by Leif Jensen | Jun 26, 2012 | General |
The IRS has finally issued guidance for handling the portable estate tax exemptions. After the passing of the first spouse, the surviving spouse can absorb any unused exemptions allowing for larger tax free lifetime gifts or bequeath additional assets free of estate...
by Leif Jensen | Jun 17, 2012 | General |
Apparently some states are looking at extensive job licensing requirements and rethinking the logic behind them. There are those that argue that burdensome industry-backed rules keep people from working. The careers under scrutiny are: cosmetologists, auctioneers,...
by Leif Jensen | Jun 17, 2012 | General |
Publicly financed space exploration is winding down in coming years due to budget cuts at NASA. Fortunately there are some private initiatives, as well as probes by China, the United Kingdom and Russia, are in the works, but some are decades away from being launched....
by Leif Jensen | Jun 17, 2012 | General |
New York City’s Mayor Michael Bloomberg declaration against Coca-Cola and Pepsi’s jumbo sized drinks in his fight against obesity is unlikely to become a federal strategy. Lawmakers in both parties see Bloomberg’s proposed crackdown as a giant overreach of power. So...
by Leif Jensen | Jun 17, 2012 | General |
The evils of cell phones usage in Illinois. It is currently not illegal to use your cell phone except for the following: school zones, highway construction zones; novice drivers or the city of Chicago. But more and more employers are prohibiting workers from using...
by Leif Jensen | Jun 11, 2012 | General |
It appears that the IRS has changed their policy on issuing tax ID numbers. This change is vexing tax professionals. The agency has decided that it will issue only one FEIN per day to requesters, down from prior five. This announcement came last month from the IRS....
by Leif Jensen | Jun 11, 2012 | General |
Receiving a Form 1099-C on discharged debt does not always mean you owe tax. In a recent case a man who owed on his credit cards failed to pay up, and the credit card company eventually wrote off his debt. More than 10 years later, a firm that acquired the rights to...
by Leif Jensen | Jun 11, 2012 | General |
The final deadline is quickly approaching to become a “Registered CPA”. Illinois has been a two tiered state and has been moving towards a single tiered state. What that means is that “Registered CPA’s” have passed the CPA exam but have not maintained the educational...
by Leif Jensen | Jun 7, 2012 | General |
Are you paying for the hiring and training? I had a meeting this morning with a business consultant from a networking group. During the meeting we were discussing who my competition truly is for clients. He classifies CPA’s into three categories. The first is the big...
by Leif Jensen | Jun 3, 2012 | General |
Last week I met with someone from a networking group. They mentioned that they are currently reviewing leaving the group due to lack of success. I knew that they wanted to meet with me regarding my lack of referrals. I have discussed their services with a few...
by Leif Jensen | Jun 3, 2012 | General |
CPA’s are considered to be clients most “trusted advisor” and I would have to agree with that. Within our core services we work as strategic partners that assist to provide solutions to complex problems by integrating knowledge, expertise and resources from multiple...
by Leif Jensen | May 31, 2012 | General |
I was meeting with a client today and as usual the conversation went into an odd direction. We got started on debit cards, now I am not a fan of debit cards. I dislike the fact that all you funds are at risk. I prefer using a credit card. She on the other hand was...
by Leif Jensen | May 31, 2012 | General |
I was meeting with a client today and as usual the conversation went into an odd direction. We got started on debit cards, now I am not a fan of debit cards. I dislike the fact that all you funds are at risk. I prefer using a credit card. She on the other hand was...
by Leif Jensen | May 28, 2012 | General |
Below is a posting from John Cullerton the Illinois Senate President’s blog: What will be the first of several reform bills to shore up the Medicaid system passed the Senate today after passing the House earlier this afternoon. Senate Bill 2840 reduces Medicaid...
by Leif Jensen | May 28, 2012 | General |
Below is a posting from John Cullerton the Illinois Senate President’s blog: What will be the first of several reform bills to shore up the Medicaid system passed the Senate today after passing the House earlier this afternoon. Senate Bill 2840 reduces Medicaid...
by Leif Jensen | May 27, 2012 | General |
To expedite the collection process, and my opinion to deal with the IRS budget cuts. The IRS now has an online payment agreement application. This is shown as a three step process: Determine eligibility: Owe no more than $50,000 in combined tax, penalties and...
by Leif Jensen | May 27, 2012 | General |
It seems that the times dictate the questions have had a couple looking at having an S corporation to buy your main home. This has a few tax disadvantages. First off shareholders cannot claim the home buyer credit on the residence, according to the Tax Court. They...
by Leif Jensen | May 27, 2012 | General |
To expedite the collection process, and my opinion to deal with the IRS budget cuts. The IRS now has an online payment agreement application. This is shown as a three step process: Determine eligibility: Owe no more than $50,000 in combined tax, penalties and...
by Leif Jensen | May 27, 2012 | General |
There are clients who are wondering if their health plan passes muster under the health reform law? Based upon the changes forced upon them by the carriers to the increased costs I tend to doubt it. But getting the answers from the government is not possible yet. ...
by Leif Jensen | May 27, 2012 | General |
It seems that the times dictate the questions have had a couple looking at having an S corporation to buy your main home. This has a few tax disadvantages. First off shareholders cannot claim the home buyer credit on the residence, according to the Tax Court. They...
