by Leif Jensen | Nov 17, 2021 | Running a Business |
I am having unusual conversation with my logistic clients. They are living a nightmare. The work is there for the taking, but they can’t take is because they don’t have the trucks, or they don’t have the drivers. Retailers this holiday season simply can’t keep up...
by Leif Jensen | Nov 9, 2021 | Running a Business, Taxes |
S corporation owners that pay themselves low salaries should and will be a bigger IRS target, according to Treasury inspectors. Many S corporation shareholders take low salaries, so the bulk of their profits are passed through to their own 1040 individual returns free...
by Leif Jensen | Sep 7, 2021 | Running a Business |
Shoddy recordkeeping costs a tax preparer a large chunk of money. She can’t deduct her vehicle expenses, even though she used her personal car in her business. She claimed she drove 34,560 miles for business during the year, and she took the standard mileage...
by Leif Jensen | Aug 31, 2021 | Running a Business |
I have a client where I deal with the manager and not the owner. It is my understanding that the manager will eventually take over as owner, but after a number of years it had not happened just yet. The PPP forgiveness was a problem. The owner applied for the loans...
by Leif Jensen | Aug 2, 2021 | Running a Business |
Who thought this was a good idea? In this case they were treating its officers as contractors which was causing headaches for a corporation that owned and operated day care centers. The corporation didn’t pay any salary to a couple who were its sole shareholders and...
by Leif Jensen | Jul 12, 2021 | Running a Business |
Not paying salary to its owner causes headaches for an S corporation. A lawyer who was the president of her own S firm. The company did not pay her a salary but did provide her with funds, which the firm deducted as officer’s compensation on its Form 1120-S. She...
