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...
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...
