by Leif Jensen | Aug 18, 2011 | General |
You have no privacy, if you believe that you do you are mistaken. Major websites are using tracking software from a company called EPIC. This has been used to track people’s online activities using powerful new methods that are almost impossible for computer users...
by Leif Jensen | Aug 15, 2011 | General |
It seems the beginning of the end for Not-for-Profits may be starting. The IRS has started to scrutinize Not-for-Profit (NFP) reporting and then revoked thousands of NFP statuses. Then you have California reviewing what a NFP does for the residents of the state; to...
by Leif Jensen | Aug 15, 2011 | General |
Audits, conducted by Immigration and Customs Enforcement (ICE), a unit of the Department of Homeland Security, started by the Obama administration in 2009, put the onus on business to police workers. They require companies to turn over employee records to federal...
by Leif Jensen | Aug 14, 2011 | General |
The constant misclassifying of workers as independent contractors tends to increase the tax gap according to IRS studies show. The employees report a larger portion of their earnings than contractor; since contractor can deduct legitimate expenses such as phone,...
by Leif Jensen | Aug 14, 2011 | General |
I was discussing things with a client when I asked them how the were covered for life insurance. They informed me that they had plenty and they it was not an issue. They had 2 times their annual salary. When I then asked them a couple more questions, like how much...
by Leif Jensen | Aug 14, 2011 | General |
If your son/daughter or grandkid (emphasis on grandkid, parents have no money either) that was lucky enough to find a job, consider making a payin to a Roth IRA on their behalf. Since they probably spent their money. You can contribute up to $5,000, but not more than...
by Leif Jensen | Aug 10, 2011 | General |
We all know that the US owes a significant amount of money. The amount of debt has been a cause for much debate regarding the levels the reasons why, how to deal with it ans so forth. But one question not easily answered at least that I was aware of is where is the...
by Leif Jensen | Aug 6, 2011 | General |
I am wondering if it would be possible to have an expiration date on every law, tax and amendment on the books. If the government was required to re-pass everything every 10 years or so, what would our laws look like? Would the poor laws of the past still be laws? ...
by Leif Jensen | Aug 6, 2011 | General |
During August which is a slow time for tax issues, 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 you do businesses with beyond the mis-categorized...
by Leif Jensen | Aug 6, 2011 | General |
As the most recent hurdle of the tax debate recedes from the headlines; it should remain a concern for all. In 2008 the debt was 40% of GDP. In 2011 it will be 69% of GDP. Estimates with no spending cuts, have it hit 80% in 2014. With spending cuts, that may happen...
by Leif Jensen | Aug 5, 2011 | General |
“God forbid we should ever be twenty years without such a rebellion. The people cannot be all, and always, well informed. The part which is wrong will be discontented, in proportion to the importance of the facts they misconceive. If they remain quiet under such...
by Leif Jensen | Aug 2, 2011 | General |
The IRS is planning to expand its comprehensive employment tax audit program. Hurray… The process began last year, when they conducted the first batch of payroll tax examinations to fine-tune its return selection formulas and calculate the portion of the tax gap...
by Leif Jensen | Aug 2, 2011 | General |
Illinois Sales Tax Amnesty still available through October 15, 2011. You must file a separate paper Form ST-44, Illinois Use Tax Return, for each year (2004, 2005, 2006, 2007, 2008, 2009, and 2010) that you have a use tax liability and write “Amnesty” in red on the...
by Leif Jensen | Aug 2, 2011 | General |
No waiver is allowed when a filer dies before completing a rollover. The Service privately rules. In this case, a retiree took a payout from his firm’s plan and died before he was able to complete a rollover to an IRA. The Revenue Service declined to waive the 60-day...
by Leif Jensen | Aug 2, 2011 | General |
The federal limits on the supply of imported sugar in the U.S. market are boosting prices for bakeries, candy makers and other small businesses, according to the president of the Sweetener Users Association, a beltway lobby group. The U.S. is currently the world’s...
by Leif Jensen | Aug 2, 2011 | General |
Financial troubles can now be an excuse for late payroll tax deposits, according to the Tax Court says. I am curious how this case would play in Illinois since this is a Florida case. Since the double impact of a recession and a significant decline in the region’s...
by Leif Jensen | Aug 2, 2011 | General |
The Service has developed a new audit guide for the business consulting industry. It instructs examiners on what issues to look for, such as bartering on the Internet, employee or independent contractor classification, and improper shifting of income to a related...
by Leif Jensen | Jul 25, 2011 | General |
I was having a discussion with a client regarding tax rates. I was sharing the limits for the top 10% of the US about $115,000 in Adjusted Gross Income (AGI). As the conversation went on we discussed the amount of taxes a couple pays. So we did a quick calculation...
by Leif Jensen | Jul 23, 2011 | General |
An outside payroll firms can be penalized for not turning over trust fund taxes, in a timely fashion, according to the IRS. It will assess the 100% penalty on employee leasing companies and the like that willfully fail to remit payroll taxes. Utilizing an outside...
by Leif Jensen | Jul 23, 2011 | General |
It appears that the IRS is aware that they exist! “Ghost Preparers” are those who charge fees for tax preparation but refuse to and don’t sign returns. To help track down these culprits, the IRS have sent mailings to taxpayers, who’s tax returns are somewhat...
