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...
by Leif Jensen | Jan 27, 2016 | General |
This is a topic that I have been reading about for years. Actually the first time I did it was 100 years ago in a “Spenser” novel by Robert B. Parker. The bad guys had a roof garden on top of their fortified building to feed the gang and minimize the need to leave...
by Leif Jensen | Jan 26, 2016 | General |
There seem to be new metrics in place to value and evaluate businesses. I have heard this referred to as the “Unicorn Syndrome”. There are mythical valuations of businesses that have special valuations that are defying traditional measures. Some of those named in...
by Leif Jensen | Jan 25, 2016 | General |
I remember when I was in High School each year when we got our yearbooks there was one coach who used his H.S. Graduation photo for his picture for the yearbooks. It was ridiculous and we all laughed at the idea that this was how he represented himself, even back...
by Leif Jensen | Jan 20, 2016 | General |
A number of businesses have prided themselves on their youth culture, filing their ranks with Millennials, slowly forcing out the Gen X’ers and Boomers. Now in some circles as the Millennials who are near or over 30 are feeling the gentle hand on their backs pushing...
by Leif Jensen | Jan 19, 2016 | General |
The IRS has announced a new guideline for restaurants and retailers who refresh their premises every 5 to 10 years. They are now able to deduct 75% of their costs under the safe harbor, beginning January 1, 2014. The remaining 25% needs to be capitalized. Typically...
by Leif Jensen | Jan 18, 2016 | General |
Auto enrollment is a relatively new idea to businesses. Once hired after the probationary period employees are automatically enrolled into the company’s 401K Plan. As no surprise this practice does increase employee participation in retirement plans. A recent study...
by Leif Jensen | Jan 13, 2016 | General |
According to a new Government Accountability Office (GAO) analysis finds that among households with members aged 55 or older, nearly 29 percent have neither retirement savings nor a traditional pension plan. My typical business client does not fit in this category. ...
by Leif Jensen | Jan 12, 2016 | General |
Typically if the trust document is the road map as to how the deal with the issues that arise from running the trust. If the document is silent as to a point (Trust Situs) the state’s governing laws take effect. So if a trust does not specifically make mention of a...
by Leif Jensen | Jan 11, 2016 | General |
Fiduciary Accounting Income (FAI ) is unlike taxable income or GAAP income, which is why most trustees hire CPA to deal with 1041’s instead of tackling it themselves. Occasionally tax practitioners have difficulties with this concept as well. Interest on a municipal...
by Leif Jensen | Jan 6, 2016 | General |
Unfortunately I have a client that is in an unusual position. They want to minimize their taxes, but December is too late to effectively plan for them. They make a reasonable amount of interest income. But, they get a lot of dividends and a lot of capital gains. ...
