by Leif Jensen | May 31, 2010 | General |
I had great hopes for this book. But it is a slow slog through the tome. There were surprisingly few tidbits that I was able to glean that were new. Nor can this book really be used to to teach/assist others in truly reading offices or homes. I recommend a...
by Leif Jensen | May 30, 2010 | General |
A client asked me what happens when you sell your home for a loss. Now I know that if you sell a home for a gain and are married you can exclude $500,000 of gain ($250,000 if single). My initial thought ran to schedule D and the loss would be limited to $3,000 a...
by Leif Jensen | May 26, 2010 | General |
Apparently a number of restaurants failed to file form 8027 (Annual Information Return of Tip and Allocated Income). Big shock there; people paid in cash not wanting to report it. More and more I am liking the 17% cash tax (this is a sales tax for all cash...
by Leif Jensen | May 26, 2010 | General |
The IRS continues to look for unrecorded income. Big shock there. One place that they are looking is small colleges and universities. It seems that 50% of school with less that 5,000 students failed to file their 990-T. This is required for stadium advertising,...
by Leif Jensen | May 26, 2010 | General |
When I was in Britain during the Greece credit crunch there were hints that the US will soon be having the same problem. The US debt to GDP is currently 69%; Greece is 124%; Mexico is 36% (do they have any services? or is that why they all want to migrate here?). ...
by Leif Jensen | May 26, 2010 | General |
21% of all correspondence audits are regarding the Home Buyer Credit. It seems that adequate paperwork was not submitted with the returns; over 250,000 audit letters have been sent. If you receive one good luck in getting it straighten out; second time is always the...
