by Leif Jensen | Nov 5, 2019 | Running a Business, Taxes |
A business manager called in a bit of a panic. It seems that their bookkeeper had quit four months before and they received a notice that they are now being audited by the Illinois Department or Revenue for their Sales Taxes for 2017 to 2019. I went to meet with the...
by Leif Jensen | Nov 4, 2019 | General, Rant, Running a Business, Taxes |
U.S. National Debt has risen to a record high exceeding $22 Trillion. To make matter worse according to the Treasury Department data comes as tax revenue has fallen and federal spending continues to rise. The new debt level reflects a rise of more than $2 trillion...
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...
