by Leif Jensen | Oct 15, 2018 | General |
The threat of an IRS levy doesn’t let you tap your retirement plan penalty-free, according to the court informed a couple under age 59½ who withdrew more than a million dollars from their plan to help pay outstanding tax debts. After IRS assessed the 10% penalty, the...
by Leif Jensen | Oct 10, 2018 | General |
California has recently enacted a new privacy law. This law will set the tone as the toughest-ever U.S. privacy decree. While hastily signed into law in June, the sweeping policy will affect hundreds of thousands of U.S. businesses when it takes effect Jan. 1, 2020....
by Leif Jensen | Oct 9, 2018 | General |
We recently met with a couple looking to create a new Not for Profit, they were a referral from a center of influence. They are proceeding slowly and are looking for the right team to be put in place before they truly get started. I was impressed with the due...
by Leif Jensen | Oct 8, 2018 | General |
A couple in bankruptcy can sue IRS for damages for emotional distress. They owed taxes, which IRS tried to collect. Even after they filed bankruptcy, IRS sent them repeated letters demanding payment and threatened enforcement action. This was improper. The couple sued...
by Leif Jensen | Oct 2, 2018 | General |
We were recently referred to a new client. They had purchased an existing business early last year. The client focused on running the business. The client spent all their time the past year, working in the business and not on the business. Now they are putting...
by Leif Jensen | Oct 1, 2018 | General |
Filing Form 941-X instead of 843 to recover overpaid payroll taxes isn’t fatal. A firm that twice paid an IRS assessment for payroll taxes filed the 941-X within 24 months of making the second payment to recover the duplicate funds. At the behest of an agency...
