by Leif Jensen | Feb 3, 2015 | General |
The IRS took a disabled veteran to court over his claim as a real estate professional. The veteran who owns an apartment house, he lived next door to the building and did all landlord duties. Such as making repairs, hauling trash, communicating with tenants and...
by Leif Jensen | Feb 2, 2015 | General |
In a recent court decision an attorney’s malpractice will not avoid a late filing penalty. An executor diligently hired a lawyer to file an estate’s 706 (why they did not hire a CPA is the true question). Unbeknownst to the executor, the attorney was battling brain...
by Leif Jensen | Jan 28, 2015 | General |
S corporations that file late returns face a stiff fine of $195 for each month late, up to a maximum of 12 months, multiplied by the number of shareholders in the firm. So where a one-owner S company lacked reasonable cause for filing 11 months late, the Tax Court...
by Leif Jensen | Jan 27, 2015 | General |
A tremendous amount of thought and energy is going into a potential way to revamp the corporate tax system. With subsequent changes to the individual tax rates, there is alarm with many experts. It is believed that corporate tax reform needs to be paired with an...
by Leif Jensen | Jan 26, 2015 | General |
As we all know, many workers’ had a goal of retiring at 65 or sooner. Unfortunately the lack of preparation savings and the “Great Recession” delivered a severe blow to these people’s balance sheets as well as to their plans of retirement. It now seems that fewer than...
by Leif Jensen | Jan 20, 2015 | General |
I was watching a new program recently, in which a politician was being interviewed. Since this interviewee was a Democrat I was surprised when they cautioned that government needs to be diligent as to where government should be expending resources. The interviewee...
