Will Calls from the IRS be Real or Fake?

Follow For years, we’ve been told that calls from the IRS are fake and to hang up immediately if someone says they’re from the agency. However, starting soon, that warning may not be true. The IRS is going to begin to use collection agencies to demand payment from...

The Future of CPA’s and Why Mark Cuban is Wrong

Mark Cuban remarked that he wouldn’t want to be a CPA right now because advances in technology mean it isn’t a profession that will be valid in the future.  One CPA had the opportunity to confront Mr. Cuban when he happened to be in her office building one day. Kevin Thompson, CPA said “I wish […]

Follow Mark Cuban remarked that he wouldn’t want to be a CPA right now because advances in technology mean it isn’t a profession that will be valid in the future.  One CPA had the opportunity to confront Mr. Cuban when he happened to be in her office building one day....

Lending to a Business to Pay Payroll taxes can Lead to Penalties

A Texas physician lent $100,000 to one of his businesses to cover its payroll taxes and got nailed with a $4.3 million IRS penalty. Lending to a business is complex. In this case, an employee had embezzled the money. Kevin Thompson, CPA says “the first mistake this man made was making the loan and paying […]

Follow A Texas physician lent $100,000 to one of his businesses to cover its payroll taxes and got nailed with a $4.3 million IRS penalty. Lending to a business is complex. In this case, an employee had embezzled the money. Kevin Thompson, CPA says “the first mistake...

THE PATH ACT – Protecting Americans From Tax Hikes – Depreciation

Protecting Americans from Tax Hikes Act of 2015 (The PATH Act) has given taxpayers new opportunities to accelerate their depreciation and the expenses they incur in qualifying real property. Kevin Thompson, CPA says “who names these bills? I can assure you that there have already been 10 other bills that did not protect us from […]

Follow Protecting Americans from Tax Hikes Act of 2015 (The PATH Act) has given taxpayers new opportunities to accelerate their depreciation and the expenses they incur in qualifying real property. Kevin Thompson, CPA says “who names these bills? I can assure you that...

What are your chances of a tax audit by the IRS?

When you think tax audit, panic and anxiety may set in. There are two kinds. The first is a correspondence audit, which is the mildest form, in which the IRS asks for information to be mailed in. A more complicated one requires that you meet in person with an IRS representative either at their office […]

Follow When you think tax audit, panic and anxiety may set in. There are two kinds. The first is a correspondence audit, which is the mildest form, in which the IRS asks for information to be mailed in. A more complicated one requires that you meet in person with an...