by Leif Jensen | Nov 25, 2014 | General |
I was reading an article that I admit surprised me. It seems that our Constitutional rights for self incrimination do not extend to the use of our fingerprints. A Virginia court case had a judge rule that the police, who suspected incriminating evidence on his...
by Leif Jensen | Nov 24, 2014 | General |
As usual, now that an election has occurred some thoughts turn to tax reform. Not that the idea is ever too far away. The current idea is to revamp just the tax rules for corporations, though most believe that this will go nowhere. But there is bipartisan agreement...
by Leif Jensen | Nov 18, 2014 | General |
I recently had a discussion with a client concerning some year end tax planning. He was talking to his financial advisor about converting some of his Traditional IRA into a Roth. The idea behind this is some early estate planning. His assets are positioned in such a...
by Leif Jensen | Nov 17, 2014 | General |
It looks like in the not too distant future we will see the debut of fifth-generation cell phone networks, or 5G. With this next generation we will have voice and data speeds more than 10 times as fast as the current 4G mobile speeds and capable of matching...
by Leif Jensen | Nov 11, 2014 | General |
I have heard some interesting responses to the Illinois Minimum Wage Increase Question that was on the November 4, 2014 ballot as an advisory question. This was basically a non binding referendum which was approved. The measure asked voters whether they supported...
by Leif Jensen | Nov 10, 2014 | General |
A few years ago I had a client come to me and state that they were thinking of retiring in the not too distant future. They had worked for their own business and did not have enough fiscal quarters in to be eligible for Social Security. At this point I suggested a...
by Leif Jensen | Nov 10, 2014 | General |
Clay Christensen has predicted that half of universities will go bankrupt in the next 15 years. This is a bold statement to be sure. In A recent Business Insider interview he elaborated a bit on his thought process. “I have made an observation that relates to this....
by Leif Jensen | Nov 5, 2014 | General |
Last week, I was at a fraud seminar presented by US Bank. The presenter was a retired FBI agent, as well as an excellent presenter. A few of the precautions that he stressed were the electronic receipt of bills from vendors, as well as the processing of payments...
by Leif Jensen | Nov 4, 2014 | General |
We continue our search for the opportunity to grow our practice through purchases. At the beginning of the year we picked up part of a small practice from an Enrolled Agent. We have also made arrangements to pick up a very small practice from one of the many 87 year...
by Leif Jensen | Nov 3, 2014 | General |
As we start the wind down of the year. Now is the time to act on tax issues and year end planning. Businesses should be making sure that they have valid up to date W-9’s for all of the Independent Contractors that are utilized. I am also talking about those whom...
by Leif Jensen | Oct 28, 2014 | General |
I have a couple of clients who have employees that either were looking to get out, or are looking to get out, but are finding that the getting out portion is not as easy as they thought it would be. There are a number of factors at work here, and they are not typical...
by Leif Jensen | Oct 27, 2014 | General |
It was my understand that as a result of the boom created by the first and second industrial revolution the opportunity to create a growing and somewhat stable middle class was born. I was also under the belief that in the 1970’s this wave started to peter out and to...
by Leif Jensen | Oct 22, 2014 | General |
In a recent case involving a long series of losses did not trigger the hobby loss disallowance rules. The case of an artist had losses in 18 out of 20 years. Although she was a full-time art professor, while she spent a lot of time on her art career, creating 2,000...
by Leif Jensen | Oct 21, 2014 | General |
There has been a long-honored (?) concept among personal finance gurus: The money you spend on small purchases, say, a latte every day or so, could be redirected towards huge savings on a compounded basis. You are encouraged to look at the hundreds of thousands of...
by Leif Jensen | Oct 20, 2014 | General |
Firms still need to worry about getting caught by the 40% excise tax on “Cadillac” health care plans. While the penalties doe not kick in until 2018, there are potential risks to having to make huge last-minute cuts. The threshold for the tax is not all that high...
by Leif Jensen | Oct 15, 2014 | General |
I was inquiring about a practice for sale and I was told that I did not fit the profile. The profile required that my office be no farther than 15 minutes from the seller’s office… Now this is the Greater Chicago area, last Saturday I was able to hit the Circle...
by Leif Jensen | Jul 10, 2014 | General |
It looks like the economy may be getting better. I just received what I call a “Boiler Room” call. This is where an unlicensed guy calls up looking for prospects for the licensed rep that he works under. Once he hits his sales number he will be allowed to take the...
by Leif Jensen | Jul 9, 2014 | General |
A recent court case shows having some mileage records did not help another filer get a write-off. The details of the mileage log in question, show that the individual worked as a sales representative for a cable company and used his personal truck to drive to...
by Leif Jensen | Jul 8, 2014 | General |
It’s that time of year again: the kids are off from school and you don’t quite know what to do with them, so you need to keep this in mind if your school-age child is going to a summer day camp. This expense can qualifies for the dependent care credit if the child...
by Leif Jensen | Jul 7, 2014 | General |
I recently received a text from a client, who was inquiring as to whether or not if they owned a series of retail stores would it then be prudent, possible or legal to have two Series LLC’s: one LLC to own the properties the other LLC to own the retail businesses. As...
