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...
by Leif Jensen | May 12, 2010 | General |
Taxpayers whom itemized will nor longer be able to deduct the sales tax paid on the purchase of an auto. This deduction has expired.
by Leif Jensen | May 12, 2010 | General |
The making work pay credit is apparently on again for 2010. We all so much fun with the first go around. I know that $800 I received changed my life for the better in 2009… For those whom don’t remember Making Work Pay was a adjustment for individuals and their...
by Leif Jensen | May 12, 2010 | General |
For those who have collected unemployment benefits for 2009 enjoyed an exclusion of the first $2,400 of the benefits they received for tax calculation purposes. Those who are collecting in 2010 will have to include all unemployment benefits in taxable...
by Leif Jensen | May 12, 2010 | General |
When George Bush pushed through his tax cuts he eliminated the Estate Tax for 2010 and 2010 alone. No one ever thought it would happen but here it is. This would usually be cause for celebration. Unfortunately there is no step up in basis for the people who inherit...
by Leif Jensen | Apr 26, 2010 | General |
I have recently been shown a couple class pictures from grammar school; and I commented that it was a 100 years age. I am old enough that the kindergarten picture was still in black and white. The advent of color photography apparently happened when I was in the...
by Leif Jensen | Apr 26, 2010 | General |
I recently had a couple of conversations regarding retirement, savings and cash flow. It seems that no one currently has any cash for their bills. Let alone to save for retirement. With the current state of the economy I can only advise my clients so far on the...
by Leif Jensen | Apr 25, 2010 | General |
Effective for payments made after December 31, 2011, businesses are required to issue to all businesses with payment aggregating $600 or more in the calendar year to a single payee. This will include the phone company, the gas company, your landlord, electric company,...
by Leif Jensen | Apr 25, 2010 | General |
The IRC (Internal Revenue Code) S4375 imposes a fee on each specified health insurance policy. The fee is imposed upon the average number of lives covered on the policy. Starting fee is $2 ($1 in policy years ending during fiscal year 2013).
by Leif Jensen | Apr 25, 2010 | General |
Now as part of health care overhaul businesses have to send 1099’s to the world. How long will it take for the government to force individuals to do the same? I can see it happening on the next bill where they next increase the age to collect social security. So...
