by Leif Jensen | Nov 1, 2016 | General |
In a recent court case an estate gets a theft loss for assets invested with Bernie Madoff. The decedent who owned 99% of a limited liability company whose only asset was an account with Madoff. After his death and before the filing of the estate return, the LLC-owned...
by Leif Jensen | Oct 31, 2016 | General |
Born from the Gaelic festival “Samhain” marking the end of the harvest season and into winter- the dark times and aided by Pope Gregory III’s “All Saints Day” and the Celtic “New Year”; comes “All Hallows Eve” or “Halloween”. Granted this is a streamlined...
by Leif Jensen | Oct 26, 2016 | General |
In another recent tax case it was decided that a lawyer’s malpractice won’t prevent penalties for a late-filed estate tax return. The executor hired an attorney to file an estate’s Form 706. But, unbeknownst to her, the lawyer was battling brain cancer and...
by Leif Jensen | Oct 25, 2016 | General |
I was reading an article recently regarding predictions on the end of the world. The article referenced an article in the New Yorker, but I have read about these prophecies before. Actually I have seen multiple movies and read a few books regarding all of these...
by Leif Jensen | Oct 24, 2016 | General |
As of July 1, 2017, Pub. Act 099-0637 became effective amending 805 ILCS 180 et seq. What does that mean? It means that now all LLCs are member managed unless the operating agreement specifically states otherwise. The operating agreement must also express...
by Leif Jensen | Oct 19, 2016 | General |
The illusion of the simple return, no one believes that their lives are as complicated as they are. We received a call at the beginning of October where a potential client was looking for someone to prepare their tax return. “Since the filing deadline on an...
