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The Perils of Waiting to the Last Minute September 17, 2020
The extended deadline for partnership and S-Corporation tax returns was this past Tuesday, and all of our returns were completed and filed that could be (but one). And that one client understood the issues with late filing–but more on that in a moment. However, we were lucky in that we don’t use software from Wolters […]
Russ
At Least The IRS Could Find 95% of the Returns… September 3, 2020
Two items crossed my in-box within a few minutes of each other this morning. The first was a blog post from the National Taxpayer Advocate requesting that Congress give multi-year funding for modernizing IRS computer systems. The second was a TIGTA report noting the IRS couldn’t find about 5% of tax returns requested. Do you […]
Russ
IRS Extends Tax Deadlines for Victims of Iowa Derecho & California Wildfires August 25, 2020
The IRS announced yesterday that they have extended tax deadlines for victims of both the derecho that hit Iowa and the ongoing California wildfires. The specific counties impacted can be found on the Federal Emergency Management Agency (FEMA) website. For both disasters, tax deadlines are extended that began on August 10th for the derecho and […]
Russ
More on the IRS Daily Fantasy Sports Memo (“DFS Is Gambling”) August 20, 2020
There has been some speculation in the gambling world on (1) why did the IRS memo on Daily Fantasy Sports (DFS) suddenly appear, and (2) is the IRS correct about the non-precedential memo? Chris Krafcik on Twitter asked, ” Has anybody gotten to the why of the IRS DFS memo? Working backwards from the targets […]
Russ
That Direct Deposit from “IRS TREAS 310” Is Legitimate August 19, 2020
Taxpayers who filed after April 15th are being paid interest on their refunds. The IRS issued a press release earlier this week, stating: This week the Treasury Department and the Internal Revenue Service will send interest payments to about 13.9 million individual taxpayers who timely filed their 2019 federal income tax returns and are receiving […]
Russ
Burying Your Head in the Sand August 17, 2020
One of my favorite sayings (and I am not the one who came up with it) is “The Tax Code Giveth, The Tax Code Taketh Away.” It’s not fair, but we have to live with it as it is, not how we want it to be. Only Congress can change the Tax Code because it’s […]
Russ
Deja Vu Again, and Again,… August 15, 2020
Multiple clients of ours filed tax returns near the July 15th deadline and mailed payments to the IRS. And, as usual, these clients received IRS CP14 notices stating they hadn’t paid their taxes (when they had). What should they do? First, ignoring an IRS notice is generally not a good idea. IRS notices do not […]
Russ
Charitable Organizations and the Election August 13, 2020
Unless you’re hiding under a rock you know that in less than three months there will be an election for President (and many other offices). EideBailly has a timely reminder today that a 501(c)(3) organization (a charitable organization) cannot support one candidate over another. This is for all 501(c)(3) organizations including private foundations. So what […]
Russ
Bozo Tax Tip #4: Procrastinate! July 10, 2020
Today is July 10th. The tax deadline is just five days away. What happens if you wake up and it’s July 15, 2020, and you can’t file your tax? File an extension. Download Form 4868, make an estimate of what you owe, pay that, and mail the voucher and check to the address noted for […]
Russ
Bozo Tax Tip #5: Who Needs to Pay Employment Taxes?!? July 9, 2020
This Bozo Tax Tip—and do remember, these are things you really, really, really shouldn’t try—is aimed at the business owner who is having troubles. Business owners, unlike the federal government, can’t just print money. So let’s assume our hypothetical business owner has payroll tomorrow but doesn’t have the money for everything. What should he do? […]
Russ