by Leif Jensen | Feb 18, 2015 | General |
There seems to be a growing concerned that the government will wind up with sensitive data about individuals and corporations if they’re forced to share information with the government. There are real fears that the government cannot be counted on to protect that...
by Leif Jensen | Feb 17, 2015 | General |
Last year during tax season I warned a few clients about concerns of what I was seeing in their financial portfolios. In the distant past I worked for a couple of firms that wanted an anal CPA to handle the compliance for their advisors. So when I see things that...
by Leif Jensen | Feb 16, 2015 | General |
I have several clients who need to fine tune their sales departments. The problems are varied and their solutions are unclear. The first one has several sales people who do not seem capable of meeting the targets set before them. Their response is the quality of the...
by Leif Jensen | Feb 11, 2015 | General |
In the past Microsoft held Small Business Summit’s. Granted a large portion were essentially commercials for Microsoft products. But you could pick and chose what portions to view. Initially they had very interesting presenters; I found them well worth my time. I...
by Leif Jensen | Feb 10, 2015 | General |
I am working with a client who is looking for an investment business. They are looking for something to place some inheritance funds. We have discussed some of the options that I am aware that others have chosen. None of those options seem to be reasonable choices...
by Leif Jensen | Feb 9, 2015 | General |
I was reading an article that was arguing against networking and in favor of building friendships. I believe the writer of the article does not completely understand the purpose of networking. The author is not alone, in the past I have been apart of networking...
by Leif Jensen | Feb 4, 2015 | General |
Private letter rulings and their fees The basic fee to get a private letter ruling from IRS is soaring to $28,300 for requests received by the agency after Feb. 1, 2015. The current levy is $19,000. The charge is much lower for taxpayers with gross income of less than...
by Leif Jensen | Feb 3, 2015 | General |
The IRS took a disabled veteran to court over his claim as a real estate professional. The veteran who owns an apartment house, he lived next door to the building and did all landlord duties. Such as making repairs, hauling trash, communicating with tenants and...
by Leif Jensen | Feb 2, 2015 | General |
In a recent court decision an attorney’s malpractice will not avoid a late filing penalty. An executor diligently hired a lawyer to file an estate’s 706 (why they did not hire a CPA is the true question). Unbeknownst to the executor, the attorney was battling brain...
by Leif Jensen | Jan 28, 2015 | General |
S corporations that file late returns face a stiff fine of $195 for each month late, up to a maximum of 12 months, multiplied by the number of shareholders in the firm. So where a one-owner S company lacked reasonable cause for filing 11 months late, the Tax Court...
by Leif Jensen | Jan 27, 2015 | General |
A tremendous amount of thought and energy is going into a potential way to revamp the corporate tax system. With subsequent changes to the individual tax rates, there is alarm with many experts. It is believed that corporate tax reform needs to be paired with an...
by Leif Jensen | Jan 26, 2015 | General |
As we all know, many workers’ had a goal of retiring at 65 or sooner. Unfortunately the lack of preparation savings and the “Great Recession” delivered a severe blow to these people’s balance sheets as well as to their plans of retirement. It now seems that fewer than...
by Leif Jensen | Jan 20, 2015 | General |
I was watching a new program recently, in which a politician was being interviewed. Since this interviewee was a Democrat I was surprised when they cautioned that government needs to be diligent as to where government should be expending resources. The interviewee...
by Leif Jensen | Jan 19, 2015 | General |
It has been expressed in the news that the filing season in 2015 for your 2014 taxes will be one of the most trying in years; according to the IRS Commissioner. The IRS will be understaffed and will not be available to all, for assistance if answering questions to...
by Leif Jensen | Jan 14, 2015 | General |
As a small business owner I know how important great staff is to the success of a business. But the impact of those employees that are not great and their impact on the business are terrifying at some levels. An assistant who does not keep up on client follow-ups A...
by Leif Jensen | Jan 13, 2015 | General |
It seems that entrepreneur bachelor degrees are in the news. A number of Ivy League institutions are in the process of revamping their tired entrepreneur bachelor degrees. More and more Millennials believe that the way to make their fortune and pursue dreams of...
by Leif Jensen | Jan 12, 2015 | General |
The interconnection of everything in our lives especially from our work to our homes and vehicles through the internet of things is the vision of the future. Consider your refrigerator e-mailing you that you need milk. Having the house thermostat recognizing your...
by Leif Jensen | Jan 6, 2015 | General |
I was reading an article that was spelling out steps that entrepreneurs should be doing differently to get started. This is one of those articles that have 5 steps spelling out in big letters just what should be done. Basically all of the points told the same point,...
by Leif Jensen | Jan 5, 2015 | General |
I am working with a young client who realizes that they have been making some mistakes with their money. This is an interesting issue, especially since I am aware of those much older in exactly the same situation. As expected there is limited income, credit card debt...
by Leif Jensen | Jan 2, 2015 | General |
If your spouse passes during the year; both are considered married for the entire year and for filing status purposes. Now if the surviving spouse remarries before the end of the year, the dead spouse if forced to have a tax return filed on their behalf as “Married...
