Category Archives: IRS

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

Posted in IRS | Tagged | Comments Off on Bozo Tax Tip #2: Cash Isn’t Taxable

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

Posted in IRS | Tagged | Comments Off on Bozo Tax Tip #3: Let Your IRS Notice Age Like Fine Wine!

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

Posted in IRS | Tagged | Comments Off on Bozo Tax Tip #4: Procrastinate!

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

Posted in IRS | Tagged | Comments Off on Bozo Tax Tip #5: The $0.49 Solution

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

Posted in IRS | Tagged | Comments Off on Bozo Tax Tips #6: Publicize Your Tax Crimes on Social Media!

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

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

Do Not Blindly Pay IRS Notices, Reason ∞

One of my clients angrily sent me a message today. She received an IRS Automated Underreporting Unit (AUR) notice alleging that she did not include $50,000 of W-2Gs on her 2015 tax return. She’s a professional gambler, so I looked … Continue reading

Posted in IRS | Tagged | Comments Off on Do Not Blindly Pay IRS Notices, Reason ∞

The Other March 15th Deadlines

Today’s the deadline for filing partnership and S-Corporation returns. An extension is available by filing Form 7004. Most (but not all) states grant an automatic extension. Do realize that if your state charges a tax for your entity (i.e. New … Continue reading

Posted in International, IRS | Comments Off on The Other March 15th Deadlines

The Hidden Bitcoin Trap: FBAR

A lot of my clients have invested in Bitcoins. For those who aren’t aware Bitcoins are a “cryptocurrency.” For tax purposes, Bitcoins are treated like stocks and bonds; realized gains (and losses) are reported on Schedule D. And that’s everything … Continue reading

Posted in International, IRS | Tagged | Comments Off on The Hidden Bitcoin Trap: FBAR

Breaking Bad Hits an IRS Attorney

In the television show “Breaking Bad,” a high school chemistry teacher turns to selling methamphetamine to help his family; that’s a decidedly illegal activity. An IRS attorney is accused of pursuing the same activity. Jack Vitayanon, an IRS attorney in … Continue reading

Posted in IRS | Comments Off on Breaking Bad Hits an IRS Attorney