Category Archives: IRS

IRS Interest Rates Unchanged for Third Quarter 2017

The IRS announced today that third quarter interest rates will remain unchanged: The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning July 1, 2017. The rates will be: • four (4) … Continue reading

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Court Rules IRS Cannot Charge for PTINs

Back in 2010 to 2011 the IRS ordered all tax professionals to obtain a PTIN–a Preparer Tax Identification Number. The IRS stated this was necessary to track tax professionals, and would help in regulating the tax professional community. There is … Continue reading

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Exchanging One Cryptocurrency for Another Is a Taxable Event

Let’s assume I own some Bitcoins and you own some Ethereum; these are two cryptocurrencies. We think they’re each worth $5,000 and we agree to swap them. Do we have a taxable event? The IRS consideres cryptocurrencies to be akin … Continue reading

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Bozo Tax Tip #1: Declare More Income than You Earned!

Why in the world would anyone of sound mind and body declare more income than they actually earned? He or she would owe more tax, so there’s no reason to do this, right? No, there are actually two reasons people … Continue reading

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Bozo Tax Tip #2: Cash Isn’t Taxable

I haven’t run this Bozo Tax Tip in a few years, but it reared its head again just a couple of weeks ago (as you read this). A new client came into my office for the preparation of his tax … Continue reading

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Bozo Tax Tip #3: Let Your IRS Notice Age Like Fine Wine!

Here’s another repeat from last year, but it’s something that bears repeating. My brother is a wine connoisseur. As all my friends know, I’m anything but a wine aficionado. But I have learned one difference between fine wine and a … Continue reading

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Bozo Tax Tip #4: Procrastinate!

Today is April 11th. The tax deadline is just seven days away. What happens if you wake up and it’s April 18, 2017, 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 #5: The $0.49 Solution

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 Tips #6: Publicize Your Tax Crimes on Social Media!

Social media is really, really big these days. You can follow me on Twitter. I may even update my Facebook page one of these days. Of course, I’m not a tax criminal, and my posts hopefully add knowledge for others. … Continue reading

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Bozo Tax Tip #10: Email Your Social Security Number

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 fourth year in … Continue reading

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