by Kevin Thompson | Apr 7, 2017 | Tax Laws
Most taxpayers will admit that they have a hard time understanding basic tax rules. Who can blame them? It’s complicated. Still, only 32 percent hired a tax professional while 35 percent used some type of commercial tax software. The remainder depended on family...
by Kevin Thompson | Apr 5, 2017 | Tax Laws
Tax return preparers and advisers often use the word “disclosure” but many taxpayers do not understand what it means. Kevin E. Thompson, CPA says “I understand most taxpayers misunderstanding disclosure. I’m not sure most preparers know what it means. And some...
by Kevin Thompson | Mar 13, 2017 | announcement, Tax Laws
Most tax advisors learned last year that the Social Security law would prohibit the net amount of a Social Security check from decreasing because of increases in Medicare premiums. It’s called the “Hold Harmless” provision and is not an issue because a COLA is usually...
by Kevin Thompson | Mar 10, 2017 | announcement, Tax Laws
The IRS has been ignoring high-income taxpayers who owe billions of dollars and its watchdog group is pressing them to go after them. Approximately 1.9 nonfilers for 2012-2013, who have expired extensions, still owe an estimated $7.4 billion according to the Treasury...
by Kevin Thompson | Dec 29, 2016 | announcement, Tax Laws
Co-written by Kevin E. Thompson CPA and Ted Mayeshiba, MBA, Fellow, Institute of Industrial & Systems Engineers. How do you define “business interruption”? News reports that talk about earthquakes, hurricanes and tornados come to mind. However, the most...
by Kevin Thompson | Dec 15, 2016 | announcement, Tax Laws
“My tax cut is the biggest since Ronald Reagan. I’ve very proud of it. It will create tremedeous (sic) numbers of new jobs” ~ Donald J. Trump (Well, he can’t spell) Here is a summary of Donald Trump’s tax change proposals. Tax Rates There will only be three brackets...
