by Leif Jensen | Jul 21, 2011 | General |
The IRS has been very busy creating new forms and altering old ones. For Tax Year 2011 the IRS has eliminated Cost of Goods Sold from the 1120S, you will not find it on page 2 under Schedule A. I am sighting this example since more of my business clients are...
by Leif Jensen | Jul 18, 2011 | General |
When we hear what the unemployment rate is we only hear about those whom have been actively looking for the last 4 weeks. This does not included those who have settled in underemployment, gave up, looking for more hours etc. This is referred to as the U3...
by Leif Jensen | Jul 18, 2011 | General |
According to the WSJ; the size of the country’s fastest-growing aspect of the population has increased 43% since 2000, and more than doubled since 1990, to 50.5 million last year, when Hispanics accounted for nearly one in six U.S. residents and for 23% of people...
by Leif Jensen | Jul 14, 2011 | General |
The Internal Revenue Service continues to fail in stopping many bogus claims for residential energy credits, according to Treasury inspectors. They found that the Service didn’t balk at credits taken on returns by people who didn’t own a residence, were under the age...
by Leif Jensen | Jul 10, 2011 | General |
A donor who didn’t meet the substantiation rules for a charitable contribution of a land easement pursuant to a settlement agreement he reached with a county to limit any future development of his property. The Tax Court denied his write-off because he did not get a...
by Leif Jensen | Jul 10, 2011 | General |
The IRS will not allow preparers take their fees from taxpayer refunds after all. This would put preparers at odds with their clients. We spend time with our clients trying to determine if they are withholding too much to begin with. If we expected to get our fees...
