Category Archives: IRS

No, Please No

Posted on June 24, 2020 by Russ

A brief story in today’s Wall Street Journal (Pay$ Link) states that Secretary of the Treasury Mnuchin may consider extending the July 15th tax deadline (which was, of course, originally April 15th) again. Quoting the Journal, Asked in an interview … Continue reading →

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Not Only Incoming Mail is Backlogged at the IRS

Posted on June 11, 2020 by Russ

This morning, our IRS Stakeholder Liaison held a conference call on the current IRS situation. One unfortunate piece of information that was noted is that not only does the IRS have a backlog of incoming mail (estimated at well over … Continue reading →

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IRS Reopening More Offices in June

Posted on June 5, 2020 by Russ

On June 1st the IRS opened offices in Kentucky, Texas, and Utah. That’s important for those of us in the tax professional community as two of the major IRS Service Centers for processing returns are in those states (Austin and … Continue reading →

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IRS Interest Rates Decrease for the Third Quarter of 2020

Posted on June 4, 2020 by Russ

The IRS announced today that IRS interest rates will decrease for the third quarter of 2020 to 3% for most from 5%: three (3) percent for overpayments [two (2) percent in the case of a corporation]; one-half (0.5) percent for … Continue reading →

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IRS to Allow E-Filing of Amended Tax Returns But…

Posted on May 28, 2020 by Russ

This morning I received an announcement (below) that the IRS will, sometime this summer, allow electronic filing of amended personal tax returns (Form 1040X). Unfortunately, there’s a major “but” included: When the electronic filing option becomes available, only tax year … Continue reading →

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Patiently

Posted on May 20, 2020 by Russ

Two clients asked me about their tax refunds this week. Both had filed several weeks ago, and each had received their state refunds. Neither had received their federal refunds. With the IRS phone lines for practitioners now working (albeit with … Continue reading →

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When the IRS “Helpfully” Changes Your EIN…

Posted on May 7, 2020 by Russ

Your personal tax records are noted under your Social Security Number. That won’t work for businesses, so years and years ago the IRS came up with Employer Identification Numbers (EIN) to track business accounts. If you form a new business … Continue reading →

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Ten Days (More Kudos to the IRS)

Posted on May 6, 2020 by Russ

We owe tax almost every year. Yes, I make estimated payments, but my business has been growing, investments are making money, so my tax bill goes up every year. That means when I initially looked to see when our stimulus … Continue reading →

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When the IRS Adds a Digit…

Posted on May 4, 2020 by Russ

Clients of ours filed their tax returns 15 days ago, and this morning received their refund from the IRS. They were expecting $523 and they got that, and just a bit more: The direct deposit was $3,523! The clients had … Continue reading →

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PPP: When Free Money Isn’t So Free

Posted on May 1, 2020 by Russ

The Paycheck Protection Program (PPP) loans seem too good to be true. You get money for paying employees and necessary expenses, and they might not have to be repaid! It’s free money. Well, not so fast. Yesterday, the IRS released … Continue reading →

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