by Leif Jensen | Mar 7, 2011 | General |
IRS Notice 2011-14 Funds paid on behalf of financially struggling homeowners under both federal and state assistance programs to prevent foreclosure and stabilize the housing market are exclude-able from income. 1099’s need not be issued.
by Leif Jensen | Mar 7, 2011 | General |
I was meeting with three clients the other day. One makes enough to cover just basic expenses, the next has a mid-level salary, the third is an entrepreneur made more the the other two combined. They all have very liberal leanings. The entrepreneur will owe money...
by Leif Jensen | Mar 7, 2011 | General |
Although these expenses may be related to her job, expenses that are inherently personal are nondeductible personal expenses. A television morning news anchor cannot deduct the cost of her business clothing that she wore only on TV, the Tax Court says, even though she...
by Leif Jensen | Feb 28, 2011 | General |
Yesterday I was picking up a couple of gift certificates for a Not-for-Profit. They had a new credit card machine and were having difficulties with the machine and processing my payment. While this was happening I was stating that this could have a devastating...
by Leif Jensen | Feb 28, 2011 | General |
One of the things clients often ask me when we first meet is whether I am familiar with their particular industry. Even if I am familiar with their business, I inform them that this is not the most important consideration in a client/CPA relationship. The most...
by Leif Jensen | Feb 21, 2011 | General |
As the tax season progresses and I talk to more clients, I am finding that more and more people are not saving anything. Those that are saving are only making minimum payments to their 401K plans and little to nothing else. It seems we are feeling trapped and cannot...
