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Author Archives: Russ
Bozo Tax Tip #7: Withhold, but Don’t Remit, Your Employment Taxes!
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
Posted in Payroll Taxes
Tagged BozoTaxTips
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Bozo Tax Tip #8: Use a Foreign Trust to Avoid Taxes!
One of 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
Posted in International
Tagged BozoTaxTips
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Bozo Tax Tip #9: Nevada Corporations or LLCs
As we continue with our Bozo Tax Tips–things you absolutely, positively shouldn’t do but somewhere someone will try anyway–it’s time for an old favorite. Given the business and regulatory climate in California, lots of businesses are trying to escape taxes … Continue reading
Posted in California, Nevada
Tagged BozoTaxTips
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Bozo Tax Tip #10: Email Your Social Security Number or EIN!
It’s time for our annual rundown of Bozo Tax Tips, strategies that you really, really, really shouldn’t try. But somewhere, somehow, someone will try these. Don’t say I didn’t warn you! This is a repeat for the tenth year in … Continue reading
Posted in Tax Preparation
Tagged BozoTaxTips
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No Foolin’: New York State Not Conforming to IRS Extension for Blizzard Disaster Zones
The New York State Department of Taxation and Finance decided not to extend taxpayers impacted by the December blizzards to May 15th; impacted taxpayers still must either file their tax returns by April 18th or file a valid extension (meaning … Continue reading
Posted in IRS, New York
Tagged 2023.Tax.Season
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Mississippi Counties Impacted by Tornadoes Have Until July 31st to File
The IRS announced this morning that four Mississippi counties impacted by tornadoes have until July 31st to file. The extension, for Carroll, Humphreys, Monroe, and Sharkey counties, covers all tax forms and estimated tax payments due between now and July … Continue reading
Posted in IRS, Mississippi
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Certain New York Storm Victims Get an Extra Month to File with the IRS
The IRS announced today that individuals (and businesses) in five New York counties have an extra month (to May 15th) to file and pay tax returns; this relates to the winter storm that hit between December 23rd and December 28th. … Continue reading
Today Is the Partnership & S-Corporation Deadline
You know what today is, right? Yes, the Ides of March–and the US tax filing deadline for partnerships and S-Corporations. If your entity isn’t ready to file, download Form 7004 (the extension request) and mail it using certified mail today. … Continue reading
Posted in California, IRS
Tagged 2023.Tax.Season
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California (Franchise Tax Board) Conforms to Extension to October 16th
The Franchise Tax Board announced late yesterday that California is officially conforming to the IRS extension until October 16th for all tax returns due from January 10th through October 15. Almost all of California is covered by the extension; only … Continue reading
Posted in California, IRS
Tagged 2023.Tax.Season
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