Category Archives: IRS

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world on (1) why did the IRS memo on Daily Fantasy Sports (DFS) suddenly appear, and (2) is the IRS correct about the non-precedential memo?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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Bozo Tax Tip #5: Who Needs to Pay Employment Taxes?!?

Posted on July 8, 2020 by Russ

This Bozo Tax Tip—and do remember, these are things you really, really, really shouldn’t try—is aimed at the business owner who is having troubles. Business owners, unlike the federal government, can’t just print money. So let’s assume our hypothetical business … Continue reading →

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Bozo Tax Tip #6: The $0.55 Solution

Posted on July 7, 2020 by Russ

With Tax Day fast approaching it’s time to examine yet another Bozo method of courting disaster. And it doesn’t, on the surface, seem to be a Bozo method. After all, this organization has the motto, Neither rain nor snow nor … Continue reading →

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Bozo Tax Tip #9: Let Your IRS Notice Age Like Fine Wine

Posted on July 2, 2020 by Russ

My brother is a wine connoisseur. As all my friends know, I’m anything but a wine aficionado. But I have learned one difference between fine wine and a notice from the IRS: Wine can age very well but IRS notices … Continue reading →

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Bozo Tax Tip #10: Email Your Social Security Number

Posted on July 1, 2020 by Russ

Earlier this year I stated I wouldn’t run my Bozo Tax Tips for the 2020 Tax Season. A friend persuaded me that I should, that the world needs some humor. So we’re going to run them now that the tax … Continue reading →

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