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Category Archives: IRS
More Erroneous IRS Notices
In yesterday’s mail we received several IRS CP59 Notices for clients. What’s a CP59 Notice? Well, here’s the first two lines: You didn’t file a Form 1040 tax return. You haven’t filed your tax return for the tax year ending … Continue reading
IRS Sending Erroneous Notices With Erroneous Content
Today is February 4, 2021. But the IRS computer has some other ideas about the date. The IRS sent many CP21C notices telling individuals that their Economic Impact (Stimulus) payments were offset to your 2007 tax account. Yikes! From the … Continue reading
Posted in IRS
Tagged 2021.Tax.Season
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Calling the IRS? Good Luck! (Because You Will Really, Really Need It)
I need to speak with the IRS regarding four clients. Unfortunately, I need to speak with three different departments within the IRS for these clients. I’ve been attempting to reach the IRS for over a week first thing in the … Continue reading
Posted in IRS
Tagged 2021.Tax.Season
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The Looming AUR Disaster from Fraudulent Unemployment Insurance Claims
A story I saw from a Sacramento television station noted that California’s Employment Development Department (EDD) processed millions of fraudulent unemployment insurance claims; indeed, EDD has no idea how many fraudulent claims were filed. EDD is now mailing out Forms … Continue reading
Posted in IRS
Tagged AUR, Unemployment
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SBA Releases New Simplified Forgiveness Form for PPP Loans
When Congress passed the budget reconciliation act that contained the second Covid-related stimulus, one piece of the legislation was a simplified form for Paycheck Protection Program (PPP) loan forgiveness. Late yesterday, the Small Business Administration released the newest version of … Continue reading
2021 Tax Season to Begin on Friday, February 12th
I have been asked by several clients when they can efile their 2020 tax returns. In most years, tax filing begins in late January. But not this year: The Internal Revenue Service announced that the nation’s tax season will start … Continue reading
Posted in IRS
Tagged 2021.Tax.Season
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Final 2020 Estimated Tax Payment Due on Friday
The fourth quarter estimated tax payment for individuals and trusts/estates is due this Friday, January 15th. If you make estimated payments (Form 1040-ES and the state equivalents) you should either mail your payment (using certified mail, return receipt requested) on … Continue reading
Posted in IRS
Tagged Estimated.Payments
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IRS Issuing Erroneous CP14 Notices
One of our clients received a CP14 Notice alleging she owed the late payment penalty (“Failure to Pay under Internal Revenue Code Section 6651). The notice noted he had an unpaid balance of $583 as of July 15, 2020 on … Continue reading
It’s Time to Generate 2020 1099s
It’s time for businesses to send out their annual information returns. These are the Form 1099s that are sent to to vendors when required. Let’s look first at who does not have to receive 1099s: Corporations (except attorneys) Entities you … Continue reading
Posted in Information Returns, IRS
Tagged 2021.Tax.Season
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It’s Time to Start Your 2021 Mileage Log
I’m going to start the new year with a couple reposts of essential information. Yes, you do need to keep a mileage log: Monday will be the first business day of the new year for many. You may have resolved … Continue reading
Posted in IRS
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