Monthly Archives: December 2020

The 2020 Tax Offender of the Year

Posted on December 31, 2020 by Russ

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 … Continue reading →

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IRS Issues 2021 Standard Mileage Rates

Posted on December 31, 2020 by Russ

A week ago the IRS announced the 2021 standard mileage rates: $0.56 per mile for business use (was $0.575 per mile in 2020); $0.16 per mile for medical/moving (was $0.17 per mile in 2020); and $0.14 per mile for service … Continue reading →

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This Deposit from “IRS 310” Is Your Stimulus Payment

Posted on December 31, 2020 by Russ

This morning, I found a very small deposit in my bank account; it was coded “IRS 310”. It’s the second stimulus payment, and it’s real. Kudos to the IRS for getting these out almost instantaneously with the signing of the … Continue reading →

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Expenses Associated with PPP Loans to be Fully Deductible

Posted on December 21, 2020 by Russ

According to this morning’s Wall Street Journal, businesses that took Paycheck Protection Plan (PPP) loans will be allowed to fully deduct expenses paid by the PPP loans. While a cap on the amount on this provision was originally inserted in … Continue reading →

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PPS Gets Friendlier: Callbacks Available

Posted on December 15, 2020 by Russ

Twice a week, on average, I call the IRS’s Practitioner Priority Service. It’s the usual starting place for tax professionals to resolve issues with the IRS. This year, calling the IRS has been an adventure. This is not the IRS’s … Continue reading →

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Ignoring W-2Gs and $482,000 of Income Led to a Sub-Optimal Result

Posted on December 14, 2020 by Russ

Bluffing in poker can work quite well. However, if your opponent will always call, bluffing cannot work. One poker player learned that the IRS always call your bluffs (especially when they have evidence). Guy Smith owns an interior construction business … Continue reading →

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Tax Professionals: IRS Considering Extending 2021 Tax Season

Posted on December 6, 2020 by Russ

Last week, a client of mine who filed in late March (by paper because her return could not be electronically filed) finally received her refund. The return was processed in mid-November (per the IRS transcript). The IRS is doing its … Continue reading →

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