by Kevin Thompson | Tax Blog
“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...
by Kevin Thompson | Tax Blog
If you have an LLC do you know how much your member’s shares are when it comes to self-employment tax? It’s a complicated matter because the IRS code and regulations do not provide any guidance on how to treat an LLC member in that regard. However, the agency has just...
by Kevin Thompson | Tax Blog
Bloomberg BNA has just published its 2017 Projected Tax Rates along with a projection of tax items that have been adjusted for inflation. That means that the cost of noncompliance will increase. The good news is that individuals and businesses can look forward to...
by Kevin Thompson | Tax Blog
Retirement isn’t for everyone. It turns out many retirees aren’t satisfied with the way it’s been going for them. The Employee Benefit Research Institute did a study between 1998 and 2012. They interviewed the same 20,000 retirees every 2 years. Here is what they...
by Kevin Thompson | Tax Blog
The IRS’s online Get Transcript app (GTA) (https://www.irs.gov/individuals/get-transcript) experienced a data breach during tax season that is still affecting taxpayers, according to a report released by the Treasury Inspector General for Tax Administration (TIGTA)....
by Kevin Thompson | Tax Blog
The Senate Finance Committee has been trying to decide whether or not to give the IRS the authority to regulate tax preparers. Senator Elizabeth Warren and others have proposed that the IRS be required to fill out simple tax returns. That would deal the “Free File...
