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...
by Leif Jensen | Sep 26, 2018 | General |
The IRS continues to clamp down on charitable donations. Even small cash donations aren’t exempt from the strict recordkeeping rules, according to IRS’s final regulations. For charitable monetary gifts of any size, you cannot claim a deduction unless you have a...
by Leif Jensen | Sep 25, 2018 | General |
Issuing a fraudulent 1099 can cost lots of money. AN example of this was recently brought forth. A doctor received from the owner of his medical practice a 1099 form that reported an inflated amount of income. The doctor then filed a lawsuit in federal court. He...
