by Leif Jensen | Jun 3, 2014 | General |
Since we have added identifying a retiring CPA practice to purchase to our goal list for 2014; we have started looking at active CPA’s and trying t0 identify a retirement age. A recent Gallup poll has the average retirement age rising to 62. It also seems that...
by Leif Jensen | Jun 2, 2014 | General |
Typically when we are meeting with clients that are looking to start a business they are ready to start a business. When an entrepreneur meets with an attorney to investigate the prospect of starting a company, they are organized into an LLC; sometimes before they are...
by Leif Jensen | May 28, 2014 | General |
I was assisting on a presentation with a Palatine WinTrust banker as part of their community outreach. This was a SCORE Small Business presentation; the section I was assisting with was Income Taxes. During the presentation I would add real world color comments as...
by Leif Jensen | May 27, 2014 | General |
I recently received a call from a financial advisor I know that has a client who has a problem with their tax return. The Broker Dealer did not report the 72T distribution correctly as an exemption to the early withdrawal penalty. For those who do not know; a 72t...
by Leif Jensen | Dec 13, 2012 | General |
If you are a cash basis business or individual you need to make sure that you mail checks for deductible items before year-end to ensure a 2012 write-off. You will be able to claim the deduction this year even if the checks do not clear until January. If you are...
by Leif Jensen | Dec 12, 2012 | General |
Are you planning on making any cash year end gifts? If so and you making the gift by check; make sure that the donee deposits it in 2012. You want the money to count as a 2012 gift for gift tax purposes. So make it clear to whomever you are making the gift; this...
by Leif Jensen | Dec 11, 2012 | General |
With the recent huge Powerball winning balance I was talking to a client regarding the bankruptcy rate of lottery winners. She was aware of the statistics but could not understand the concept. I had to ask her out of the twenty employees in the office, who were...
by Leif Jensen | Dec 10, 2012 | General |
The government is now creating a comprehensive national database on home mortgages. This is intended to assist regulators in keeping an eye on the quality and quantity of loans. It should also signal any looming system wide risks (this is going to work). Information...
by Leif Jensen | Dec 10, 2012 | General |
ABC reported last May and the rumors continue; I have just read that the “free” social media promotion of businesses is disappearing. Facebook especially since the IPO is looking for additional revenue sources. So Facebook and other sites are starting to charge to...
by Leif Jensen | Dec 4, 2012 | General |
I have received a number of inquires regarding the personal impact of the pending “fiscal cliff.” Unfortunately there are no easy answers to these questions, but there is some help available. The Urban Institute and Brookings Institution’s jointly run Tax Policy...
by Leif Jensen | Dec 4, 2012 | General |
Looks like it is time to stock up on “Forever Stamps”, at least the postal increase will be implemented after the holiday season. On January 27, 2013 postal rates will go up again for first-class mail, catalogs, and other mail. The U.S. Postal Service continues to...
by Leif Jensen | Dec 3, 2012 | General |
Do the police need judicial approval to read your e-mails? Should the police need judicial approval to sift through personal e-mails? The answer to the first is no. The answer to the second one is undecided for now. Privacy advocates screaming yes to both questions....
by Leif Jensen | Dec 3, 2012 | General |
The question that was asked all through the election was: Do the rich pay taxes? Do they pay enough in taxes? The Democrats stated no, at least to the second question. The Republicans said yes, to both questions. According to the new IRS statistics, it shows the...
by Leif Jensen | Nov 30, 2012 | General |
Are you one of those people who like to file early and get your hands on your refund? Well you may have some difficulties this tax season. Since Congress continued delaying the finalizing of the 2012 tax rules will cause additional delays with the filing season....
by Leif Jensen | Nov 30, 2012 | General |
Organizations that did not file a required information return or electronic notice for their taxable years beginning in 2007, 2008 and 2009 automatically lost their tax-exempt status, and must apply if they want to be reinstated. In Notice 2011-43, the IRS provided...
by Leif Jensen | Nov 29, 2012 | General |
Remember last year when you finally filed your Federal 940, it turned out that you owed additional funds because Illinois did not make all of the necessary required payments? Well it will happen again in some states. Some firms in a number of areas will pay higher...
by Leif Jensen | Nov 29, 2012 | General |
Are you leasing assets to a corporation you own can? Sometimes this can provide a tax break. According to the Tax Court, the net rental income can offset other passive losses. That is if the corporation uses the property in its own rental activity. In the court...
by Leif Jensen | Nov 28, 2012 | General |
The new IRS statistics are in; the Service is up to 2010 information. For TY2010 the bottom 48% of taxpayers paid no federal income taxes. Adjusted gross income up to $30,000. Now in my experience, I have worked with people in these income brackets. Some have owed...
by Leif Jensen | Nov 27, 2012 | General |
How many of you have actually done the calculation to see what your 2012 tax liability would be? I am guessing not many. If you have not it may be a good idea to go through the trouble. Especially if you are not strictly a W-2 household. If you find that you may...
by Leif Jensen | Nov 27, 2012 | General |
Now in this time of year end tax planning you should be looking at the possibility of selling some financial losers in order to trim your tax bill. Remember capital losses can be used to offset your gains. You are also allowed to deduct up to $3,000 of other income....
