by Leif Jensen | Oct 15, 2019 | General, Rant, Taxes |
How does this actually work… The states, Illinois included, have done everything they can to threaten, sue, rob and kill the tobacco industry. Now they are setting their sights on killing e-cigarettes and the vaping markets. But Illinois plans to remake its fortunes...
by Leif Jensen | Oct 9, 2019 | Taxes |
As the Democratic fashion completion continues for the presidential nomination, Senators Elizabeth Warren of Massachusetts and Bernie Sanders of Vermont have both proposed wealth taxes that would shrink the fortunes of the richest Americans. Their plans envision an...
by Leif Jensen | Oct 7, 2019 | Running a Business, Taxes |
Banks are rushing to meet a 2020 deadline for a new bookkeeping rule. They will need to estimate possible losses on a loan when it’s originated. Under today’s accounting rules, banks don’t book loan losses until they have evidence that a loss will occur. This change...
by Leif Jensen | Sep 30, 2019 | Running a Business, Taxes |
While some states taxing authorities are urging the IRS to pick up the pace on giving them W-2 data. Others like Illinois are requiring that the data be entered on the My Tax Illinois website. Employers are required to file W-2s with the Social Security...
by Leif Jensen | Sep 24, 2019 | Taxes |
Earlier this year I was invited to an event that I have never been a part of before, an IDES audit. I know that the Illinois Department of Employment Security does audit, but I have never had a client who was audited. Now I have had one. The client was an unlikely...
by Leif Jensen | Sep 23, 2019 | Running a Business, Taxes |
This tax season we picked up a new tax client. This person is apparently an independent contractor. Based upon the facts of the case, I disagree. I believe this person to be an employee and that his employer has him paid as an independent contract to save on the...
