by Leif Jensen | May 2, 2011 | General |
The Internal Revenue Service paid a slew of bogus claims for the homebuyer’s credit, according to Treasury inspectors. They uncovered payments for the credit to filers who reported buying a house before the credit took effect and to taxpayers who listed post office...
by Leif Jensen | May 2, 2011 | General |
It appears that the IRS can not grab an LLC’s assets for taxes owed by its sole member, according to the agency. Even if a one-member LLC is disregarded from its owner for federal tax purposes, that status does not apply for tax collection purposes because the member...
by Leif Jensen | May 1, 2011 | General |
How difficult is it for someone to get your bank account information from your company? If someone calls up stating that they want to wire money into your company’s bank account will your people give them all the information they need? Will they let them know which...
by Leif Jensen | May 1, 2011 | General |
Bad news for entities that are disregarded for federal tax purposes: Owners must be bankrupt or insolvent to exclude income from waived debts, proposed IRS rules say. Some solvent taxpayers claimed they could use the exclusion if their disregarded entities were under...
by Leif Jensen | May 1, 2011 | General |
Based upon the most recent IRS data from tax year 2007, the 400 filers with the highest Adjusted Gross Incomes (AGI) paid 2% of all federal income taxes. To be in this group, filers needed to have an AGI of at least $138,815,000. Over 65% of their AGI was derived...
by Leif Jensen | Apr 25, 2011 | General |
Being a life long resident of Illinois, we are known for many things. Right now it seems to be corrupt governors, Blago’s second trial is getting under way and George Ryan was in the news over the holiday’s for his illegal passes from jail to visit his dieing wife....
