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More Erroneous IRS Notices February 10, 2021
In yesterday’s mail we received several IRS CP59 Notices for clients. What’s a CP59 Notice? Well, here’s the first two lines: You didn’t file a Form 1040 tax return. You haven’t filed your tax return for the tax year ending on December 31, 2019. Of course, all the clients had filed their 2019 tax returns […]
Russ
IRS Sending Erroneous Notices With Erroneous Content February 4, 2021
Today is February 4, 2021. But the IRS computer has some other ideas about the date. The IRS sent many CP21C notices telling individuals that their Economic Impact (Stimulus) payments were offset to your 2007 tax account. Yikes! From the National Taxpayer Advocate: The IRS’s more than 109,000 CP21C letters informed the recipient, “We applied […]
Russ
Calling the IRS? Good Luck! (Because You Will Really, Really Need It) February 2, 2021
I need to speak with the IRS regarding four clients. Unfortunately, I need to speak with three different departments within the IRS for these clients. I’ve been attempting to reach the IRS for over a week first thing in the morning (7am PST), late in the day (2-3pm PST), and in the middle of the […]
Russ
The Looming AUR Disaster from Fraudulent Unemployment Insurance Claims January 21, 2021
A story I saw from a Sacramento television station noted that California’s Employment Development Department (EDD) processed millions of fraudulent unemployment insurance claims; indeed, EDD has no idea how many fraudulent claims were filed. EDD is now mailing out Forms 1099-G to note the unemployment paid (unemployment is taxable on the federal level). The Sacramento […]
Russ
SBA Releases New Simplified Forgiveness Form for PPP Loans January 20, 2021
When Congress passed the budget reconciliation act that contained the second Covid-related stimulus, one piece of the legislation was a simplified form for Paycheck Protection Program (PPP) loan forgiveness. Late yesterday, the Small Business Administration released the newest version of Form 3508S, the form that borrowers will need to complete. This form can only be […]
Russ
2021 Tax Season to Begin on Friday, February 12th January 15, 2021
I have been asked by several clients when they can efile their 2020 tax returns. In most years, tax filing begins in late January. But not this year: The Internal Revenue Service announced that the nation’s tax season will start on Friday, Feb. 12, 2021, when the tax agency will begin accepting and processing 2020 […]
Russ
Final 2020 Estimated Tax Payment Due on Friday January 12, 2021
The fourth quarter estimated tax payment for individuals and trusts/estates is due this Friday, January 15th. If you make estimated payments (Form 1040-ES and the state equivalents) you should either mail your payment (using certified mail, return receipt requested) on or before January 15th or pay electronically using EFTPS (requires pre-enrollment) or IRS Direct Pay. […]
Russ
IRS Issuing Erroneous CP14 Notices January 11, 2021
One of our clients received a CP14 Notice alleging she owed the late payment penalty (“Failure to Pay under Internal Revenue Code Section 6651). The notice noted he had an unpaid balance of $583 as of July 15, 2020 on 2019 tax of $8,855. The late payment penalty is assessed on the unpaid balance as […]
Russ
It’s Time to Generate 2020 1099s January 6, 2021
It’s time for businesses to send out their annual information returns. These are the Form 1099s that are sent to to vendors when required. Let’s look first at who does not have to receive 1099s: Corporations (except attorneys) Entities you purchased tangible goods from Entities you purchased less than $600 from (except royalties; the limit […]
Russ
The 2020 Tax Offender of the Year December 31, 2020
Many are called; few are chosen. It’s time once again for that most prestigious of prestigious year-end awards, the Tax Offender of the Year. It takes more than cheating on your taxes; you need to really cheat or do a series of Bozo-like actions. Every year I hope that there are no worthy candidates; as […]
Russ