by Leif Jensen | Mar 11, 2020 | Tax Court, Taxes |
Distributing bequests to beneficiaries before paying IRS costs an executor, according to a court ruling. The executor of a big estate knew additional estate taxes would be due after IRS audited the Form 706. He signed an agreement with IRS consenting to have the...
by Leif Jensen | Mar 10, 2020 | Tax Court, Taxes |
Ownership by tenancies by the entirety cannot be used as a defense to defeat IRS tax liens, an appeals court confirms, even when only one spouse owes the taxes. This precedent was set by the Supreme Court in a 2002 ruling. In the current case, only the husband owed...
by Leif Jensen | Jan 14, 2020 | Running a Business, Taxes |
Payroll tax scofflaws continue to be a major area of focus for the IRS. These are firms that withhold Social Security and Medicare taxes from employees’ paychecks, but use the withheld funds for personal expenses or to pay other creditors instead of sending the money...
by Leif Jensen | Dec 11, 2019 | Taxes |
I was reading an opinion piece in the WSJ about Warren and her “2 cents” Wealth Tax campaign, and it reminded me of this story. Granted the percentages have changed since this was first printed, but the meaning is still valid. Also, I think this was originally done is...
by Leif Jensen | Dec 10, 2019 | Corporate Entities, Running a Business, Taxes |
The goal of most business owners beyond profit is to protect their businesses and themselves. This is why the government has allowed people the ability to organize or incorporate their businesses. This is how at a basic level you can legally protect the individual...
by Leif Jensen | Nov 25, 2019 | General, Investing, Running a Business, Taxes |
I have known people who get creative in having others cover their mortgage payments. I personally never had the opportunity or the courage to try what they did on my own. The first person bought his parents’ home from them in his freshman year of college. He then...
