by Leif Jensen | Apr 22, 2015 | General |
I have a client who was having some financial challenges. The couple had over extended themselves and created a harmful tax liability, all while being taxed at a high marginal tax rate. So at one point the couple’s family tried to help. But with one hand they giveth...
by Leif Jensen | Apr 21, 2015 | General |
I have a client that was flabbergasted by the response from a candidate for a newly crated CEO position. As a small company looking for future growth they pulled together a package that was modest in the beginning but became much more generous as the position...
by Leif Jensen | Apr 20, 2015 | General |
This tax season was a bit of an eye opener. There were a few clients that had received an additional PIN number from the IRS because their privacy had been compromised. We were also made aware of a client whose employer’s information was compromised and they would be...
by Leif Jensen | Apr 14, 2015 | General |
I work with a sub-lessee of some space. Their agreement is up shortly and it looks like they will be staying put. What makes this amusing in my mind is that the lessee and the sub-lessee have been in the same space for over ten years. The amount of money spent in...
by Leif Jensen | Apr 13, 2015 | General |
All small businesses go through cycles where there are ups and downs. When the cycles are on an upswing more space may be needed and less when there are down swings. I personally am a believer in owning the space where you run your business. I have seen a number of...
by Leif Jensen | Apr 7, 2015 | General |
2014 was a trying year for a number of client’s families. Family members had passed, but luckily they seemed to have prepared well and had plans in place. I am finding that this is not always the case with some younger clients or some of the older clients. As usual...
by Leif Jensen | Apr 6, 2015 | General |
I was at a family party and a show was on the TV that I had never seen before. It was about “expert consultants” coming in and fixing bars. This lead to a discussion, about how some business owners are their own worst enemy. I explained that I have clients who...
by Leif Jensen | Apr 3, 2015 | General |
Earlier this week I ranted about the loss of information from Joe Berrios’s Cook County Assessor’s website. Last week they had removed the ability to search for a Property Tax PIN number by address. All searches needed to have a PIN. Not a great thing when you are...
by Leif Jensen | Apr 1, 2015 | General |
It seems that t IRS is planning on focusing on real estate foreclosures, discharged debts and short sales. The IRS has issued a new audit guide that instructs agents on tax issues to look for. They will be verifying whether the taxpayer have gains from a waived debt...
by Leif Jensen | Mar 31, 2015 | General |
This is turning into a surprisingly difficult tax season. It does not seem to matter whether it is a new client or a client with whom we have worked for a decade. We have experienced incorrect basis on 1099-B’s. We have had a 1099-R that did not include nor record a...
by Leif Jensen | Mar 31, 2015 | General |
When it is time to vote for politicians , especially those whose who impact my profession life get the thumbs up or thumbs down based upon how they have impacted me personally and professionally. Joe Berrios the Cook County Assessor has just lost my vote and should...
by Leif Jensen | Mar 24, 2015 | General |
I was meeting with a prospect and was reviewing their financials. Their business did not appear to be so successful; it had not made money for a number of years. Their personal also was bereft of income. Not the likeliest candidates for a bank loan. But when I was...
by Leif Jensen | Mar 23, 2015 | General |
This time of year is special, in that I basically get to touch base with everyone of my clients. When one was in to drop off his family’s paperwork we chatted a bit. He had just changed professions and finally gotten a new full-time job in a new profession. I asked...
by Leif Jensen | Mar 18, 2015 | General |
I was meeting with a client and we were discussing the financial situation of Illinois and Chicago. My client knows a number of people who have a personal knowledge of the debts of the difficulties with both entities. As we are all aware there is no simple solution...
by Leif Jensen | Mar 17, 2015 | General |
It seems that others are finally under the realization of what I have been saying since the ACA became law. The “Cadillac” tax on health insurance may jokingly become the “Chevy” tax. The 40% excise levy starts in 2018 on high-cost insurance coverage: those above...
by Leif Jensen | Mar 16, 2015 | General |
Kiplinger is pointing to what are considered robust job gains in February to show justification that the economy is getting stronger and that this should help put such thoughts to rest. Last month brought the creation of 295,000 jobs; this apparently exceeded...
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...
