Monthly Archives: April 2018

Tax Deadline Extended One Day for IRS Purposes

Posted on April 17, 2018 by Russ

The IRS announced late today that due to the computer issues with IRS Direct Pay and the IRS e-filing systems, that individuals and businesses with a tax deadline of today (April 17th) have an extra day, until midnight, April 18th. … Continue reading →

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IRS Direct Pay Down

Posted on April 17, 2018 by Russ

It’s not as if today is a big day, right? IRS Direct Pay is down. This is not impacting most tax professionals efiling and initiating direct debit (the information is being sent to our software providers), but it is causing … Continue reading →

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Bozo Tax Tip #1: Ignore Cryptocurrency Sales!

Posted on April 13, 2018 by Russ

Last week (as I write this), I met with a new client. He purchased a lot of cryptocurrency in 2016 but didn’t sell any of it until around Thanksgiving of 2017 (he had one small sale). He asked me if … Continue reading →

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Bozo Tax Tip #2: Who Needs to Pay Employment Taxes?!?

Posted on April 12, 2018 by Russ

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 … Continue reading →

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Bozo Tax Tip #3: Use a Foreign Trust to Avoid Taxes!

Posted on April 11, 2018 by Russ

By far the worst tax schemes in the view of the IRS are offshore (foreign) trusts. In fact, trusts of all sorts—domestic and foreign—are regularly abused. First, not all trusts are bad. Many trusts serve a legitimate purpose, such as … Continue reading →

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Bozo Tax Tip #4: Procrastinate!

Posted on April 10, 2018 by Russ

Today is April 10th. The tax deadline is just seven days away. What happens if you wake up and it’s April 17, 2018, and you can’t file your tax? File an extension. Download Form 4868, make an estimate of what … Continue reading →

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Bozo Tax Tip #5: Use a Bozo Accountant!

Posted on April 9, 2018 by Russ

Here’s another Bozo Tax Tip that keeps coming around. The problem is, the Bozos don’t change their stripes. In any case, here are some signs your accountant might be a Bozo: – He’s never met a deduction that doesn’t fit … Continue reading →

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Bozo Tax Tip #6: The $0.49 Solution

Posted on April 6, 2018 by Russ

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 … Continue reading →

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Bozo Tax Tip #7: Only Income Earned Outside the US Is Taxable

Posted on April 5, 2018 by Russ

A few days ago I was explaining to a client the basics of the US Tax Code: All income is taxable unless Congress exempts it; nothing is deducible unless Congress allows it. That’s the basics. My office is in Las … Continue reading →

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Bozo Tax Tip #8: Publicize Your Tax Crimes on Social Media!

Posted on April 4, 2018 by Russ

Social media is really, really big these days. You can follow me on Twitter. I may even update my Facebook page one of these days. Of course, I’m not a tax criminal, and my posts hopefully add knowledge for others. … Continue reading →

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