by Leif Jensen | Dec 14, 2021 | Taxes |
A ghost preparer is someone who doesn’t sign tax returns they prepare. Those unscrupulous preparers often print the return and have the taxpayer to sign and mail it to the IRS. For e-filed returns, the ghost will prepare but refuse to digitally sign as the paid...
by Leif Jensen | Dec 13, 2021 | Taxes |
The IRS is apparently being stingy on granting homeowner associations tax-exempt status as social welfare organizations, finding that many of them are organized or operated to mainly serve private interests of the members. I only know HOA’s to be self-serving...
by Leif Jensen | Dec 6, 2021 | Running a Business, Taxes |
There is a new law changing the 1099-K reporting rules which should hike compliance requirements in this area. What is a 1099-K??? This form endeavors to ensure that all online retailers are reporting sales for tax purposes. It requires credit card companies, such as...
by Leif Jensen | Dec 1, 2021 | Running a Business, Taxes |
Are you a gig worker? Do you have a side hustle to make yourself some extra cash? Do you know that you are supposed to report that cash to the IRS as reportable income and possibly pay self-employment taxes on those monies? The IRS wants to raise public awareness of...
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 | Nov 8, 2021 | Taxes |
S corporations’ owners can blunt the impact of the 3.8% surtax on unearned income. Shareholders who materially participate in the S corporation’s operations generally aren’t subject to the 3.8% surtax on their allocable share of the firm’s income or on distributions...
