by Thompson CPA | Oct 20, 2021 | estate, Problems & Solutions, Tax Laws
Imagine this. If you put $100K away for 150 years, at 8% your grandchildren or your great grandchildren would be worth a BILLION dollars. The new Biden tax law seeks to limit infinity trusts, but you don’t need infinity. And if you can afford that single lump sum, you...
by Kevin Thompson | Feb 9, 2021 | filing requirements, Tax Laws
If you thought the IRS was being lax on auditing small businesses in the past, they will be increasing their audits by 50 percent in 2021. Due to recent tax laws and the economic stimulus-response to COVID -19, business tax calculations will be much more complicated....
by Kevin Thompson | Jan 15, 2021 | Tax Laws
Today I asked a friend of mine, Ed Kelly to chime in on Disability Insurance. Please enjoy this read. And try not to be frightened. There are relatively inexpensive solutions to disability issues. What is worse than high taxes on your income? NO income! And no income...
by Kevin Thompson | Apr 28, 2017 | Tax Laws
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...
by Kevin Thompson | Apr 21, 2017 | Tax Laws
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...
by Kevin Thompson | Apr 20, 2017 | Tax Laws
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...
