Category Archives: IRS

IRS Gives Tax Relief to Victims of Hurricane Harvey

Posted on August 28, 2017 by Russ

The IRS announced today that they are granting residents of parts of Texas additional time to file certain individual and business tax returns and make some payments; the extension is until January 31, 2018. This relief currently applies for 18 … Continue reading →

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The IRS Is Coming! The IRS is Coming!

Posted on August 24, 2017 by Russ

As first reported by Bob McKenzie this morning, the IRS has purchased software to help them identify Bitcoin transactions. The IRS is reportedly using a product from Chainalysis, Inc., a New York-based supplier of products used to analyze Bitcoin activity. … Continue reading →

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IRS E-Services Outage Postponed…Again

Posted on August 16, 2017 by Russ

Back in June the IRS was going to do a major update of their E-Services (what tax professionals, software developers, and return transmitters use to access IRS computer systems). That update was postponed. Last month the IRS announced that the … Continue reading →

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Did I Prepare 5% of the Tax Returns with Bitcoin in 2015?

Posted on August 13, 2017 by Russ

The IRS is attempting to force Coinbase to disgorge a list of its customers who have traded Bitcoins. Back in March, an IRS agent, as part of attempting to enforce its summons against Coinbase, stated that there were only 802 … Continue reading →

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The IRS Gives Good Suggestions on Handling an IRS Notice

Posted on July 15, 2017 by Russ

Earlier this week the IRS sent out “Tips on How to Handle an IRS Letter or Notice:” Tips on How to Handle an IRS Letter or Notice The IRS mails millions of letters every year to taxpayers for a variety … Continue reading →

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IRS Not Moving e-Services to a New Platform this Week

Posted on June 12, 2017 by Russ

The IRS had planned on moving e-Services to a new platform on Thursday, June 15th. However, today I received an email stating it has been postponed until later this summer: The planned move of IRS e-Services to a different platform … Continue reading →

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IRS Interest Rates Unchanged for Third Quarter 2017

Posted on June 9, 2017 by Russ

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

Posted on June 2, 2017 by Russ

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

Posted on May 27, 2017 by Russ

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!

Posted on April 13, 2017 by Russ

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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