by Kevin Thompson | Feb 10, 2015 | Tax Laws
Due to potentially fraudulent activity that was found on tax returns filed with Turbo Tax in Minnesota, the Minnesota Department of Revenue has stopped accepting tax returns submitted using Turbo Tax software. Intuit, the company that produces Turbo Tax, had...
by Kevin Thompson | Feb 9, 2015 | Tax Laws
The IRS is making an effort to clarify the one-per-year limit on IRA’s imposed in 2014 for taxpayers. In 2014 the U.S. Tax Court put a limit on making more than one tax-free rollover for individuals in a one year period even if a person has different IRA’s. Starting...
by Kevin Thompson | Feb 7, 2015 | Tax Laws
When it comes to deductions on your tax return, Kevin Thompson, CPA says “here are a few no no’s you may not want to think twice about before you claim:” Your family dog or unborn child as dependents Thompson says “I know my wife spends more on that dog than...
by Kevin Thompson | Feb 6, 2015 | Tax Laws
We all know that outstanding customer service at most government agencies is rare, and the IRS is no exception. Attempting to talk to a human on the phone is almost laughable. Considering that our country has a huge deficit, you’d think the IRS would do everything...
by Kevin Thompson | Feb 5, 2015 | Tax Laws
The IRS is predicting that taxpayers will see a reduction in services resulting from recent budget cuts. This will mean delayed refunds and reduced correspondence with IRS customer service. According to Commissioner Koskinen, the IRS has no choice but to do with less....
by Kevin Thompson | Dec 26, 2014 | Tax Laws
Now that Baby Boomers are getting older, those in defined contribution plans such as (401 (k) and 403 (b), are finding that they aren’t sufficient to provide income for the duration of the retiree’s life. Although 403 (b) plan annuities are better, the problem still...
