by Leif Jensen | Jan 9, 2017 | General |
An employee’s larceny doesn’t void a penalty for undeposited payroll taxes in this case. After the company’s owner learned about the embezzlement and that the taxes were unpaid, he had the firm pay part of its liability to IRS and he loaned the business money for the...
by Leif Jensen | Jan 5, 2017 | General |
Employers are now required to file W-2s with the federal government by Jan. 31, this is up from the prior deadlines of Feb. 28 for paper returns and March 31 for e-filings. This earlier deadline matches the date for sending copies of the forms to employees. The Jan....
by Leif Jensen | Jan 4, 2017 | General |
In a recent tax case it was decided that partnership expenses cannot be taken directly on a partner’s tax return. A taxpayer reported on Schedule C income and expenses from two side businesses that he operated with his brother. Even though no partnership return...
by Leif Jensen | Jan 3, 2017 | General |
The tax burden on the wealthy has gone up, according to IRS statistics. The top 1% of individual filers paid 39.5% of all federal income taxes in 2014, the most recent year the Revenue Service has analyzed (yes, they are behind). This is an increase from 37.8%...
by Leif Jensen | Dec 28, 2016 | General |
I was invited to be a guest at a BNI meeting and another CPA stated that he was meeting with clients to changes to their planning strategies based upon the swirling rumors and hearsay. I was astounded by this. I had just been interviewed by a reporter from the Daily...
by Leif Jensen | Dec 27, 2016 | General |
Standard mileage fell to 53½¢ per mile, down 0.5¢ from 2016. The rate for medical travel and moving dropped 2¢, to 17¢ a mile next year. The allowance for charitable driving will stay put at 14¢ a mile. It’s fixed by law. You can also claim the cost of parking...
