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...
by Leif Jensen | Aug 26, 2019 | Taxes |
In May the IRS released Rev. Proc. 2019-26; this spells out the depreciation level for luxury passenger autos ($50,000 or more) and the tax liability for leased vehicles. The annual depreciation limitations for passenger automobiles (including trucks and vans) first...
by Leif Jensen | Aug 21, 2019 | Taxes |
Two recent tax law changes affect nonprofits. The first is that nonfilers get relief on exemption revocations. Exempt groups that fail to file their annual Form 990 returns for two consecutive years will get a letter from IRS notifying them that the agency hasn’t...
by Leif Jensen | Aug 20, 2019 | Taxes |
Couples who are self-employed must each figure their SECA tax separately and are required to complete a separate Schedule SE. Their total combined self-employment tax then goes on Schedule 4, line 57, of the 1040. Losses incurred in one spouse’s business cannot be...
