by Leif Jensen | Jul 24, 2024 | Running a Business |
Corporate Transparency Act (CTA), which was enacted by Congress in 2021 and became effective on January 1, 2024. This legislation mandates that businesses report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN), a bureau...
by Leif Jensen | Jul 3, 2024 | Running a Business |
If you own and run an S-Corporation you are supposed to pay yourself a reasonable salary. Granted the IRS does not define reasonable salary, but there should be a salary. I work with a client whose son-in-law is retired an receives no Social Security, he had run his...
by Leif Jensen | Jun 19, 2024 | Running a Business |
Hobbies and businesses are treated differently when it comes to filing taxes. The biggest difference between the two is that businesses operate to make a profit while hobbies are for pleasure or recreation. Whether someone is having fun with a hobby or running a...
by Leif Jensen | Jun 17, 2024 | Running a Business |
Beneficial Ownership Information Report are required reports that need to be filed. I have just completed the Beneficial Ownership Information Reports for the companies that I own or am active with such as a NFP run by one of my sons. Yes, NFP’s need to file as...
by Leif Jensen | Jun 12, 2024 | Running a Business |
If you own and run an S-Corporation you are supposed to pay yourself a reasonable salary. Granted the IRS does not define reasonable salary, but there should be a salary. I work with a client whose son-in-law is retired and receives no Social Security, he had run his...
by Leif Jensen | May 8, 2024 | Running a Business |
As I was reading a biography om Hershey and Mars, I learned that three chocolate companies that were started in the late 19th century are still in existence. I was flabbergasted. Since the book was written in the 1990’s, I thought I needed to verify that they do...
