by Kevin Thompson | Mar 15, 2013 | Tax Laws
The Senate Budget committee held a hearing on Tuesday, March 5th, to get to the bottom of wasteful spending, reduce the deficit and avoid key spending cuts caused by the sequester. At stake is either raising taxes on the wealthy and large corporations or slashing...
by Kevin Thompson | Feb 15, 2013 | Tax Laws
Today, I received an email from a long time client followed shortly by a lengthy fax of a letter from the IRS. The client is of renown and I shall not reveal his name. In the communication from the Department of the Treasury, the IRS laid out their case for why they...
by Kevin Thompson | Jan 22, 2013 | Tax Laws
On January 15th, the IRS announced a new option for home based business owners and workers that will allow them to deduct up to $1500. This will save taxpayers overall approximately 1.6 million hours per year. Nearly 3.4 million taxpayers were recorded as...
by Kevin Thompson | Jan 18, 2013 | Tax Laws
After passing the American Tax Payer Relief Act at the beginning of 2013, the US Congress and IRS have been working on changes and new legislation that will affect employee benefits. One of the more positive results is the renewal of permanent education...
by Kevin Thompson | Jan 17, 2013 | Tax Laws
With at least 3 billion taxpayers in the US, it’s been reported by Nina Olson, the national taxpayer advocate, that altogether we spend 6 billion hours trying to decipher how to do our taxes That equals about 20 hours per person. The tax code contains...
by Kevin Thompson | Jan 10, 2013 | Tax Laws
Highlights of the American Taxpayer Relief Act of 2012 include: The lower Bush-era tax rates are now permanent for 2013 and beyond, with the exception of high income earners (individuals with taxable income of more than $400,000, $425,000 for head of household,...
