Category Archives: IRS

When 35 Equals 365

Posted on January 29, 2019 by Russ

Yet another entry in the “Math Is Hard” file, again from our friends at the Internal Revenue Service. From the Washington Post comes the news that it will take the IRS between 12 and 18 months to catch-up on the … Continue reading →

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When 85% Equals 90%

Posted on January 16, 2019 by Russ

One of my favorite expressions from poker that translates into tax is, “Math is hard.” But how can 85% equal 90%? No, the two aren’t equivalent. However, this year they are equal in one aspect of taxes. The IRS announced … Continue reading →

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It’s Time to Generate Those 2018 1099s

Posted on January 15, 2019 by Russ

It’s time for businesses to send out their annual information returns. These are the Form 1099s that are sent to to vendors when required. Let’s look first at who does not have to receive 1099s: Corporations (except attorneys) Entities you … Continue reading →

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Fourth Quarter Estimated Tax Payments Due Today

Posted on January 15, 2019 by Russ

Today is January 15th. That means your fourth quarter estimated tax payments are due today. It’s a postmark deadline, so if you pay by mail, download Form 1040-ES, print voucher #4, enclose your check payable to “United States Treasury” (write … Continue reading →

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IRS to Open Tax Season on Monday, January 28th

Posted on January 8, 2019 by Russ

The IRS announced yesterday that the 2019 Tax Season will begin on Monday, January 28th: Despite the government shutdown, the Internal Revenue Service today confirmed that it will process tax returns beginning January 28, 2019 and provide refunds to taxpayers … Continue reading →

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Tax Refunds May Be Issued During Government Shutdown

Posted on January 7, 2019 by Russ

Vice President Pence announced today that the IRS would issue tax refunds during the government shutdown. The Wall Street Journal reported this earlier today, but it’s unclear what the legal justification would be. Speculation (by the Journal) is that the … Continue reading →

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It’s Time to Start Your 2019 Mileage Log

Posted on January 4, 2019 by Russ

I’m going to start the new year with a couple reposts of essential information. Yes, you do need to keep a mileage log: Wednesday was the first business day of the new year for many. You may have resolved to … Continue reading →

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The Freedom of Information Act Doesn’t Allow Access to President Trump’s Tax Returns

Posted on December 19, 2018 by Russ

Section 6103(a) of the Internal Revenue Code (IRC) mandates that tax returns shall be confidential. The Electronic Privacy Information Center (EPIC) wanted a peak at President Trump’s tax returns; might there be income from Russia? They submitted a Freedom of … Continue reading →

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Hug Your Tax Professional, or The Upcoming Horrible, Miserable, Rotten, and Delayed Tax Season

Posted on December 12, 2018 by Russ

A question I’ve been asked many times this month: When will the 2019 Tax Season (for filing 2018 tax returns) open? The answer I’ve given is, “I don’t know.” Normally by now the IRS has released the date. As of … Continue reading →

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IRS (and All Federal Agencies) Closed Tomorrow, December 5th

Posted on December 4, 2018 by Russ

The Internal Revenue Service and all federal agencies will be closed tomorrow, Wednesday, December 5th, for the national day of mourning for President George H.W. Bush. The IRS also announced today that they have granted taxpayers an extra day, until … Continue reading →

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