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IRS Reminds Taxpayers of April FBAR Deadline. So What! April 9, 2021
The IRS sent out a press release this morning noting the FBAR deadline remains April 15th. The FBAR is the Report of Foreign Bank and Financial Accounts (FinCEN Form 114), and must be filed if you have $10,000 aggregate in one or more foreign financial accounts at any time during the year. My reaction is […]
Russ
If You Used Poloniex and Did Not Report Your Crypto… April 2, 2021
…now is a very good time to amend your tax returns to include those cryptocurrency gains and losses. The Department of Justice announced that a federal court in Massachusetts ordered Circle Internet, the former parent company of Poloniex, and Poloniex to provide a list of all U.S. taxpayers who conducted at least $20,000 of transactions […]
Russ
25 Million (and Counting) April 1, 2021
Today is April Fool’s Day. I wish this post were a joke–and I guess in one way it is. Unfortunately, what I’m reporting is true. Yesterday, National Taxpayer Advocate Erin Collins told a webinar that 25 million tax returns need a human to process. Some returns must be filed on paper (for example, split-interest trust […]
Russ
More IRS Correspondence Follies March 25, 2021
Two more examples came in yesterday’s mail regarding the IRS’s troubles with correspondence. First, clients received an Automated Underreporting Unit (AUR) notice in late December (2020) regarding income allegedly not included on their return. It was included, and we faxed a reply a few days later to the IRS. In yesterday’s mail the IRS reissued […]
Russ
Miccouskees Reach End of the Road March 22, 2021
The Miccouskee Tribe runs a very successful casino outside of Miami. The tribe itself is a sovereign nation and is exempt from federal taxation. However, its members are US citizens and owe tax on all their income. The tribe offered some unique (if bad) advice to its members: Don’t report the income–which is taxable–to the […]
Russ
Commissioner Rettig, Come Clean and Stop the B.S. March 18, 2021
Last week I wrote a post titled 18 Months and Counting. As promised, here’s the follow-up and it can be summed up with a simple line, “The IRS is lying to everyone about correspondence.” Commissioner Rettig today said he is “hopeful to get through the backlog by summer,” and that there’s a 24 million return […]
Russ
IRS Reportedly Extending Federal Individual Due Date from April 15th to May 17th March 17, 2021
Multiple news reports state that the IRS will extend the April 15th tax deadline to May 15th. Because May 15th falls on a Saturday, that effectively pushes the deadline to Monday, May 17th. I would expect this would be for all April 15 deadlines (primarily Forms 1040, 1041, and 1120) but we will have to […]
Russ
18 Months and Counting March 9, 2021
Last year I wrote about one of my clients, James Smith. The IRS “helpfully” changed his Employer Identification Number (EIN) for his business without telling him, and we have had to deal with numerous IRS notices relating to the EIN. Given that all payments were timely made by Mr. Smith and his businesses, eventually the […]
Russ
IRS Looking for “Hidden Treasure” (Unreported Cryptocurrency Income) March 8, 2021
The IRS’s Director of the Office of Fraud Enforcement, Damon Rowe, announced at a conference that the IRS has started “Operation Hidden Treasure.” The IRS is looking for individuals (and businesses) which had cryptocurrency income but didn’t report it on their tax returns. The IRS is investing in technology to look through the blockchain and […]
Russ
Stimulus for a 10-Year Old? Another (Likely) Erroneous IRS Notice March 6, 2021
One of my clients just received IRS Notice 1444-B noting they received their Second Economic Impact Payment of $600 by direct deposit. (The notice was dated February 19th, but they received it just this past week.) They wondered why it was $600 when it should be $2,200 (married filing jointly with two dependent children). They […]
Russ