by Leif Jensen | Jun 16, 2010 | General |
I was reading the article of the “Millionaire Cop Next Door” in Forbes. I had heard the news stories but it definitely hit home to see it in black and white (and read all over). Government workers now make more than 30% (average) than the private sector. This is...
by Leif Jensen | Jun 16, 2010 | General |
I was having a conversation with one of my employees this week about juggling money fro one account to another before some checks could go out. The client was surprised by this, why I don’t know. My receivables are up and clients don’t seem to have anymore money...
by Leif Jensen | Jun 8, 2010 | General |
I found this chart on Wikipedia, this is one of the more detailed breakdowns of the American classes that I have found. I don’t necessarily agree with the breakdown, but I am intrigued by it as well. But since I posted the IRS versions of who are the affluent, the...
by Leif Jensen | Jun 5, 2010 | General |
I have had a number of discussions with clients over the years on what to do if they were to win the lottery. One in particular was quite insistent that I do the math and post the results here. So here they are: I actually took this client’s file and processed it to...
by Leif Jensen | Jun 5, 2010 | General |
By Jason Fried and David Heinemeier Hansson. The people behind 37 Signals the software company. The book is a light and breezy read. Each section is typically no longer than a page and a half. It seems more like reading blog entries, which is probably what they...
by Leif Jensen | Jun 2, 2010 | General |
Do you only talk to your CPA when you have a question, or worse once a year when you are sending them your information? We try to talk to our clients as often as possible, this blog being just another method of communication. We try to touch base minimally quarterly...
by Leif Jensen | Jun 2, 2010 | General |
I am receiving reports that in 2011 Uncle Sam will be taxing S-Corporation profits for employment taxes. This has been on Congress’s radar for a while now, so it is not a complete shock. But it doesn’t make me any happier. But this will hurt a number of employers in...
by Leif Jensen | Jun 2, 2010 | General |
I have written about the coming 3.8% surtax for Medicare coming in 2013 (on investment income of AGI over $200,000 single and $250,000 joint). I have also written about the sale of a primary residence (Uncle is your partner on the sale, you are alone on a loss). ...
by Leif Jensen | Jun 1, 2010 | General |
A while ago a client asked if I could assist her with a problem; her receivables were growing and she did not have the staff nor the inclination to hire staff to deal with the issue. So I now have my staff making collection calls on behalf of my client. They make...
by Leif Jensen | Jun 1, 2010 | General |
A colleague of mine has just had me review a lease for her. She will be renting out some additional space that she was not utilizing. So she will be bringing in a respectable amount that will now be offsetting other expenses. She is doing what most of us should be...
by Leif Jensen | May 31, 2010 | General |
I have been reading Carl Hiaasen’s fictional works for years. I enjoy the cynicism and the fact that there are no redeeming characteristic in any character; hero, heroine or villain. For some reason I have never read any of his non-fiction works before. But with his...
by Leif Jensen | May 31, 2010 | General |
I had great hopes for this book. But it is a slow slog through the tome. There were surprisingly few tidbits that I was able to glean that were new. Nor can this book really be used to to teach/assist others in truly reading offices or homes. I recommend a...
by Leif Jensen | May 30, 2010 | General |
A client asked me what happens when you sell your home for a loss. Now I know that if you sell a home for a gain and are married you can exclude $500,000 of gain ($250,000 if single). My initial thought ran to schedule D and the loss would be limited to $3,000 a...
by Leif Jensen | May 26, 2010 | General |
Apparently a number of restaurants failed to file form 8027 (Annual Information Return of Tip and Allocated Income). Big shock there; people paid in cash not wanting to report it. More and more I am liking the 17% cash tax (this is a sales tax for all cash...
by Leif Jensen | May 26, 2010 | General |
The IRS continues to look for unrecorded income. Big shock there. One place that they are looking is small colleges and universities. It seems that 50% of school with less that 5,000 students failed to file their 990-T. This is required for stadium advertising,...
by Leif Jensen | May 26, 2010 | General |
When I was in Britain during the Greece credit crunch there were hints that the US will soon be having the same problem. The US debt to GDP is currently 69%; Greece is 124%; Mexico is 36% (do they have any services? or is that why they all want to migrate here?). ...
by Leif Jensen | May 26, 2010 | General |
21% of all correspondence audits are regarding the Home Buyer Credit. It seems that adequate paperwork was not submitted with the returns; over 250,000 audit letters have been sent. If you receive one good luck in getting it straighten out; second time is always the...
by Leif Jensen | May 25, 2010 | General |
According to Fair Labor Standards states that interns must be paid at least minimum wage and overtime compensation. Unpaid interns are forbidden, unless they meet strict federal guidelines. They cannot replace paid staff, the focus must be on teaching skills to the...
by Leif Jensen | May 12, 2010 | General |
The provision to deduct state and local sales tax by those whom itemize ended December 31, 2009. The provision ended but congress could extend if they choose to.
by Leif Jensen | May 12, 2010 | General |
For those whom utilize free or purchased tax software to prepare your tax returns (such as Turbotax). You are personally responsible for any input errors or mistakes made while using the product. I as a licensed CPA recommend that you hire a trained professional (my...
