by Leif Jensen | Nov 28, 2018 | General |
Business owners you retain responsibility to ensure that your employment taxes are actually paid. Unfortunately you cannot just rely on the word of an employee or accountant that they have been paid and you are done. Take this case in which the IRS slapped penalties...
by Leif Jensen | Nov 27, 2018 | General |
Something the Lottery does not mention much, if you win the lottery; expect Uncle to withhold a sizable amount of tax from your jackpot just too wet its beak. The current federal income tax withholding rate is 24%. Then there is the state. Illinois will want their...
by Leif Jensen | Nov 26, 2018 | General |
I was having a conversation with another attorney who was incorporating a client that was taking the stance that an LLC is better than an S-Corporation. The reduced organization fee and annual report fee do make it more comparable in price. Also once organized an LLC...
by Leif Jensen | Nov 20, 2018 | General |
A past client recently called wanting me to meet their spouse and do some year-end planning. The spouse works for their parents in their business and owns 10% of the business. But this is the parents show. They make all the business decisions and decide how all the...
by Leif Jensen | Nov 19, 2018 | General |
Workers have been deemed to be in short supply now. The concern is now how can employers adapt as more people are approaching retirement age and eyeing the exits? The recommendation is to act sooner rather than later. Start by talking to older workers. Ask them when...
by Leif Jensen | Nov 14, 2018 | General |
The IRS’s foreign account reporting rules survived the latest legal challenge. In 2015, Sen. Rand Paul (R-KY) and several other individuals filed a lawsuit alleging that both the Foreign Account Tax Compliance Act and the reporting mandate that it imposed on U.S....
