by Kevin Thompson | Apr 2, 2014 | Tax Laws
It’s hard enough to be disabled, but even worse when the IRS slaps a steep bill on you. A 66 year old man, whose wife became ill and during that time he lost his job. Two months later his wife died. While still grieving, he discovers that he has kidney cancer and...
by Kevin Thompson | Apr 1, 2014 | Tax Laws
Obama’s 2015 budget proposal is certain to have an impact on how you strategize claiming Social Security. Hidden on a page within the 214 page budget plan is a directive that will prevent excessive or duplicate benefit payments from disability and Social...
by Kevin Thompson | Mar 31, 2014 | Tax Laws
Have you wondered how the IRS treats the recently trending Bitcoin market? So far, it’s been unclear whether Bitcoins should be classified as currency or property. However, the IRS recently announced its guidelines which can be found HERE. In short, the...
by Kevin Thompson | Feb 25, 2014 | Tax Laws
Executive Summary Since estate tax exclusion portability became available to taxpayers in 2011, the personal representative of the first dying spouse’s estate needed to file a Form 706 (the estate tax return) after the death of the first dying spouse in order...
by Kevin Thompson | Feb 24, 2014 | Tax Laws
When it comes to setting compensation, it’s common for the shareholder –employee to want to minimize compensation in favor of distributions. The reason is: to reduce payroll taxes. The problem lies in the fact that the IRS will not S Corp taxpayers to forgo...
by Kevin Thompson | Feb 21, 2014 | Tax Laws
While it’s true that you can put real estate into a corporation without a tax fee, you can’t withdraw it without giving the government its due. Here’s why: Section 1001, under general tax principles states that the transfer of appreciated property with show gain for...
