by Leif Jensen | Mar 6, 2018 | General |
Surprise the Service’s private debt-collection program is off to a shaky start. A 2015 law called for the agency to turn over many inactive tax receivables to private debt collectors in an effort to recoup overdue taxes owed by taxpayers. The IRS began...
by Leif Jensen | Mar 5, 2018 | General |
Surprise, charity insiders who use funds for personal use can draw a huge tax penalty. The founder and chief executive officer of a 501(c)(3) tax-exempt organization used money in the group’s checking account to pay for a host of personal expenses (i.e....
by Leif Jensen | Feb 28, 2018 | General |
Making infrequent sales of real estate costs a taxpayer an ordinary loss. The seller, who was a real estate pro, first sought to develop land he owned. But after the development activities stalled and did not progress beyond the planning stage, he had put the land in...
by Leif Jensen | Feb 27, 2018 | General |
Surprise two tax payer find that taking your C Corporation’s losses on your individual return is a no-no. Two brothers who were the sole shareholders in a regular C Corporation which operated a cattle business deducted the firm’s losses on their 1040 returns. The...
by Leif Jensen | Feb 26, 2018 | General |
Individuals can e-file their federal returns at no cost, no matter their income, directly with the IRS. The Service has two options. If your 2017 adjusted gross income was $66,000 or less, you can prepare and e-file your return with no charge by going to...
by Leif Jensen | Feb 21, 2018 | General |
I have a few clients with banking issues… One client’s bank is holding cash for 48 hours regardless of where the money is coming from, even another account at the bank. Think about it, you move money from one account to another on the banks website and can’t touch...
