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Author Archives: Russ
Corporate Transparency Act/BOI Reporting Enjoined Nationally by Texas Court
A Texas court today issued a nationwide injunction against the Corporate Transparency Act and Beneficial Ownership Information (BOI) reporting. Judge Amos Mazzant of the Eastern District of Texas issued the sweeping ruling in Texas Top Cop Shop, Inc. v Garland; … Continue reading
2025 Tax Foundation’s State Tax Competitiveness: Some New Winners, But the Usual Losers
The Tax Foundation released its 2025 State Tax Competitiveness Index (formerly the Business Tax Climate Index). While taxes aren’t everything in where you situate a business, they’re absolutely an important factor. If I have to pay an extra 10% in … Continue reading
Posted in Alaska, California, Connecticut, District of Columbia, Florida, Maryland, Montana, Nevada, New Jersey, New York, South Dakota, Wyoming
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BOI Reporting: A Reminder
We’re over 80% of the way through 2024, and with that another deadline approaches: the January 1, 2025 deadline to file Beneficial Ownership Information (BOI) reports through FinCEN. This morning, we filed ours for Clayton Financial and Tax LLC. The … Continue reading
IRS Now Offers Direct Pay for Businesses
I criticize the IRS regarding paperwork often. Indeed, the IRS has a major problem dealing with correspondence. Yet many businesses must make numerous payments by check (because that’s the only way to do so) or EFTPS. This morning, I sent … Continue reading
Posted in IRS
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Hurricane Milton Relief: Florida Now Has Until May 1, 2025 to File
With much of the state of Florida declared a federal disaster area, the IRS this morning announced that all residents of Florida have until May 1, 2025 to file their tax returns that are on extension. This impacts not only … Continue reading
Hurricane Helene IRS Relief for all of Alabama, the Carolinas, Georgia, and Parts of 3 Other States
The damage from Hurricane Helene was horrific in and around western North Carolina, and several states have been declared federal disaster zones. The IRS announced late yesterday that the entire states of Alabama, Georgia, North Carolina, and South Carolina, along … Continue reading
Posted in Alabama, Florida, Georgia, North Carolina, South Carolina, Tennessee, Virginia
Tagged Hurricane.Helene
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Disaster Relief Extension Impacts Millions in Illinois; Expect IRS to Give Relief to North Carolina Shortly
The IRS announced this morning that tax deadlines have been postponed in several counties in Illinois due to recent severe weather in the Chicagoland area: The IRS is offering relief to any area designated by the Federal Emergency Management Agency … Continue reading
Posted in Illinois, IRS, North Carolina
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Don’t Touch the Duct Tape!
Yesterday, I had to call the IRS to obtain an address to mail a return to (it had to go to a special address), and discuss collection activities for another client. Unfortunately, the IRS computer system crashed. (It came back … Continue reading
Posted in IRS
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Creative Math, IRS Style
One of our clients made a mistake on his payroll tax deposits: He shorted the IRS $4,590. He realized his mistake, and immediately made a correcting payroll tax deposit (albeit late). There’s a penalty for this, and it’s 10% (based … Continue reading
Posted in IRS, Payroll Taxes
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The Case of the Missing $632,825.18
The story you’re about to read is true. The names (and dollar amounts) have been changed to protect the innocent. John and Mary Smith, long-time clients, filed an amended return for the 2017 tax year years ago. It took some … Continue reading
Posted in IRS
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