Category Archives: IRS

The 2020 Tax Offender of the Year

Posted on December 31, 2020 by Russ

Many are called; few are chosen. It’s time once again for that most prestigious of prestigious year-end awards, the Tax Offender of the Year. It takes more than cheating on your taxes; you need to really cheat or do a … Continue reading →

Posted in International, IRS, Tax Fraud | Tagged | Comments Off on The 2020 Tax Offender of the Year

IRS Issues 2021 Standard Mileage Rates

Posted on December 31, 2020 by Russ

A week ago the IRS announced the 2021 standard mileage rates: $0.56 per mile for business use (was $0.575 per mile in 2020); $0.16 per mile for medical/moving (was $0.17 per mile in 2020); and $0.14 per mile for service … Continue reading →

Posted in IRS | Tagged | Comments Off on IRS Issues 2021 Standard Mileage Rates

This Deposit from “IRS 310” Is Your Stimulus Payment

Posted on December 31, 2020 by Russ

This morning, I found a very small deposit in my bank account; it was coded “IRS 310”. It’s the second stimulus payment, and it’s real. Kudos to the IRS for getting these out almost instantaneously with the signing of the … Continue reading →

Posted in IRS | Tagged | Comments Off on This Deposit from “IRS 310” Is Your Stimulus Payment

Expenses Associated with PPP Loans to be Fully Deductible

Posted on December 21, 2020 by Russ

According to this morning’s Wall Street Journal, businesses that took Paycheck Protection Plan (PPP) loans will be allowed to fully deduct expenses paid by the PPP loans. While a cap on the amount on this provision was originally inserted in … Continue reading →

Posted in IRS | Tagged | Comments Off on Expenses Associated with PPP Loans to be Fully Deductible

PPS Gets Friendlier: Callbacks Available

Posted on December 15, 2020 by Russ

Twice a week, on average, I call the IRS’s Practitioner Priority Service. It’s the usual starting place for tax professionals to resolve issues with the IRS. This year, calling the IRS has been an adventure. This is not the IRS’s … Continue reading →

Posted in IRS | Tagged | Comments Off on PPS Gets Friendlier: Callbacks Available

Tax Professionals: IRS Considering Extending 2021 Tax Season

Posted on December 6, 2020 by Russ

Last week, a client of mine who filed in late March (by paper because her return could not be electronically filed) finally received her refund. The return was processed in mid-November (per the IRS transcript). The IRS is doing its … Continue reading →

Posted in IRS | Tagged | Comments Off on Tax Professionals: IRS Considering Extending 2021 Tax Season

Wait

Posted on November 24, 2020 by Russ

I sometimes listen to music while working. I have a ~900 song playlist I cycle through, and today White Lion’s Wait came on. (White Lion was a hair band–if you watch the linked video, you will see why.) And it … Continue reading →

Posted in IRS | Tagged , | Comments Off on Wait

When It Takes the IRS 5+ Months to Process an Amended Return…

Posted on November 18, 2020 by Russ

Back in May, clients of mine discovered they left something out of their 2018 tax return. We prepared an amended return, the clients included a check for the additional tax, and it was mailed off to Kansas City. The check … Continue reading →

Posted in IRS | Tagged | Comments Off on When It Takes the IRS 5+ Months to Process an Amended Return…

IRS Mailing Erroneous CP259F Notices

Posted on November 4, 2020 by Russ

We prepare a few split-interest charitable trust returns (IRS Form 5227) every year. Coincidentally, I serve as trustee of a split-interest trust. Imagine my surprise when I received a CP259F Notice from the IRS for the trust that I am … Continue reading →

Posted in IRS | Tagged | Comments Off on IRS Mailing Erroneous CP259F Notices

It’s Time to Panic

Posted on September 30, 2020 by Russ

As I write this, it’s September 30th. Two weeks from tomorrow is Thursday, October 15, 2020. That’s the deadline for individual taxpayers on extension to file their tax returns (except for those in disaster areas such as the fires that … Continue reading →

Posted in IRS | Tagged | Comments Off on It’s Time to Panic