by Leif Jensen | May 23, 2017 | General |
During my career I have run into entrepreneurs that fall into roughly five different categories. First there are those who have their own ideas and plan to build their business from the ground up. This is the way I started my business. The second...
by Leif Jensen | May 22, 2017 | General |
About a month ago I was delivering a client’s return to the Shiller Park offices of the IRS. I was doing this because the client had not filed corporate of personal returns for a few years and I wanted to ensure that the first years was filed immediately upon...
by Leif Jensen | May 17, 2017 | General |
I have a client experiencing difficulties with their bank. Their relationship to their bank was testy at times, but then the bank was absorbed by another and things just went from bad to worse. The bank now insists on a 48 hour hold on all deposits, even if...
by Leif Jensen | May 16, 2017 | General |
S corporation owners who guarantee the firm’s loans don’t get a tax break: Guarantees don’t boost their tax basis in the firm. S company shareholders can deduct their share of corporate losses only up to their investment in the company, including advances made...
by Leif Jensen | May 15, 2017 | General |
The IRS had to pay a penalty for disclosing a couple’s tax information. In spite of minimal damages the Service needed pay only $1,000 to each of them. After the IRS audited the couple, an employee unintentionally mailed pages of the report detailing the...
by Leif Jensen | May 10, 2017 | General |
S corporation shareholders may soon be getting a form to assist in figuring their tax basis. Owners of S corporations can deduct losses only up to their stock basis and loans they make to the firm. But the IRS knows that taxpayer compliance in this area is...
