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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
When Acquire Doesn’t Mean Acquire March 4, 2021
It’s time for today’s lessen in double-speak, or bureaucratese, courtesy of the IRS. On the top of Form 1040, just below your address is a question: At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? It seems simple: If you bought any cryptocurrency, […]
Russ
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