Category Archives: IRS

IRS Extends Deadlines for Those Impacted by Hurricane Florence

Posted on September 15, 2018 by Russ

Hurricane Florence is battering North and South Carolina. News reports indicate “biblical” amounts of rain will fall, with catastrophic flooding probable throughout the Carolinas. Today, the IRS announced that they are extending deadlines for those in the federal disaster zone … Continue reading →

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We’re Not Gonna Take It

Posted on August 23, 2018 by Russ

The IRS issued proposed regulations today on charitable contributions as it relates to state and local tax credits. Here’s a hint to politicians in Connecticut, New Jersey, and New York. The IRS is telling you: Here’s an excerpt from the … Continue reading →

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One Giant Step Forward for Security (Maybe), One Huge Step Backward for Representation

Posted on August 23, 2018 by Russ

If you are a tax professional who does any representation work, do I have news for you…and it’s not good. Yesterday, the IRS made an announcement about redacting information on transcripts. Here’s an excerpt of the announcement: Moving to better … Continue reading →

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Can You Spin Garbage Into Gold?

Posted on August 18, 2018 by Russ

I guess I’ll spoil the post: Rumpelstiltskin could spin straw into gold. Rumpelstiltskin, Inc. thought it could do the same for garbage, spinning it into tax credits. The Commissioner of the Internal Revenue Service disagreed. So did the Tax Court. … Continue reading →

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Return to Sender

Posted on July 24, 2018 by Russ

A client was selected for a correspondence audit; the IRS asked the client to submit all the documentation regarding a tax credit taken on a recent return. The client had all the documentation, made his photocopies, and mailed off the … Continue reading →

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The Amazing, Incredible, Expanding Postcard!

Posted on June 29, 2018 by Russ

When I was a child, people used postcards to save on postage. Postage for postcards ran a nickel. That was less than a phone call. Today, with the emergence of cellphones, the only postcards I receive are advertisements. But the … Continue reading →

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IRS Interest Rates Unchanged for the Third Quarter of 2018

Posted on June 9, 2018 by Russ

The IRS announced yesterday that IRS interest rates will be unchanged for the third quarter of 2018: The rates will be: – 5 percent for overpayments, 4 percent in the case of a corporation; – 2.5 percent for the portion … Continue reading →

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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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