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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
Bozo Tax Tip #6: The $0.55 Solution July 8, 2020
With Tax Day fast approaching it’s time to examine yet another Bozo method of courting disaster. And it doesn’t, on the surface, seem to be a Bozo method. After all, this organization has the motto, Neither rain nor snow nor gloom of night can stay these messengers about their duty. Well, that’s not really the […]
Russ
Bozo Tax Tip #9: Let Your IRS Notice Age Like Fine Wine July 3, 2020
My brother is a wine connoisseur. As all my friends know, I’m anything but a wine aficionado. But I have learned one difference between fine wine and a notice from the IRS: Wine can age very well but IRS notices don’t. Almost all IRS notices come with deadlines. You need to act to stop the […]
Russ
Bozo Tax Tip #10: Email Your Social Security Number July 2, 2020
Earlier this year I stated I wouldn’t run my Bozo Tax Tips for the 2020 Tax Season. A friend persuaded me that I should, that the world needs some humor. So we’re going to run them now that the tax deadline appears set as July 15th. Without further ado: It’s time for our annual rundown […]
Russ
No, Please No June 24, 2020
A brief story in today’s Wall Street Journal (Pay$ Link) states that Secretary of the Treasury Mnuchin may consider extending the July 15th tax deadline (which was, of course, originally April 15th) again. Quoting the Journal, Asked in an interview at a virtual Bloomberg event if he was considering another delay to Sept. 15, Mr. […]
Russ
Not Only Incoming Mail is Backlogged at the IRS June 11, 2020
This morning, our IRS Stakeholder Liaison held a conference call on the current IRS situation. One unfortunate piece of information that was noted is that not only does the IRS have a backlog of incoming mail (estimated at well over 10 million pieces), there is a very large backlog of outgoing mail. As of early […]
Russ
IRS Reopening More Offices in June June 5, 2020
On June 1st the IRS opened offices in Kentucky, Texas, and Utah. That’s important for those of us in the tax professional community as two of the major IRS Service Centers for processing returns are in those states (Austin and Ogden). Austin also includes the unit that processes ITIN applications (a news report said there’s […]
Russ
IRS Interest Rates Decrease for the Third Quarter of 2020 June 4, 2020
The IRS announced today that IRS interest rates will decrease for the third quarter of 2020 to 3% for most from 5%: three (3) percent for overpayments [two (2) percent in the case of a corporation]; one-half (0.5) percent for the portion of a corporate overpayment exceeding $10,000; three (3) percent for underpayments; and five […]
Russ
IRS to Allow E-Filing of Amended Tax Returns But… May 28, 2020
This morning I received an announcement (below) that the IRS will, sometime this summer, allow electronic filing of amended personal tax returns (Form 1040X). Unfortunately, there’s a major “but” included: When the electronic filing option becomes available, only tax year 2019 Forms 1040 and 1040-SR returns can be amended electronically. In general, taxpayers will still […]
Russ