by Kevin Thompson | Tax Blog
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 | Tax Blog
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 | Tax Blog
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 usually an issue because a COLA is...
by Kevin Thompson | Tax Blog
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 | Tax Blog
The IRS is looking for user data from Bitcoin customers causing tensions in regards to compliance and privacy. The agency has requested that Coinbase turn over records on users who have completed transactions between 2013 – 2015. Kevin E. Thompson CPA says “I began...
