Author Archives: Russ

Is It One Penalty of $10,000 or Multiple Penalties of $10,000?

Posted on June 21, 2022 by Russ

Suppose you are a resident of a foreign country–say, Romania–and you have foreign financial accounts.  You need to file the FBAR (Report of Foreign Bank and Financial Accounts) to tell the Financial Crimes Enforcement Network (FINCEN) what foreign accounts you … Continue reading →

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Standard Mileage Rate Increases Beginning July 1st

Posted on June 9, 2022 by Russ

The IRS announced today that the standard mileage rate for the second half of 2022 will be $0.625/mile, up from $0.585/mile.  As the IRS notes: In recognition of recent gasoline price increases, the IRS made this special adjustment for the … Continue reading →

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Contributing to the IRS’s Paper Backlog

Posted on May 20, 2022 by Russ

A client of ours has filed Form 2553 three times to elect S-Corporation status.  The first time, his attorney sent the form to the IRS.  The second time, my client mailed the form (right before the pandemic began).  The third … Continue reading →

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Depressing

Posted on May 5, 2022 by Russ

TIGTA (the Treasury Inspector General for Tax Administration) came out this morning with its interim report on the 2022 Tax Filing Season.  I would love to report statistics that make me feel warm and fuzzy; instead, we’re left with more … Continue reading →

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2022 Tax Season: The Tax Season From Hell (Part 2)

Posted on May 4, 2022 by Russ

In Part 1 of this series we looked at what went wrong with the IRS.  (That post might have been shorter if I had written what went right.)  Today, let’s look at what should be done by Congress and the … Continue reading →

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We’re Under Attack!

Posted on April 26, 2022 by Russ

This afternoon, I was answering email and I accidentally clicked on Outlook’s “File Information.”  I happen to notice that the last login was from Buffalo, New York.  I’m just 3,000 miles away in Las Vegas, so I immediately sent a … Continue reading →

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2022 Tax Season: The Tax Season From Hell (Part 1)

Posted on April 26, 2022 by Russ

Mr. Murphy says, what can go wrong will go wrong.  This was definitely the case for the 2022 Tax Season.  In this four-part series, we’re going to cover IRS and government (Congress and the President) failures, our failures, and what … Continue reading →

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The Worst Written IRS Notice Ever?

Posted on April 21, 2022 by Russ

A client, living in a foreign country but who receives his mail in New Jersey (because mail to New Jersey is far more reliable than where he resides) received an IRS notice on his 2021 tax return: Your refund has … Continue reading →

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Bozo Tax Tip #1: No Tax Form, No Income!

Posted on April 15, 2022 by Russ

A new client was on the phone with me last week: “Russ, I just found out that I don’t get a tax form for the income I earn.  That means I don’t have to report it, right?” This individual is … Continue reading →

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Bozo Tax Tip #2: Anger Your Tax Professional!

Posted on April 14, 2022 by Russ

If you are a tax professional living in Las Vegas, and you’re interested in working for me for the 2023 Tax Season (2022 tax returns filed in 2023)–or you are in Las Vegas and you’re interested in becoming a tax … Continue reading →

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