by Leif Jensen | Feb 20, 2011 | General |
The Affordable Care Act’s reporting requirement for the reporting of medical insurance costs on W-2’s has been delayed until 2012. After that I have some predictions of what may come next. Now, it is my belief that once this reporting is under way the benefits will...
by Leif Jensen | Feb 14, 2011 | General |
IRS has announced a new limited amnesty program for secret foreign accounts. The program will allow taxpayers to pay penalties and avoid jail time. The penalties are 25% of foreign account assets, not the 20% of the prior amnesty. The program applies all years since...
by Leif Jensen | Feb 8, 2011 | General |
As the tax season progresses for small business owners, I want to remind them to monitor their ‘basis” in their businesses. Basis is the initial investment, plus any subsequent investments and profits; minus distributions and losses. Owners need to maintain a...
by Leif Jensen | Jan 30, 2011 | General |
The IRS is imposing Revenue Ruling 74-44 very aggressively. Revenue Ruling 74-44 basically states that an S Corporation owner must take reasonable compensation subject to payroll taxes and not dividends. There was a recent case of a CPA who took $24,000 as income and...
by Leif Jensen | Jan 12, 2011 | General |
Well, we got what we asked for. Pat Quinn campaigned on the basis of an Illinois income tax increase and he delivered on his campaign promise. Never mind that the initial talks were for a temporary 33% increase. Much too low! But our valiant politicians fought to...
by Leif Jensen | Jan 10, 2011 | General |
Over 7.5MM returns for 2008 were nontaxable. So 15.6% of all filers did not have to pay any federal income taxes. Over 3MM returns or over 6% of the population had taxable income of under $20,000. Total returns for 2008 were $48,167,224 per the IRS...
