Author Archives: Russ

Today Is the Partnership & S-Corporation Deadline

Posted on March 15, 2023 by Russ

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 →

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California (Franchise Tax Board) Conforms to Extension to October 16th

Posted on March 3, 2023 by Russ

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 →

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FBAR Non-Willful Penalty Is Per Report, Not Per Account

Posted on February 28, 2023 by Russ

Let’s assume you have a non-willful violation of filing the FBAR (Form 114, the Report of Foreign Bank and Financial Accounts).  Is the maximum penalty ($10,000) per account or per report?  The Circuit Courts of Appeal had split on this … Continue reading →

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IRS Extends California (and Alabama and Georgia) Disaster Areas to October 16th from May 15th

Posted on February 24, 2023 by Russ

The IRS announced today that most California taxpayers (most of the state is in a disaster zone from flooding in January) now have until October 16th to file any tax returns.  This also means that impacted taxpayers have until October … Continue reading →

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Good, Bad, and Ugly With the IRS

Posted on February 9, 2023 by Russ

This week I’ve had to call the IRS up for several different items.  There is good news, bad news, and some ugly news. The good news: In calling the Practitioner Priority Service (PPS), I’ve gotten through every time!  Twice, there … Continue reading →

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Online Gambling and Cryptocurrency Addresses for 2023

Posted on February 1, 2023 by Russ

[This list has been superceded by the 2024 list.] If you have one or more foreign financial accounts and you have $10,000 aggregate in those account(s) at any time during 2022, you must file the Report of Foreign Bank and … Continue reading →

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No Vacancy

Posted on January 30, 2023 by Russ

If you are searching for a tax professional and have yet to find one, you really, really need to get that into high gear.  As of today, we’re telling anyone inquiring that you will be put on a waiting list.  … Continue reading →

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Is It January 9th Yet?

Posted on January 20, 2023 by Russ

Last year, the IRS announced a new system for efiling 1099s (and other information returns) called IRIS.  This system would be available for both professionals and individuals (and businesses) to efile 1099s.  The system was supposed to be available on … Continue reading →

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California Storm Victims’ Tax Deadline Pushed Back to May 15th

Posted on January 10, 2023 by Russ

The IRS announced today that California storm victims have until May 15th to file any tax returns and make any payments that are due between now and May 14th, including the fourth quarter federal estimated tax payment due January 17th, … Continue reading →

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Start Your 2023 Mileage Log

Posted on January 3, 2023 by Russ

I’m going to start the new year with a couple reposts of essential information. Yes, you do need to keep a mileage log: Tuesday will be the first business day of the new year for many. You may have resolved … Continue reading →

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