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Category Archives: IRS
When It Takes the IRS 5+ Months to Process an Amended Return…
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 2020.Tax.Season
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IRS Mailing Erroneous CP259F Notices
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
It’s Time to Panic
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
The Dead Need Not Amend (Even When They Have To)
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
Posted in IRS
Tagged 2020.Tax.Season
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The Perils of Waiting to the Last Minute
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
Posted in IRS, Tax Preparation
Tagged 2020.Tax.Season
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At Least The IRS Could Find 95% of the Returns…
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
Posted in IRS
Tagged National.Taxpayer.Advocate, Taxpayer.Advocate.Service, TIGTA
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IRS Extends Tax Deadlines for Victims of Iowa Derecho & California Wildfires
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
Posted in California, Iowa, IRS, Louisiana, Texas
Tagged 2020.Tax.Season
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More on the IRS Daily Fantasy Sports Memo (“DFS Is Gambling”)
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
Posted in Gambling, IRS
Tagged daily.fantasy.sports
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That Direct Deposit from “IRS TREAS 310” Is Legitimate
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
Posted in IRS
Tagged 2020.Tax.Season
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Burying Your Head in the Sand
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
Posted in Gambling, IRS
Tagged daily.fantasy.sports, DFS
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