by Leif Jensen | Mar 6, 2017 | General |
An employee who earned an MBA degree gets good news from the Tax Court. The cost can be deducted as an employee business expense on Schedule A. A man who worked as a product marketing manager decided to get an MBA degree with a focus on management and finance....
by Leif Jensen | Mar 1, 2017 | General |
A taxpayer has a scheme to avoid paying overdue taxes backfires for a corporation. On the day a company that owed back payroll taxes decided to close shop, its president and 40% owner formed a new firm to conduct the same line of business with the same workers....
by Leif Jensen | Feb 28, 2017 | General |
In a recent tax court case it was revealed that taking a large bad debt deduction leads to IRS scrutiny in this case. Through his S corporation, an investor advanced funds to small companies in return for financial control and a minority equity interest. (I am...
by Leif Jensen | Feb 27, 2017 | General |
Apparently suffering financial hardship does not let you tap your IRA penalty-free, according to the Tax Court. A taxpayer under age 59½ who lost her job and took payouts from her qualified dollars to assist in supporting her family. Afterwards the IRS...
by Leif Jensen | Feb 22, 2017 | General |
With all the talk and it is currently only talk, there is a question of what will happen with the gift tax? Most expect it to stick around in some form or another. It is considered to act as a backstop to help prevent income shifting from donors in high...
by Leif Jensen | Feb 21, 2017 | General |
Last Year I meet with a young man who was a financial advisor. I was impressed by how he presented himself but also how he described his process of working with his clients. It was not materially different from others I have worked with, but a certain earnestness...
