by Leif Jensen | Mar 11, 2015 | General |
I have just met with a client that is throwing in the towel. They are starting to determine the process of how their business will be shut down. This will have to be a difficult process with multi prongs of attack. There are employees that will need to be...
by Leif Jensen | Mar 10, 2015 | General |
I don’t know if it is just me or if this is the way it always is. But when I am in the office alone, there always seem to be an emergency or three that I need to address all at once. I am sitting here on a Friday and I am the only one in the office today and I have...
by Leif Jensen | Mar 9, 2015 | General |
I had a meeting where we were reviewing a couple’s joint tax return prior to submission. During the conversation, I was informed that while they were a relatively new startup company, they had received an offer to purchase their company. The offer was reasonable. No...
by Leif Jensen | Mar 4, 2015 | General |
As happens every year, I had a meeting with a W-2 couple who were unhappy with the amount of their income tax liability. The clients’ earnings are sufficient to trigger all of the phase-out’s and are now subject to the wonderful new taxes that have been created just...
by Leif Jensen | Mar 3, 2015 | General |
Taxpayers are seemingly in the clear for the government’s own screw-ups. The Internal Revenue Service decided that they will not try to collect additional taxes from those taxpayers who have already filed their taxes after receiving incorrect information from the...
by Leif Jensen | Mar 2, 2015 | General |
It seems that the previous generations (Baby Boomers and Gen Xers, but mostly Gen X) are having some difficulties relating and managing their employees who are classified as Millennials or Gen Y. Generation Y is considered anyone who was born between 1980 and early...
by Leif Jensen | Feb 25, 2015 | General |
I am not sure why, but there seems to be a number of articles in various publications about how to run and act in meetings. Some have been ridiculously basic and at least one had some interesting ideas, or at least ones I agree with. The funny thing is I have a client...
by Leif Jensen | Feb 24, 2015 | General |
The IRS has issued their 2015 listing of their “Dirty Dozen”. These are the most prevalent tax scams that are impacting our country. I have written a few times regarding the first one: the phone scams. These people have called me personally and I have called them...
by Leif Jensen | Feb 23, 2015 | General |
The IRS has set the top penalty for those who go without health coverage this year. The individual mandate’s tax for being uninsured is typically the higher of two figures: The basic fine or an income-based levy. The basic penalty for 2015 is $325 a person ($162.50...
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...
