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...
by Leif Jensen | Mar 3, 2012 | General |
I was having a discussion with a client that I took over a couple of years ago, he utilizes QuickBooks for his accounting. His taxes were recorded on a cash basis, and I agreed with this methodology. But QuickBooks is factory set to Accrual Basis, so wen we were...
by Leif Jensen | Mar 3, 2012 | General |
Now is a good time if you owe the IRS for back taxes. At least from an interest rate standpoint. The current IRS interest rates will remain the same for the second quarter of 2012 at 3% for individuals and corporations under $100,000. The rate will be 5% on...
by Leif Jensen | Mar 3, 2012 | General |
Expect even more government scrutiny of prepares of tax returns. We don’t have nearly enough as it is already… But volunteer tax return preparers are the next immediate targets, in light of a recent incident involving a false return prepared at a volunteer site. A...
