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....
by Leif Jensen | Apr 25, 2011 | General |
I was just read about the scam known as “less cash deposit” or “split deposit”. How it works is that a scammer gets their hands on someone’s deposit slips. Then the scammer forges a check out to the name on the deposit slip. The present the forged check for deposit...
by Leif Jensen | Apr 23, 2011 | General |
One question that we always like to discuss with our clients is their control over their cash. Now we are not just talking about their petty cash account or even their cash sales. These are important and procedures and internal controls should be reviewed to make...
by Leif Jensen | Apr 18, 2011 | General |
Saturday I met with a client who is just starting a new business. I was going over the typical basics; record keeping, banking, financing, business plans. But when we got to the location, we got into a more detailed discussion of what may well be the road for this...
by Leif Jensen | Apr 18, 2011 | General |
Full-time workers continue to have a hard time meeting the test to be a real estate pro, as a recent Tax Court case demonstrates. The passive loss rules don’t apply to losses of folks who spend over half of their working hours and more than 750 hours per year...
