Author Archives: Russ

Bozo Tax Tip #9: Nevada Corporations

Posted on May 4, 2021 by Russ

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 | Comments Off on Bozo Tax Tip #9: Nevada Corporations

Bozo Tax Tip #10: Email Your Social Security Number!

Posted on May 3, 2021 by Russ

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 eighth year in … Continue reading →

Posted in Tax Preparation | Tagged | Comments Off on Bozo Tax Tip #10: Email Your Social Security Number!

IRS Reminds Taxpayers of April FBAR Deadline. So What!

Posted on April 9, 2021 by Russ

The IRS sent out a press release this morning noting the FBAR deadline remains April 15th.  The FBAR is the Report of Foreign Bank and Financial Accounts (FinCEN Form 114), and must be filed if you have $10,000 aggregate in … Continue reading →

Posted in FINCEN, IRS | Tagged , | Comments Off on IRS Reminds Taxpayers of April FBAR Deadline. So What!

If You Used Poloniex and Did Not Report Your Crypto…

Posted on April 2, 2021 by Russ

…now is a very good time to amend your tax returns to include those cryptocurrency gains and losses.  The Department of Justice announced that a federal court in Massachusetts ordered Circle Internet, the former parent company of Poloniex, and Poloniex … Continue reading →

Posted in Cryptocurrencies, IRS | Tagged , , | Comments Off on If You Used Poloniex and Did Not Report Your Crypto…

25 Million (and Counting)

Posted on April 1, 2021 by Russ

Today is April Fool’s Day.  I wish this post were a joke–and I guess in one way it is.  Unfortunately, what I’m reporting is true. Yesterday, National Taxpayer Advocate Erin Collins told a webinar that 25 million tax returns need … Continue reading →

Posted in IRS | Tagged | Comments Off on 25 Million (and Counting)

More IRS Correspondence Follies

Posted on March 25, 2021 by Russ

Two more examples came in yesterday’s mail regarding the IRS’s troubles with correspondence.  First, clients received an Automated Underreporting Unit (AUR) notice in late December (2020) regarding income allegedly not included on their return.  It was included, and we faxed … Continue reading →

Posted in IRS | Tagged | Comments Off on More IRS Correspondence Follies

Miccouskees Reach End of the Road

Posted on March 22, 2021 by Russ

The Miccouskee Tribe runs a very successful casino outside of Miami.  The tribe itself is a sovereign nation and is exempt from federal taxation.  However, its members are US citizens and owe tax on all their income.  The tribe offered … Continue reading →

Posted in IRS, Tax Court | Tagged | Comments Off on Miccouskees Reach End of the Road

Commissioner Rettig, Come Clean and Stop the B.S.

Posted on March 18, 2021 by Russ

Last week I wrote a post titled 18 Months and Counting.  As promised, here’s the follow-up and it can be summed up with a simple line, “The IRS is lying to everyone about correspondence.” Commissioner Rettig today said he is … Continue reading →

Posted in IRS | Tagged | Comments Off on Commissioner Rettig, Come Clean and Stop the B.S.

IRS Reportedly Extending Federal Individual Due Date from April 15th to May 17th

Posted on March 17, 2021 by Russ

Multiple news reports  state that the IRS will extend the April 15th tax deadline to May 15th.  Because May 15th falls on a Saturday, that effectively pushes the deadline to Monday, May 17th.  I would expect this would be for … Continue reading →

Posted in IRS | Tagged | Comments Off on IRS Reportedly Extending Federal Individual Due Date from April 15th to May 17th

18 Months and Counting

Posted on March 9, 2021 by Russ

Last year I wrote about one of my clients, James Smith.  The IRS “helpfully” changed his Employer Identification Number (EIN) for his business without telling him, and we have had to deal with numerous IRS notices relating to the EIN.  … Continue reading →

Posted in IRS | Comments Off on 18 Months and Counting