Author Archives: Russ

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 →

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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 →

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IRS Looking for “Hidden Treasure” (Unreported Cryptocurrency Income)

Posted on March 8, 2021 by Russ

The IRS’s Director of the Office of Fraud Enforcement, Damon Rowe, announced at a conference that the IRS has started “Operation Hidden Treasure.”  The IRS is looking for individuals (and businesses) which had cryptocurrency income but didn’t report it on … Continue reading →

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Stimulus for a 10-Year Old? Another (Likely) Erroneous IRS Notice

Posted on March 6, 2021 by Russ

One of my clients just received IRS Notice 1444-B noting they received their Second Economic Impact Payment of $600 by direct deposit.  (The notice was dated February 19th, but they received it just this past week.)  They wondered why it … Continue reading →

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When Acquire Doesn’t Mean Acquire

Posted on March 4, 2021 by Russ

It’s time for today’s lessen in double-speak, or bureaucratese, courtesy of the IRS.  On the top of Form 1040, just below your address is a question: At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire … Continue reading →

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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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