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Author Archives: Russ
IRS Interest Rates Unchanged for the Third Quarter of 2018
The IRS announced yesterday that IRS interest rates will be unchanged for the third quarter of 2018: The rates will be: – 5 percent for overpayments, 4 percent in the case of a corporation; – 2.5 percent for the portion … Continue reading
Posted in IRS
Tagged IRS.Interest.Rates
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IRS Offers Penalty and Filing Relief on New Transaction Tax on Foreign Earnings
Individuals who own foreign entities typically have complex returns. I prepare returns for three such individuals; they’re all on extension. Yet one item needed to be prepared for these individuals by April 18th: the new Section 965 transition tax. One … Continue reading
Posted in International, IRS
Tagged Section.965
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A Thriller of a Decision Upcoming
The Wall Street Journal yesterday highlighted Judge Mark Holmes of the United States Tax Court. Judge Holmes’s opinions are extraordinarily readable even to those who know little about tax law. I’ve noted Judge Holmes’s writings in the past (on the … Continue reading
Posted in Tax Court
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You Mean My Checking Account Became a Savings Account?
In what is definitely an “Oops” moment, two tax software products from Intuit (Lacerte and Intuit ProConnect Online) incorrectly transmitted information for 2018 California estimated payments. Checking accounts became savings accounts in the transmittal and the payments were rejected: As … Continue reading
Posted in California
Tagged Intuit
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WSOP and Taxes: 2018 Update
The 2018 World Series of Poker (WSOP) begins today here in Las Vegas. There are also several other tournament series that have either begun or will soon begin at the Venetian, Wynn/Encore, Aria, Planet Hollywood, Binion’s, Golden Nugget, and Orleans … Continue reading
Back to the Old Drawing Board
I’ve written before about certain states’ efforts to get around the new $10,000 cap on state and local taxes that can be deducted on federal tax returns. The IRS announced today they will be proposing regulations later this year on … Continue reading
Posted in California, IRS, Legislation, New York
Tagged TaxReform2017
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The Deep State and Cryptocurrency
There have been plenty of articles about the “Deep State” vis-a-vis President Trump. I’m not going into that; if you’re interested, Google is your friend. Rather, I’m going to look at the Deep State and cryptocurrency. On May 1st the … Continue reading
Taxes Matter (2018 Version), Part 1
Those on the left constantly chirp that taxes don’t matter. Those of us who prepare tax returns can state as fact you’re wrong. I moved my business because of taxes and regulations. Here are two other examples from today that … Continue reading
Posted in Legislation, New Jersey, Washington State
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Tax Deadline Extended One Day for IRS Purposes
The IRS announced late today that due to the computer issues with IRS Direct Pay and the IRS e-filing systems, that individuals and businesses with a tax deadline of today (April 17th) have an extra day, until midnight, April 18th. … Continue reading
IRS Direct Pay Down
It’s not as if today is a big day, right? IRS Direct Pay is down. This is not impacting most tax professionals efiling and initiating direct debit (the information is being sent to our software providers), but it is causing … Continue reading