Monthly Archives: February 2021

Are California $600 Stimulus Payments Taxable?

Posted on February 25, 2021 by Russ

The state of California will soon be issuing $600 stimulus payments to an estimated 5.7 million residents.  These payments will go to: Households receiving the California Earned Income Tax Credit for 2020 (typically making $30,000 or less) Taxpayers with Individual … Continue reading →

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IRS Extends Some Filing Deadlines for Victims of Texas Winter Storms

Posted on February 22, 2021 by Russ

The IRS announced today that they have extended the deadline for victims of Texas winter storms until June 15th. This impacts the March 15th partnership and S-Corporation filing deadline and the April 15th individual, C-Corporation, and Trust/Estate deadline for those … Continue reading →

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Online Gambling and Cryptocurrency Addresses for 2021

Posted on February 19, 2021 by Russ

If you have one or more foreign financial accounts and you have $10,000 aggregate in those account(s) at any time during 2019, you must file the Report of Foreign Bank and Financial Accounts (the “FBAR”). This is Form 114 from … Continue reading →

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More Erroneous IRS Notices

Posted on February 10, 2021 by Russ

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 … Continue reading →

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IRS Sending Erroneous Notices With Erroneous Content

Posted on February 4, 2021 by Russ

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 … Continue reading →

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Calling the IRS? Good Luck! (Because You Will Really, Really Need It)

Posted on February 2, 2021 by Russ

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 … Continue reading →

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