by Leif Jensen | Apr 23, 2011 | General |
One question that we always like to discuss with our clients is their control over their cash. Now we are not just talking about their petty cash account or even their cash sales. These are important and procedures and internal controls should be reviewed to make...
by Leif Jensen | Apr 18, 2011 | General |
Saturday I met with a client who is just starting a new business. I was going over the typical basics; record keeping, banking, financing, business plans. But when we got to the location, we got into a more detailed discussion of what may well be the road for this...
by Leif Jensen | Apr 18, 2011 | General |
Full-time workers continue to have a hard time meeting the test to be a real estate pro, as a recent Tax Court case demonstrates. The passive loss rules don’t apply to losses of folks who spend over half of their working hours and more than 750 hours per year...
by Leif Jensen | Apr 18, 2011 | General |
A break for small firms on reporting the value of health coverage on W-2s: The IRS won’t require it for 2012 W-2 forms, either. The Revenue Service already suspended the reporting rule for 2011 W-2s that will be filed in early 2012. That relief applied to all...
by Leif Jensen | Apr 17, 2011 | General |
It has been repealed, President Obama has signed the legislation to repeal the expansion of the 1099 reporting rules. The law which scraps the requirement that businesses issue 1099s when paying $600 or more to corporations or for goods. Also gone is the rule making...
by Leif Jensen | Apr 17, 2011 | General |
Employees who file individual taxes based upon their W-2 can get refunds in spite of the unpaid deposits. Employees catch a break when employers don’t deposit withheld taxes: They still can claim a credit for the withheld income taxes when they file,according to IRS...
by Leif Jensen | Apr 17, 2011 | General |
Business owners can not escape liability for the firm’s unpaid payroll taxes, even though they didn’t know about the shortfall, an Appeals Court says. The bookkeeper for a business failed to deposit the company’s employment taxes. The owners first learned about her...
by Leif Jensen | Apr 17, 2011 | General |
Bankruptcy creditors cannot get at inherited IRAs, a district court says in reversing a previous bankruptcy court decision in favor of the creditors. The case involved a debtor who inherited her mom’s IRA and then filed for bankruptcy. Now all district courts and the...
by Leif Jensen | Apr 17, 2011 | General |
Acquiescence to an abusive boyfriend’s theft won’t negate a theft loss deduction, according to the Tax Court. A boyfriend of a business owner worked for her firm. Although she knew he was stealing money from the business, she remained silent because he was verbally...
by Leif Jensen | Apr 4, 2011 | General |
If you want or need assistance with the IL Use Tax Amnesty program please contact our office at 847-690-9454.
by Leif Jensen | Apr 4, 2011 | General |
There are 15 days left to file your individual tax returns without an extension. If you need assistance please contact our office at 847-690-9454.
by Leif Jensen | Mar 27, 2011 | General |
The National Labor Relations Board has commented that what workers posts on Facebook are a protected activity. So boss bashing on Facebook cannot be disciplined any more than workers sharing complaints with one another within the office.
by Leif Jensen | Mar 27, 2011 | General |
Leasing a business vehicle is much cheaper in 2011. The amount taxed is about 50% less than in 2010. If the vehicle has a worth of more than $18,500 when first leased for business during 2011, the lessee must pay income tax each year on an amount spelled out in IRS...
by Leif Jensen | Mar 27, 2011 | General |
The tax court has audited and disallowed reimbursed business expenses on Schedule A. It was determined that the individual who claimed the business expenses for parking and travel on her Schedule A; but these expenses were reimbursable by her employer, she never...
by Leif Jensen | Mar 27, 2011 | General |
Illinois is offering an amnesty for Use Tax based upon purchases that were not subject to sales tax. This is for years 2004 – 2009. 2010 is payable on the FY2010 IL1040. The details below are from the Illinois Department of Revenue website. If you need any...
by Leif Jensen | Mar 27, 2011 | General |
Depreciation rates for autos put in use in 2011 does not change from 2010: The first year cap is $11,060 for new cars and $3,060 for used cars. The second and third year limits are $4,800 and $2,850, respectively. The ceiling in all subsequent years is...
by Leif Jensen | Mar 19, 2011 | General |
Below is a posting from the IRS website, regarding the 2010 Data book. This is a summary of the IRS activities for their past fiscal year. It is interesting what they are claiming as a success, such as the amount of electronic filings. This has been a mandate in...
by Leif Jensen | Mar 14, 2011 | General |
The NFL owners have been stock piling money and have enough to cover a non-existent 2011 season. I doubt the all the players are in as good a shape as the owners. Bob Batterman, the lead outside counsel for the NFL, stated that the league expects to hold a 2011...
by Leif Jensen | Mar 14, 2011 | General |
If you are curious as to when you will get your federal income tax refund you can go the IRS website http://www.irs.gov Then go to the tab Where’s My Refund? You’ll need to provide the following information from your tax return: * Your Social Security Number (or...
by Leif Jensen | Mar 14, 2011 | General |
The IRS has launched a new app for smart phones IRS2GO. This will assist in checking on the status of your refund and tax information as well as e-mails of changes in the tax code. The IRS is trying to reach out to assist taxpayers through more than just traditional...
