by Leif Jensen | Mar 17, 2012 | General |
Apparently the first group of unenrolled preparers have passed the minimum competency test, scoring 70% or better on the test. This test is 120 multiple choice/true false open book exam on the 1040 only, that allows three hours to complete. Those who pass a tax...
by Leif Jensen | Mar 17, 2012 | General |
Winning the lottery can be a huge once in a life time event. Unfortunately many have little to no plan on how to properly deal this event. Here there was some planning but not nearly enough. In a recent court case a lotto winner who generously gave part of her prize...
by Leif Jensen | Mar 6, 2012 | General |
Have you purchase an e-book form Amazon? Do you know that you don’t own that book? This is a surprise to most when they find out. An e-book is definitely different from a real physical book. Most people believe that they do own it, even if there is nothing to...
by Leif Jensen | Mar 3, 2012 | General |
Good news for the those that sign the checks. Having the authority to write checks won’t always make you liable for back payroll taxes, as this case shows. A high-paid employee (non-officer) who signed more than 1,700 checks for a firm, including paychecks. During...
by Leif Jensen | Mar 3, 2012 | General |
IRS continues to go after S corporations (they do hate these entities) that pay low salaries to owners. Many owners of S companies take too low a salary and pass the bulk of the profits through to their own returns free of Social Security and Medicare taxes (see...
by Leif Jensen | Mar 3, 2012 | General |
Illinois is an unusual place. Yes, yes we all know that 4 of our last 9 governors ended up in prison, our credit rating and schools are in the toilet and the politicians only seem to know how to tax and spend and increase taxes and spend more… But also in Illinois is...
