by Leif Jensen | Oct 23, 2023 | Tax Court |
The courts do not determine when and how to tax staking rewards. Bad news for a man who was asking a court to rule on the taxation of staking rewards. A court tosses his case. He filed a refund claim alleging that token rewards he got from staking cryptocurrency are...
by Leif Jensen | Oct 18, 2023 | Retirement |
Each year when talking about tax planning for the next year, I get a lot of frustration from some clients, they are reaching 72 and they don’t need or want to start taking their RMD’s. Well, I finally have some good news for them, granted it’s not great news but good...
by Leif Jensen | Oct 16, 2023 | Retirement |
Finally, some changes are coming to SIMPLE IRAs, starting in 2024. This change is thanks to SECURE 2.0. The dollar limits on annual employee contributions and catch-ups to SIMPLE IRAs will rise 10% for employers with 25 or fewer workers. A firm with 26 to 100...
by Leif Jensen | Oct 11, 2023 | General |
My guess is that you use a single bank for checking and savings, maybe even your credit card. While this may be a way of simplifying your life, it also ties you to the whims of that bank. Suchas their hours and levels of customer service. Granted with my businesses...
by Leif Jensen | Oct 10, 2023 | Money Management |
Where to you have you emergency and your whoopie reserves? Are they in ordinary savings or worse checking accounts? For years it did not matter where you kept your cash, there were no vehicles that paid 1% or above in APR. Now, in the Biden run-up of the interest...
by Leif Jensen | Oct 4, 2023 | Taxes |
With the wild run up of property values, I have had a rash of clients selling rental properties. The offers were just too good to refuse. When I go over the gain calculation they are startled. They are thinking I sold for $500,000, I paid $200,000 I pay tax on only...
by Leif Jensen | Oct 2, 2023 | Running a Business |
If you don’t collect new W-9 from vendor’s regularly, you should start collecting them now. A W-9 has all the relevant information to determine if you need to or not issue a 1099-M or 1099-Nec to your vendor. The IRS requires businesses to report payment of...
by Leif Jensen | Sep 27, 2023 | Rant |
I was re-watching the “Titans Who Built America” and in the episode there was a competition as to whom was going to build the world’s tallest building, Charles Chrysler or Pierre DuPont. DuPont won with the Empire State Building, Chrysler lost with e Chrysler...
by Leif Jensen | Sep 25, 2023 | Money Management |
I was listening to the radio and an investment specialist was talking about savings. I know it sounds very surprising. Actually, this one made some interesting points. If you have already established your cash reserves (3 to 6 months of cash needs in case of an...
by Leif Jensen | Sep 13, 2023 | Retirement |
Thinking of starting up a SIMPLE for 2023? If so time is running out for existing firms to set the plan for 2023. You have a deadline of Oct. 2. Otherwise, contributions can’t be made for 2023. SIMPLEs are plans for small firms; those with 100 or fewer employees in...
by Leif Jensen | Sep 11, 2023 | Taxes |
Surprise a tax that starts to effect those who thought it was a good idea to tax the rich, it turns out they are the rich, themselves. More people each year pay the 3.8% surtax on net investment income. This tax, which was enacted as part of Obamacare, applies to...
by Leif Jensen | Sep 6, 2023 | Tax Court |
The daughter convinced her parents that she needed funds for a fictitious legal battle. Being “good parents” and wanting to help her out, the couple withdrew $1.1 million in IRA and pension funds in 2017 and turned the money over to the evil daughter. They were taxed...
by Leif Jensen | Sep 5, 2023 | Taxes |
The Service now addresses the taxation of crypto rewards received through staking. Some taxpayers have taken the position that token rewards they received through a proof-of-stake blockchain are created property that isn’t taxed on receipt, but instead, on...
by Leif Jensen | Aug 30, 2023 | Taxes |
Interaction with the PPP loans, wages covered by PPP loans are not eligible for ERTC credits. Interaction of the ERTC and other payroll-related credits. Wages used for the following credits generally can’t also be used for purposes of claiming the ERTC: The tax credit...
by Leif Jensen | Aug 28, 2023 | Taxes |
We have all heard the promoters and their outrageous claims about getting your money that is owed to you and your business under the ERC rules. The ERTC rules are complex, and Congress changed them on three different occasions, just to make them more complicated. With...
by Leif Jensen | Aug 22, 2023 | Rant |
Now the following is not the result of a scientific study. This is all based upon conversations with Baby Boomers, Gen X, Millennials, and a Gen Z representative and his beliefs based on his research and reading and friends. The Gen Z group look at Congress and their...
by Leif Jensen | Aug 21, 2023 | Rant |
It’s not the strongest of the species that survives, nor the most intelligent that survives. It’s the one most adaptable to change. – Charles Darwin I read this quote on a webpage and then went on through the article. Later I had to go back and find it. I read it...
by Leif Jensen | Aug 15, 2023 | Rant |
There was a poll taken in July 1970, that had 30% of Americans declaring that Apollo 11 was a fake. Apparently, the number got a bit worse when the movie Capricorn One was released, about a fake Mars landing. I have yet to find out how the conspiracy theorists explain...
by Leif Jensen | Aug 14, 2023 | Rant |
Again, in the quest for compliance with the wiles of cyber security I stumbled onto yet another “expert” who had broken down cyber security into seven layers. I have to admit that I can agree with these for the most part, but maybe not their strict definitions. The 7...
by Leif Jensen | Aug 9, 2023 | General |
You know the more I investigate cyber security for my procedure manual the more I am thinking, most for those attempting to prove themselves experts, don’t know what they are doing. A vast number of them seem to just spew buzz words that don’t say anything. I include...
