess of $50,000. With modifications to air travel and an...
by Leif Jensen | Sep 27, 2016 | General |
Do you do an annual budget for you company? I have the belief that a business owner should have an understanding on where their money is coming from, who their money is coming from and when their money is going to come in. From the opposite side of the ledger, they...
by Leif Jensen | Sep 26, 2016 | Case Study |
There is an old business saying, “If you are not growing, you are dying”. In many regards this saying is correct. All businesses are trying to grow. Even those who want to only maintain their current status need new clients to replace those who fall off;...
by Leif Jensen | Sep 26, 2016 | General |
I have a few of clients that are examining opportunities that would force them to give up equity stakes in their companies. One client is looking for ways to increase his business base. While on vacation he met a gentleman that was between assignments and appeared to...
