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Author Archives: Russ
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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Hurricane Debby Tax Deadline Relief; Deadlines Extended for Impacted Taxpayers to February 3, 2025
This year is supposed to be a very active year in the tropics, with over 20 tropical storms (some of which will be hurricanes) predicted. Hurricane Debby made landfall in Florida, and then made a second landfall in the Carolinas … Continue reading
Posted in Florida, Georgia, North Carolina, Pennsylvania, South Carolina
Tagged Hurricane.Debby
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Why Did the IRS Send Me a $1.87 Refund?
In mid-June I received mail from the IRS. That’s not unusual; I receive a lot of mail from the IRS (generally, correspondence for clients). But this was different: it was a check for $1.87. Here’s the check: Now, I wasn’t … Continue reading
Posted in IRS
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A Phish A Day…
Phishing is something tax professionals see daily. We have antivirus and malware protection installed throughout our network and on all workstations, but I still see a phishing email a day. Here’s one: There are a number of clues that this … Continue reading
Posted in Tax Preparation, Taxable Talk
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The Real Winners of the 2024 World Series of Poker
I was not one of the 10,112 entrants (a record field) in the 2024 Main Event of the World Series of Poker. Yesterday saw the winner being crowned. He received a cool $10 Million, but how much of the winnings … Continue reading
US-Russia Tax Treaty Mostly Suspended Beginning August 16th
The IRS announced today that based on a request from Russia last August that most of the US-Russia Tax Treaty will be suspended beginning August 16, 2024. One impact: Russians who have gambling income in the US that’s subject to … Continue reading
Posted in Gambling, International
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Is IRS Correspondence Broken?
As a tax professional with quite a few clients, our clients receive IRS notices. Much of this correspondence (not all, but a large portion) has to be responded to. My three most recent cases are making me think there are … Continue reading
Posted in IRS
Tagged National.Taxpayer.Advocate, Taxpayer.Advocate.Service
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The “Joy” of 1959 Technology
Clients of ours (call them John & Betty) just received their IRS refund. It was off by $1,250, exactly the amount of an estimated tax payment they made. They made that payment using IRS Direct Pay (and I saw their … Continue reading
Surviving a Residency Audit
A few years ago, one of my clients (call him Bob) moved from California to Nevada. He then had a very large capital gain (but while a Nevada resident). At the time, I advised him that a residency examination (audit) … Continue reading
Posted in California, Nevada
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