by Leif Jensen | Oct 11, 2010 | General |
Determining basis is importance for a multitude of reasons beyond the IRS investigations. The three most important reasons are: it limits the amount of corporate loss that can be deducted it’s key to determining a gain or loss when stock is disposed of it sets the...
by Leif Jensen | Oct 11, 2010 | General |
S Corporations are now the second most common business entity after sole proprietorship. Based upon their popularity the IRS has increased its scrutiny of them. The three areas they are focusing on are as follows: Misreporting items Personal expenses on the S corp...
by Leif Jensen | Oct 5, 2010 | General |
The sky is not falling. Quite frankly nothing is being done there is no movement at all. Congress gave up and walked away for the issues it faces. The Bush tax cuts will expire for all tax brackets. The Estate Tax will have a million dollar exemption and then be...
by Leif Jensen | Sep 10, 2010 | General |
Now that “King Richard” is not running all politicians seem to be lining up according to ethnicity lines. All coalitions are looking to back a single candidate along their ethnicity in a bold attempt to grab the keys to the city. We are also seeing politicians...
by Leif Jensen | Sep 10, 2010 | General |
I had recently read an article that struck me for being so basic that most people probably don’t even think about it. The basic function of running a business to generate a profit for the owner(s) period. Businesses are not run for the governments benefit to generate...
by Leif Jensen | Sep 1, 2010 | General |
As noted in Thomas Friedman’s “The World is Flat” white collar jobs are very easy to transfer to other countries. The US is projected to lose $136 billion in wages by 2015. This is from Forrester Research who states that the jobs will go to low cost countries such...
