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...
by Leif Jensen | May 25, 2010 | General |
According to Fair Labor Standards states that interns must be paid at least minimum wage and overtime compensation. Unpaid interns are forbidden, unless they meet strict federal guidelines. They cannot replace paid staff, the focus must be on teaching skills to the...
