Category Archives: IRS

Corporate Tax Deadline is Monday, March 16th

Posted on March 12, 2015 by Russ

The deadline for calendar year corporations (both C-corporations and S-corporations) to file their 2014 tax returns is Monday, March 16th. If you’re not ready to file, simply file an extension. This can be done electronically, or download Form 7004 and … Continue reading →

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“Give us a tax code that is simple enough for taxpayers to comply with and simple enough for the IRS to administer, and you’ll dramatically reduce fraud.”

Posted on March 12, 2015 by Russ

It’s not brain surgery. Tom Giovanetti hits the nail squarely on the head in his op-ed in The Hill. Mr. Giovanetti notes that keeping the voters happy is why fraud prevention hasn’t been a big issue. But it is now, … Continue reading →

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You Have to Have an Unreimbursed Loss to Claim a Casualty Loss

Posted on March 8, 2015 by Russ

On Monday, February 23rd it was raining as I left for the gym. As I got to the gym, the road felt funny–slicker than in a normal rain. I realized that it was snowing. Now, our “blizzard” wasn’t crippling or … Continue reading →

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Don’t Call Us

Posted on March 2, 2015 by Russ

Today I attempted to call the IRS Practitioner Priority Service (PPS). I had an outstanding issue I needed to resolve. I didn’t get through. I’m used to being on hold for two hours when calling the IRS. Unfortunately, the IRS … Continue reading →

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Oops Gets Bigger

Posted on February 20, 2015 by Russ

Or, first California, now the United States. Last week I reported on Cover California’s error impacting an estimated 100,000 individuals who received incorrect Form 1095-A’s. It turns out that was just the tip of the iceberg. As reported by AP: … Continue reading →

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Oops

Posted on February 16, 2015 by Russ

This past weekend I saw my first Form 1095-A. That’s the form that individuals covered by health insurance through a plan form an exchange will receive. In California, 800,000 of these were mailed. Unfortunately, 100,000 of these were wrong. Oops. … Continue reading →

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IRS Announces Small Business Relief for Form 3115 (Property Regulation Issue)

Posted on February 13, 2015 by Russ

The IRS apparently figured out that under a literal reading of the new property/capitalization/depreciation regulations, every business would have to submit a Form 3115. The IRS determined that being buried under a tsunami of paper wasn’t a great idea. Today, … Continue reading →

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IRS Launches Directory of Tax Professionals

Posted on February 5, 2015 by Russ

This morning I received an email noting that the IRS has released an online directory of tax professionals. The system lists EAs, CPAs, attorneys, and participants in the IRS’s Annual Filing Season Program. The first time I tried to use … Continue reading →

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The Form 3115 Conundrum

Posted on January 26, 2015 by Russ

[Accounting Today readers: Here’s a link to Fail, Caesar.] Form 3115 is the form used to request an accounting method change. For example, if your business is changing from cash to accrual, this form is filed. Many such changes are … Continue reading →

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Waiting for Godot

Posted on January 14, 2015 by Russ

Yesterday, I called the IRS on behalf of a client. The client’s 2013 tax return was not processed correctly, so we had to file an amended return. The client received a CP503 notice demanding payment; however, we believe that she … Continue reading →

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