by Leif Jensen | Sep 17, 2011 | General |
Math errors are a two-way street, according to the latest IRS statistics. The Service refunded over $6 billion to filers who made mistakes in 2010. That compares to $9.5 billion that IRS took from those who erred in their own favor, including arithmetic flubs, using...
by Leif Jensen | Sep 17, 2011 | General |
Nothing but the best and brightest! The IRS has finally given details on the registered tax preparer test, and I was correct! It is designed to test minimum standards only. The examination will be open book and three hours long. Test takers will be given copies of...
by Leif Jensen | Sep 17, 2011 | General |
The Illinois Tax Amnesty for internet sales can be considered a failure for Springfield. Apparently tax compliance had doubled, but this can be measured as 4.6% of Illinois taxpayers whom paid $10.2 million. With the honor system failing, we can look for Springfield...
by Leif Jensen | Sep 10, 2011 | General |
According to the Tax Court, IRS agents cannot abate interest on overdue taxes. This comes from a case involving an executor of an estate in Croatia who could not tap bank accounts here to pay U.S. income tax because of long delays encountered in Croatia’s probate...
by Leif Jensen | Sep 10, 2011 | General |
The word “corporation” derives from corpus, the Latin word for body, or a “body of people. The world’s oldest commercial corporation in the world is still in business. It is the Stora Kopparberg mining community in Falun Sweden. It obtained its charter from King...
by Leif Jensen | Sep 10, 2011 | General |
Below is a listing of the 10 oldest companies in the United States: King Arthur Flour Company, Founded in 1790 Norwich, Vermont 2010 Revenue: $81.1 million Flour Company Curtis, Mallet-Prevost, Colt & Mosle Founded in 1831 New York 2010 Revenue: $140 million Law...
by Leif Jensen | Sep 10, 2011 | General |
Some good news, for those whom owe the IRS money for back taxes. Interest rates will decline by a percentage point after Sept. 30, 2011. On overdue taxes, the new rate the IRS will charge is 3%. The rate will be 5% on corporations that owe over $100,000. On refunds,...
by Leif Jensen | Sep 5, 2011 | General |
Does it seem harder and harder to cover those monthly bills? Are you still looking at ways to reduce spending in spite of cutting out most excess spending a couple of years ago? You are not alone. In my analysis of clients and their budgets things are getting a bit...
by Leif Jensen | Sep 5, 2011 | General |
If you are considering a Roth conversion from a Traditional IRA for 2011, a strategy that has been employed in the past by financial advisors is to have multiple Roth’s. Each Roth will be a separate asset class. This way if there is a decrease in valuation the...
by Leif Jensen | Sep 5, 2011 | General |
October 17, 2011 is the deadline to undo a Roth conversion from a Traditional IRA executed from 2010. This is a consideration if the valuation has fallen since the initial conversion. With the decline in value and the reversal of the conversion will result in tax...
by Leif Jensen | Sep 5, 2011 | General |
The new forms are creating changes in all of the IRS business tax forms. There will be separate lines added to record 1099-K’s on Schedule C, 1065, 1102 and the 1120S. For those whom have already forgotten, the 1099-K is for reporting payments to merchants from...
by Leif Jensen | Sep 5, 2011 | General |
Potentially headed to the Supreme Court is an appeal case out of Texas. The state court upheld a tax that charges a $5-a-customer fee levied on clubs that sell alcohol on the premises where live nude entertainment is the venue. The Texas court’s view that the tax is...
by Leif Jensen | Aug 31, 2011 | General |
From the WSJ: Between 2000 and 2010, minorities accounted for 98% of the population growth in large metropolitan areas. This rapid expansion has caused big shifts in racial composition: Between 1990 and 2010, the share of the white population in big metropolitan areas...
by Leif Jensen | Aug 28, 2011 | General |
As most know by this point I encourage all of my clients (and anyone else that will listen) to find their passion and start a side business. As time goes on I feel that this is getting more important than ever. As the data increasing shows companies are becoming more...
by Leif Jensen | Aug 27, 2011 | General |
As I grew up I was never included with the Baby Boomers, I was in something called the 13th Generation. But, it started in late high school to early college, which all of a sudden I was thrown in with the Boomers and was told that Sputnik, the Beatles, the Kennedy...
by Leif Jensen | Aug 27, 2011 | General |
Currently in the US the population is approximately split between 53% women and 47% men. By the year 2020 it is expected that minorities will be a minimum of 40% of the total population. So when am I eligible for affirmative action?
by Leif Jensen | Aug 27, 2011 | General |
Baby Boomers continue to hang on and dictate terms. It is projected that over the next decade that they will control over 50% of all disposable income. Those 55 to 65 will also continue to have the highest small business formation rate. This on top of a see-sawing...
by Leif Jensen | Aug 26, 2011 | General |
As things progress and the business world continues to evolve there are a number of changes that are being predicted. Independent contingent workers will exceed 40% of total US workforce by 2020, and be an even higher % in Europe. • Self‐employment, personal and small...
by Leif Jensen | Aug 25, 2011 | General |
The following search engine information was recently shared with me. I knew that Google was number 1 but not by that much. It is startling what they have accomplished in a relatively short time. December 2010 Search Engine Market Shares 64.3% Google 18.8% Yahoo...
by Leif Jensen | Aug 25, 2011 | General |
Damn, is it possible I will need to be fingerprinted again? The IRS is planning to roll out a fingerprinting process, which will likely impact the non-CPA staff of CPA firms who are considered non-signing preparers and are required to obtain a preparer tax...
