by Leif Jensen | May 3, 2012 | General |
According to the Supreme Court the IRS only has three years to seek back taxes based on an overstated tax basis. According to a case where a business understated the gain from the sale of an asset because an inflated tax basis was used. The Service stated it had six...
by Leif Jensen | May 3, 2012 | General |
A side business is a business and not a hobby, according to the tax court. This is good news for an attorney by day and part time filmmaker by night. The documentary film activity is engaged in for profit, despite the large losses incurred in the six years it took to...
by Leif Jensen | May 3, 2012 | General |
A side business is a business and not a hobby, according to the tax court. This is good news for an attorney by day and part time filmmaker by night. The documentary film activity is engaged in for profit, despite the large losses incurred in the six years it took to...
by Leif Jensen | Apr 27, 2012 | General |
The Social Security wage base for 2013 is now projected to be $113,700, an increase of $3,600 from this year’s cap, according to Social Security Admin. trustees. The current estimates for the next few years are as follows: $117,900 for 2014 $123,000 for 2015 $128,400...
by Leif Jensen | Apr 27, 2012 | General |
The only real chance to get any reward for the risk of running a small business is under attack yet again. The Democrats have proposed legislation that would start the crackdown on receiving a distribution that is not subject to a payroll tax involving S...
by Leif Jensen | Apr 22, 2012 | General |
Employer Vehicle Used for Both Business and Personal Use This is always on ongoing issue with clients. We ended up firing a client over this issue. We initially prepared his taxes without the vehicle expenses for his Schedule C since he was unable to and refused to...
