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...
by Leif Jensen | May 9, 2017 | General |
I have a client who had an employee leave because they thought the office was too distracting. This is a creative company who has movies or music playing constantly in the background. While apparently finding this too distracting the employee apparently ignored this...
by Leif Jensen | May 8, 2017 | General |
This year we were hired to prepare the final return for an investment club. Once hired for the investment club return, we were asked by a couple members to prepare their individual returns, we offered to do any members personal return for our minimum fee. There were...
