by Leif Jensen | Oct 3, 2011 | General |
The IRS has broad discretion to allocate partial payments of back taxes. They will do so to its own advantage unless you state how to apply the payment. Shocking that they look at their best intrests and not yours. This court case, a firm owed income and payroll...
by Leif Jensen | Oct 3, 2011 | General |
According to the Tax Court, an asset must be ready for business use by year-end to qualify for expensing. In the court case the owner of an S corporation put the cart before the horse, buying a plane for her cargo delivery business without having anyone who could fly...
by Leif Jensen | Sep 26, 2011 | General |
As we all are aware of the people in Chicago typically pay the most for gas than everyone else in the country. Now these may not be the most recent numbers (they are probably higher today), but they are from March 2011. Besides the base price of gasoline, this now...
by Leif Jensen | Sep 24, 2011 | General |
The IRS has made a pronouncement to clarify the tax treatment of employer-provided cell phones. Cell phones have been officially removed from the definition of listed property, a category under tax law that normally requires additional recordkeeping by taxpayers. We...
by Leif Jensen | Sep 24, 2011 | General |
One of the things that seems to be a recurring issue is the need for Corporate minutes. Apparently this is something that even the IRS will be looking at/for this in certain types of audits. Basis audits being the main type. How many of you have your corporate...
by Leif Jensen | Sep 24, 2011 | General |
The IRS does not seem to like the USPS, at least all of the time. But it does seem to like DHL and FedEx a little more lately, now it says that the timely use of private services will be evidence of timely delivery of returns. This while Express Mail and Priority...
