Author Archives: Russ

More Erroneous IRS Notices

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

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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Calling the IRS? Good Luck! (Because You Will Really, Really Need It)

I need to speak with the IRS regarding four clients. Unfortunately, I need to speak with three different departments within the IRS for these clients. I’ve been attempting to reach the IRS for over a week first thing in the … Continue reading

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The Looming AUR Disaster from Fraudulent Unemployment Insurance Claims

A story I saw from a Sacramento television station noted that California’s Employment Development Department (EDD) processed millions of fraudulent unemployment insurance claims; indeed, EDD has no idea how many fraudulent claims were filed. EDD is now mailing out Forms … Continue reading

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SBA Releases New Simplified Forgiveness Form for PPP Loans

When Congress passed the budget reconciliation act that contained the second Covid-related stimulus, one piece of the legislation was a simplified form for Paycheck Protection Program (PPP) loan forgiveness. Late yesterday, the Small Business Administration released the newest version of … Continue reading

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Nevada Tax Amnesty

The Nevada Department of Taxation sent out an email with details on Nevada’s tax amnesty program. You’re thinking, “Taxes in Nevada? There are no income taxes in Nevada.” And that’s absolutely correct, but many businesses do pay taxes in Nevada. … Continue reading

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2021 Tax Season to Begin on Friday, February 12th

I have been asked by several clients when they can efile their 2020 tax returns. In most years, tax filing begins in late January. But not this year: The Internal Revenue Service announced that the nation’s tax season will start … Continue reading

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Final 2020 Estimated Tax Payment Due on Friday

The fourth quarter estimated tax payment for individuals and trusts/estates is due this Friday, January 15th. If you make estimated payments (Form 1040-ES and the state equivalents) you should either mail your payment (using certified mail, return receipt requested) on … Continue reading

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IRS Issuing Erroneous CP14 Notices

One of our clients received a CP14 Notice alleging she owed the late payment penalty (“Failure to Pay under Internal Revenue Code Section 6651). The notice noted he had an unpaid balance of $583 as of July 15, 2020 on … Continue reading

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Clarity on Whether Cryptocurrency Must be Reported on the FBAR

A vexing question has been whether or not foreign cryptocurrency exchanges must be reported on the FBAR. At a conference in 2019, a representative from FINCEN said no; however, the instructions on the FBAR imply they should be reported. At … Continue reading

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