Category Archives: IRS

IRS Offers Penalty and Filing Relief on New Transaction Tax on Foreign Earnings

Posted on June 4, 2018 by Russ

Individuals who own foreign entities typically have complex returns. I prepare returns for three such individuals; they’re all on extension. Yet one item needed to be prepared for these individuals by April 18th: the new Section 965 transition tax. One … Continue reading →

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Back to the Old Drawing Board

Posted on May 23, 2018 by Russ

I’ve written before about certain states’ efforts to get around the new $10,000 cap on state and local taxes that can be deducted on federal tax returns. The IRS announced today they will be proposing regulations later this year on … Continue reading →

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Tax Deadline Extended One Day for IRS Purposes

Posted on April 17, 2018 by Russ

The IRS announced late today that due to the computer issues with IRS Direct Pay and the IRS e-filing systems, that individuals and businesses with a tax deadline of today (April 17th) have an extra day, until midnight, April 18th. … Continue reading →

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IRS Direct Pay Down

Posted on April 17, 2018 by Russ

It’s not as if today is a big day, right? IRS Direct Pay is down. This is not impacting most tax professionals efiling and initiating direct debit (the information is being sent to our software providers), but it is causing … Continue reading →

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Bozo Tax Tip #4: Procrastinate!

Posted on April 10, 2018 by Russ

Today is April 10th. The tax deadline is just seven days away. What happens if you wake up and it’s April 17, 2018, 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 #6: The $0.49 Solution

Posted on April 6, 2018 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 #10: Email Your Social Security Number

Posted on April 2, 2018 by Russ

It’s time for our annual rundown of Bozo Tax Tips, strategies that you really, really, really shouldn’t try. But somewhere, somehow, someone will try these. Don’t say I didn’t warn you! This is a repeat for the fifth year in … Continue reading →

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S-Corp/Partnership/1042 Deadline Is Tomorrow

Posted on March 14, 2018 by Russ

Tomorrow is the deadline for calendar-year S-Corporations and partnerships to file their tax returns. In reality, most will file extensions. But let’s say you’re an S-Corp (or partnership) owner and you just realized there’s a deadline. What should you do? … Continue reading →

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IRS Interest Rates Rise for Second Quarter

Posted on March 7, 2018 by Russ

The IRS today announced the interest rates for the second quarter of 2018. The interest rates will be 5 percent for overpayments (4 percent in the case of a corporation), 2.5 percent for the portion of a corporate overpayment exceeding … Continue reading →

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January 31st Tax Deadlines: 2016 Hurricane Extensions and Information Returns

Posted on January 24, 2018 by Russ

We’re one week away from the first tax deadline of the 2018 Tax Season along with the final tax deadline for filing 2016 tax returns. Taxpayers on extension for filing 2016 tax returns because of Hurricanes Harvey, Irma or Maria … Continue reading →

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