Author Archives: Russ

Bozo Tax Tip #9: Let Your IRS Notice Age Like Fine Wine

Posted on July 2, 2020 by Russ

My brother is a wine connoisseur. As all my friends know, I’m anything but a wine aficionado. But I have learned one difference between fine wine and a notice from the IRS: Wine can age very well but IRS notices … Continue reading →

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Bozo Tax Tip #10: Email Your Social Security Number

Posted on July 1, 2020 by Russ

Earlier this year I stated I wouldn’t run my Bozo Tax Tips for the 2020 Tax Season. A friend persuaded me that I should, that the world needs some humor. So we’re going to run them now that the tax … Continue reading →

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No, Please No

Posted on June 24, 2020 by Russ

A brief story in today’s Wall Street Journal (Pay$ Link) states that Secretary of the Treasury Mnuchin may consider extending the July 15th tax deadline (which was, of course, originally April 15th) again. Quoting the Journal, Asked in an interview … Continue reading →

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If the Lawyers Had Followed the Rules…

Posted on June 18, 2020 by Russ

Two marijuana dispensaries were audited by the IRS. Because of Internal Revenue Code § 280E (which prohibits all deductions for carrying on a business of trafficking in a controlled substance, which marijuana is), the first dispensary was looking at a … Continue reading →

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2020 Best States for Business: Bring Me (mostly) the Usual Suspects

Posted on June 18, 2020 by Russ

Chief Executive magazine does a survey every year of the best and worst states for business. This isn’t just a list about taxes, but includes other factors; still, it’s a good survey of what business executives look at. The top … Continue reading →

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Not Only Incoming Mail is Backlogged at the IRS

Posted on June 11, 2020 by Russ

This morning, our IRS Stakeholder Liaison held a conference call on the current IRS situation. One unfortunate piece of information that was noted is that not only does the IRS have a backlog of incoming mail (estimated at well over … Continue reading →

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IRS Reopening More Offices in June

Posted on June 5, 2020 by Russ

On June 1st the IRS opened offices in Kentucky, Texas, and Utah. That’s important for those of us in the tax professional community as two of the major IRS Service Centers for processing returns are in those states (Austin and … Continue reading →

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IRS Interest Rates Decrease for the Third Quarter of 2020

Posted on June 4, 2020 by Russ

The IRS announced today that IRS interest rates will decrease for the third quarter of 2020 to 3% for most from 5%: three (3) percent for overpayments [two (2) percent in the case of a corporation]; one-half (0.5) percent for … Continue reading →

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IRS to Allow E-Filing of Amended Tax Returns But…

Posted on May 28, 2020 by Russ

This morning I received an announcement (below) that the IRS will, sometime this summer, allow electronic filing of amended personal tax returns (Form 1040X). Unfortunately, there’s a major “but” included: When the electronic filing option becomes available, only tax year … Continue reading →

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Patiently

Posted on May 20, 2020 by Russ

Two clients asked me about their tax refunds this week. Both had filed several weeks ago, and each had received their state refunds. Neither had received their federal refunds. With the IRS phone lines for practitioners now working (albeit with … Continue reading →

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