by Leif Jensen | Aug 28, 2023 | Taxes |
We have all heard the promoters and their outrageous claims about getting your money that is owed to you and your business under the ERC rules. The ERTC rules are complex, and Congress changed them on three different occasions, just to make them more complicated. With...
by Leif Jensen | Jul 26, 2023 | Taxes |
What happens when you distribute Trust assets and don’t pay the taxes? You guessed it… The IRS can go after heirs and trust beneficiaries for unpaid estate taxes. It doesn’t matter that they received property years after the decedent’s death, an appeals court...
by Leif Jensen | Jul 19, 2023 | Taxes |
Professional gamblers have different rules than recreational gamblers. Some gamblers can file Schedule C if their gambling activity is extensive enough to rise to the level of a trade or business. This is a difficult hill to climb, as shown in a recent case (Mercier,...
by Leif Jensen | Jul 18, 2023 | Taxes |
Everybody knows or should know that you make, earn, win or steal money; you will owe the IRS a percentage of those funds. So here are some tax rules for recreational gamblers: Whether you are playing the slots, betting on sports or buying lottery tickets, IRS wants a...
by Leif Jensen | Jul 11, 2023 | Taxes |
Can you gift an I bond before it matures and avoid an income tax hit? No. Like most people, you’ve likely been deferring reporting for federal income tax purposes the interest that you earned on the savings bond. Gifting away EE or I bonds to someone else before those...
by Leif Jensen | May 3, 2023 | Taxes |
The current tax code has been in place since the Tax Cuts and Jobs Act (TCJA) was signed into law in late 2017. Most provisions, including personal income tax rates and brackets, expire at the end of 2025 unless Congress acts. The 21% corporate tax rate and long-term...
