by Leif Jensen | Dec 5, 2018 | General |
Annual reports those little pieces of joy that are sent from the Secretary of State’s office every year. This past year we seemed to have dealt with client’s whose “Registered Agent” either themselves or another party, neglected to file the reports and have fallen...
by Leif Jensen | Dec 4, 2018 | General |
I was reading the WSJ online and saw another article that looked interesting so I went down the rabbit hole. I eventually stumbled into someone’s blog. This blog had some interesting points on brand marketing. Their idea was to leverage today’s marketing...
by Leif Jensen | Dec 3, 2018 | General |
A court win for an S firm owner whose tax reporting did not match the K-1 he got from the company. S corporation shareholders must report income and loss items on their 1040 consistent with what’s shown on the K-1 or attach a statement to the return identifying any...
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...
