Category Archives: IRS

The Dead Need Not Amend (Even When They Have To)

Posted on September 25, 2020 by Russ

When I eventually go to the pearly gates, I assume I’ll be leaving income tax behind. It would be a rather rude surprise to find I have lifetime employment in the great beyond, too. This past week I needed to … Continue reading →

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The Perils of Waiting to the Last Minute

Posted on September 17, 2020 by Russ

The extended deadline for partnership and S-Corporation tax returns was this past Tuesday, and all of our returns were completed and filed that could be (but one). And that one client understood the issues with late filing–but more on that … Continue reading →

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At Least The IRS Could Find 95% of the Returns…

Posted on September 3, 2020 by Russ

Two items crossed my in-box within a few minutes of each other this morning. The first was a blog post from the National Taxpayer Advocate requesting that Congress give multi-year funding for modernizing IRS computer systems. The second was a … Continue reading →

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IRS Extends Tax Deadlines for Victims of Iowa Derecho & California Wildfires

Posted on August 25, 2020 by Russ

The IRS announced yesterday that they have extended tax deadlines for victims of both the derecho that hit Iowa and the ongoing California wildfires. The specific counties impacted can be found on the Federal Emergency Management Agency (FEMA) website. For … Continue reading →

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More on the IRS Daily Fantasy Sports Memo (“DFS Is Gambling”)

Posted on August 20, 2020 by Russ

There has been some speculation in the gambling world on (1) why did the IRS memo on Daily Fantasy Sports (DFS) suddenly appear, and (2) is the IRS correct about the non-precedential memo? Chris Krafcik on Twitter asked, ” Has … Continue reading →

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That Direct Deposit from “IRS TREAS 310” Is Legitimate

Posted on August 19, 2020 by Russ

Taxpayers who filed after April 15th are being paid interest on their refunds. The IRS issued a press release earlier this week, stating: This week the Treasury Department and the Internal Revenue Service will send interest payments to about 13.9 … Continue reading →

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Burying Your Head in the Sand

Posted on August 17, 2020 by Russ

One of my favorite sayings (and I am not the one who came up with it) is “The Tax Code Giveth, The Tax Code Taketh Away.” It’s not fair, but we have to live with it as it is, not … Continue reading →

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Deja Vu Again, and Again,…

Posted on August 15, 2020 by Russ

Multiple clients of ours filed tax returns near the July 15th deadline and mailed payments to the IRS. And, as usual, these clients received IRS CP14 notices stating they hadn’t paid their taxes (when they had). What should they do? … Continue reading →

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Charitable Organizations and the Election

Posted on August 13, 2020 by Russ

Unless you’re hiding under a rock you know that in less than three months there will be an election for President (and many other offices). EideBailly has a timely reminder today that a 501(c)(3) organization (a charitable organization) cannot support … Continue reading →

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Bozo Tax Tip #4: Procrastinate!

Posted on July 9, 2020 by Russ

Today is July 10th. The tax deadline is just five days away. What happens if you wake up and it’s July 15, 2020, and you can’t file your tax? File an extension. Download Form 4868, make an estimate of what … Continue reading →

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