Category Archives: IRS

IRS Interest Rates Unchanged for First Quarter of 2018

Posted on December 6, 2017 by Russ

The IRS announced that interest rates for the first quarter of 2018 remain unchanged: The rates will be: • four (4) percent for overpayments [three (3) percent in the case of a corporation]; • 1 and one-half (1.5) percent for … Continue reading →

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IRS Mostly Wins Coinbase Summons Fight

Posted on November 29, 2017 by Russ

The IRS has been battling Coinbase, the United States’ largest cryptocurrency exchange, in a fight to obtain information about individuals who sold Bitcoins during 2013, 2014, and 2015. The IRS issued a summons to Coinbase–basically, an administrative demand for information. … Continue reading →

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“Hello, It Has Been Detected That You Are a Scammer….”

Posted on November 16, 2017 by Russ

After recovering from a bout with the flu I attended continuing education yesterday with the Nevada Society of Enrolled Agents. We had a presentation from a Special Agent with TIGTA (the Treasury Inspector General for Tax Administration). One of the … Continue reading →

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The Shortest Tax Court Opinion I’ve Seen

Posted on October 31, 2017 by Russ

I’ve seen opinions of the Tax Court run to hundreds of pages on complex cases. Today, I perused what might be the shortest Tax Court decision I’ve ever seen. The petitioner erroneously filed as “Head of Household” when she should … Continue reading →

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IRS E-Filing for Individuals Closes on November 18th

Posted on October 31, 2017 by Russ

The IRS announced today that e-filing for 2016 tax returns will close on Saturday, November 18th. After that date individuals who need to file 2016 tax returns will need to paper-file those returns until e-filing reopens (most likely in late … Continue reading →

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FBAR Snags Manafort

Posted on October 30, 2017 by Russ

Paul Manafort, Jr. and Richard Gates III were indicted on Friday. The 12-count indictment alleges “[C]onspiracy against the United States, conspiracy to launder money, unregistered agent of a foreign principal, false and misleading FARA statements, false statements, and seven counts … Continue reading →

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California Fire Victims Have Extension Until January 31, 2018

Posted on October 13, 2017 by Russ

The IRS announced today that California wildfire victims have until January 31, 2018 to file various tax returns (including tax returns on extension due this coming Monday, October 16th). California’s Franchise Tax Board (the state income tax agency) immediately followed … Continue reading →

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Dead Men Tell No Tales, Even When They’re Supposed To

Posted on October 8, 2017 by Russ

For tax practitioners, the IRS’s e-Services suite of applications is extraordinarily useful. When a client give us the appropriate authorization we’re able to pull transcripts from the IRS’s computer system. This helps us file appropriate tax returns and it helps … Continue reading →

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IRS Suspends ASFR Program

Posted on September 26, 2017 by Russ

Via Procedurally Taxing comes news that the IRS has suspended the Automated Substitute for Return (ASFR) program. This doesn’t sound like much, but this is huge news. First, for those who aren’t tax geeks, the ASFR program is an automated … Continue reading →

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Prepare to Panic!

Posted on September 25, 2017 by Russ

Today is Monday, September 25, 2017. Exactly three weeks from today is Monday, October 16, 2017. That’s the deadline for individual taxpayers on extension to file their tax returns (save for those in hurricane disaster zones in Florida, Georgia, Texas, … Continue reading →

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