Category Archives: IRS

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 →

Posted in IRS, Tax Preparation | Tagged | Comments Off on Bozo Tax Tip #10: Email Your Social Security Number

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 →

Posted in IRS | Tagged | Comments Off on S-Corp/Partnership/1042 Deadline Is Tomorrow

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 →

Posted in IRS | Tagged | Comments Off on IRS Interest Rates Rise for Second Quarter

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 →

Posted in FINCEN, Information Returns, IRS | Tagged , , , | Comments Off on January 31st Tax Deadlines: 2016 Hurricane Extensions and Information Returns

IRS & FTB Give Tax Relief to Wildfire and Mudslide Victims in Southern California

Posted on January 22, 2018 by Russ

The IRS announced last week that they are giving tax relief to victims of the Southern California wildfires and mudslides. The IRS extended impacted taxpayers’ deadlines that fell (or will fall) between December 4, 2017 and April 29, 2018 to … Continue reading →

Posted in California, IRS | Tagged | Comments Off on IRS & FTB Give Tax Relief to Wildfire and Mudslide Victims in Southern California

IRS Releases New 2018 Withholding Tables

Posted on January 11, 2018 by Russ

The IRS announced today the release of new withholding tables reflecting the new tax law. These will be used for W-2s, and should be used no later than February 15th. The IRS is working on a new W-4 form that … Continue reading →

Posted in IRS | Tagged | Comments Off on IRS Releases New 2018 Withholding Tables

It’s 1099 Time

Posted on January 9, 2018 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 →

Posted in Information Returns, IRS | Comments Off on It’s 1099 Time

Start Your 2018 Mileage Log Now

Posted on January 4, 2018 by Russ

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

Posted in IRS | Comments Off on Start Your 2018 Mileage Log Now

IRS Announces Tax Filing Season Begins January 29th

Posted on January 4, 2018 by Russ

The IRS today announced that the 2018 Tax Filing Season will begin on Monday, January 29th. This year’s deadline for individual returns is Tuesday, April 17th.

Posted in IRS | Tagged | Comments Off on IRS Announces Tax Filing Season Begins January 29th

2018 Standard Mileage Rates Released

Posted on December 14, 2017 by Russ

The IRS today announced the standard mileage rates for 2018: $0.545/mile for business miles driven (up from $0.535/mile in 2015); $0.18/mile for medical or moving purposes (up from $0.17/mile in 2015); and $0.14/mile in service of a charitable organization (unchanged; … Continue reading →

Posted in IRS | Tagged | Comments Off on 2018 Standard Mileage Rates Released