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Author Archives: Russ
The Perils of Waiting to the Last Minute
The extended deadline for partnership and S-Corporation tax returns was this past Tuesday, and all of our returns were completed and filed that could be (but one). And that one client understood the issues with late filing–but more on that … Continue reading
Posted in IRS, Tax Preparation
Tagged 2020.Tax.Season
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Hopefully, It Won’t Take Ten More Years for a Resolution (The Trouble Fighting State and Local Tax Agencies)
In 2008, taxpayers in Cook County, Illinois (Chicago) received property tax assessments and believed they were done improperly, including violating the Equal Protection Clause of the Fourteenth Amendment. They challenged it through the county appeals process, but got nowhere. They … Continue reading
Posted in Illinois
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At Least The IRS Could Find 95% of the Returns…
Two items crossed my in-box within a few minutes of each other this morning. The first was a blog post from the National Taxpayer Advocate requesting that Congress give multi-year funding for modernizing IRS computer systems. The second was a … Continue reading
Posted in IRS
Tagged National.Taxpayer.Advocate, Taxpayer.Advocate.Service, TIGTA
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IRS Extends Tax Deadlines for Victims of Iowa Derecho & California Wildfires
The IRS announced yesterday that they have extended tax deadlines for victims of both the derecho that hit Iowa and the ongoing California wildfires. The specific counties impacted can be found on the Federal Emergency Management Agency (FEMA) website. For … Continue reading
Posted in California, Iowa, IRS, Louisiana, Texas
Tagged 2020.Tax.Season
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More on the IRS Daily Fantasy Sports Memo (“DFS Is Gambling”)
There has been some speculation in the gambling world on (1) why did the IRS memo on Daily Fantasy Sports (DFS) suddenly appear, and (2) is the IRS correct about the non-precedential memo? Chris Krafcik on Twitter asked, ” Has … Continue reading
Posted in Gambling, IRS
Tagged daily.fantasy.sports
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That Direct Deposit from “IRS TREAS 310” Is Legitimate
Taxpayers who filed after April 15th are being paid interest on their refunds. The IRS issued a press release earlier this week, stating: This week the Treasury Department and the Internal Revenue Service will send interest payments to about 13.9 … Continue reading
Posted in IRS
Tagged 2020.Tax.Season
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Burying Your Head in the Sand
One of my favorite sayings (and I am not the one who came up with it) is “The Tax Code Giveth, The Tax Code Taketh Away.” It’s not fair, but we have to live with it as it is, not … Continue reading
Posted in Gambling, IRS
Tagged daily.fantasy.sports, DFS
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Deja Vu Again, and Again,…
Multiple clients of ours filed tax returns near the July 15th deadline and mailed payments to the IRS. And, as usual, these clients received IRS CP14 notices stating they hadn’t paid their taxes (when they had). What should they do? … Continue reading
IRS: DFS Sites Liable for Excise Tax on Wagering
Back in 2015, I asked and answered the question on whether the DFS sites were liable for the excise tax on wagering. I came to the conclusion they were. In late July, the IRS came to the same conclusion: DFS … Continue reading
Charitable Organizations and the Election
Unless you’re hiding under a rock you know that in less than three months there will be an election for President (and many other offices). EideBailly has a timely reminder today that a 501(c)(3) organization (a charitable organization) cannot support … Continue reading
Posted in IRS
Tagged 2020.Election, Charitable.Organizations
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