by Leif Jensen | Apr 1, 2016 | Case Study |
This one is a bit atypical to explain, but I will give it a whirl. I handle the books for a business, simple enough. I handle the personal taxes for one of the several owners. One of the owners for whom I do not handle their personal taxes has requested...
by Leif Jensen | Mar 9, 2016 | General |
I have to admit that there are projects that I plan on doing it myself and there are others that terrify me or I just don’t do well and so I hire the professionals to address. Typically from the outside looking in they probably do not make any sense. Like I have...
by Leif Jensen | Mar 8, 2016 | General |
At some point Maine West HS in District 207, made a change that has me scratching my head at to what is wrong with these people. In the back entrance of the school where the police assist drivers in and out of the parking lot for safety, drivers are no longer able to...
by Leif Jensen | Mar 7, 2016 | General |
I have never done the ROI on solar panels. I probably should, I typically am that anal about wanting to know why people do what they do. I bring this up because a neighbor across the street has 9 solar panels facing south on their roof. The house it tiny so they...
by Leif Jensen | Mar 2, 2016 | General |
At this time of year I get to talk to more people about what they are doing and how they are doing it. People seem to be more open, or possibly so overwhelmed that their guards are down and they answer more freely. So I have been asking if they use financial...
by Leif Jensen | Mar 1, 2016 | General |
I was talking to an employee of a client and they were bragging on how they didn’t need professional help preparing their tax return. They purchased a box to prepare their return at Sam’s Club or Costco and they were ready to prepare all of the families returns. This...
by Leif Jensen | Feb 24, 2016 | General |
In a recent tax court case a company’s CEO and CFO were found liable for its past-due employment taxes, according to the appeals court. Although both officers began working for the firm after it fell behind on its payroll taxes, they discovered the full extent of the...
by Leif Jensen | Feb 23, 2016 | General |
In a recent court case it was determined that using an S corporation to rent realty to a related firm does not pay off from a tax perspective for a couple who owned all of the stock in both companies. They had their S firm lease a building to their regular...
by Leif Jensen | Feb 22, 2016 | General |
Caution should be used by a trustee in regards to tax issues. Recently in making trust distributions, a trustee ran afoul of the IRS while taxes were due according to a federal court. After setting up a trust for his kids with stock options that his wife had earned....
by Leif Jensen | Feb 17, 2016 | General |
Are you a trader or an investor? This assuming that you do a number of financial transactions throughout the year. The distinction can be significant for tax purposes. Factors that separate traders and investors: Traders engage in frequent buying and selling, usually...
by Leif Jensen | Feb 16, 2016 | General |
Have you tried contacting the IRS is the last year or so? If you have you know that the hold times easily reach an hour and that a 35% hang up rate is acceptable to IRS managers. But that is destined to change (evil laugh), the plan is to make reaching the IRS’s...
by Leif Jensen | Feb 15, 2016 | General |
I have a client who has an employee looking to go on maternity leave. The employee was asking how much time they could work under the table while they were on maternity leave. The client is aware of the dangers of this on a multitude of levels. So this is not going...
by Leif Jensen | Feb 10, 2016 | General |
I was talking to an employee of a client and we were discussing how he does his and his families taxes. I was asking with whom does he talk to about any longer term planning. The software box apparently is not interactive, so none of them have any tax planning in...
by Leif Jensen | Feb 9, 2016 | General |
The IRS have now been given authorization to revoke or to not allow the State department to renew your passport, if the Service determines that you are whom they consider to be “seriously delinquent” in paying your taxes. Apparently the garnishment of wages and...
by Leif Jensen | Feb 8, 2016 | General |
For those who have been breathlessly waiting, employer reporting of worker health coverage has started! Beginning in 2016, companies with 50 or more full-time-equivalent employees must use IRS Form 1095-C to report 2015 insurance data for each full-timer to the...
by Leif Jensen | Feb 3, 2016 | General |
As time passes more and more employers are becoming subject to the health reform law’s employer mandates. Starting in 2016, every company with at least 50 full-time-equivalent employees are required to offer affordable health coverage to full-timers and their...
by Leif Jensen | Feb 3, 2016 | General |
Good afternoon everyone, Today I received 5 calls from different clients informing me that their homemaker from Cure Home Care advised them that today would be their last day of service. The reason given was that Cure was not able to pay their employee salaries any...
by Leif Jensen | Feb 2, 2016 | General |
Airport Security will be even more fun at O’Hare shortly. The feds are expected to implement their rules in 2016 only allowing drivers licenses that have security features such as holograms as valid ID for passing through security. Looking at my driver’s license I...
by Leif Jensen | Feb 1, 2016 | General |
There are 70 million kids born after 1998. They are expected to start making their mark. They are defined as those who have never known the internet to not be widely available and necessary. Gen Z-ers are expected to continue to challenge merchants, and eventually...
by Leif Jensen | Feb 1, 2016 | Case Study |
Imagine making $250,000 a year in your business. Your business pays all of your business and household bills, including car payments. In other words, your business covers every aspect of your living expenses. Also, you never have to pay a nickel in FICA, federal taxes...
