by Leif Jensen | Mar 1, 2016 | General |
I was talking to an employee of a client and they were bragging on how they didn’t need professional help preparing their tax return. They purchased a box to prepare their return at Sam’s Club or Costco and they were ready to prepare all of the families returns. This...
by Leif Jensen | Feb 24, 2016 | General |
In a recent tax court case a company’s CEO and CFO were found liable for its past-due employment taxes, according to the appeals court. Although both officers began working for the firm after it fell behind on its payroll taxes, they discovered the full extent of the...
by Leif Jensen | Feb 23, 2016 | General |
In a recent court case it was determined that using an S corporation to rent realty to a related firm does not pay off from a tax perspective for a couple who owned all of the stock in both companies. They had their S firm lease a building to their regular...
by Leif Jensen | Feb 22, 2016 | General |
Caution should be used by a trustee in regards to tax issues. Recently in making trust distributions, a trustee ran afoul of the IRS while taxes were due according to a federal court. After setting up a trust for his kids with stock options that his wife had earned....
by Leif Jensen | Feb 17, 2016 | General |
Are you a trader or an investor? This assuming that you do a number of financial transactions throughout the year. The distinction can be significant for tax purposes. Factors that separate traders and investors: Traders engage in frequent buying and selling, usually...
by Leif Jensen | Feb 16, 2016 | General |
Have you tried contacting the IRS is the last year or so? If you have you know that the hold times easily reach an hour and that a 35% hang up rate is acceptable to IRS managers. But that is destined to change (evil laugh), the plan is to make reaching the IRS’s...
