Category Archives: IRS

Tax Extenders Signed Into Law

Posted on December 21, 2014 by Russ

President Obama signed legislation that extended for one year the “Tax Extenders.” Tax Extenders include items such as the deduction for sales tax, mortgage/cancellation of debt tax relief, “bonus” depreciation, and many others. As the legislation didn’t have much in … Continue reading →

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A Rare Piece of Efficiency from the IRS

Posted on December 2, 2014 by Russ

We have to take our victories in dealing with the IRS where we find them. As an Enrolled Agent, every three years I have to renew my license. I go online, check various boxes, note the continuing education I’ve taken, … Continue reading →

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IRS Clarifies Electronic Signature Requirements

Posted on November 18, 2014 by Russ

The IRS released a new version of Publication 1345 today (html version only is available for now). Included in it is the following: Note: An electronic signature via remote transaction does not include handwritten signatures on Forms 8878 or 8879 … Continue reading →

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The Horrible, No Good, Very Bad Upcoming Tax Season

Posted on November 16, 2014 by Russ

If you’re a tax professional here’s a warning: The 2015 Tax Season will be one you’re almost certain to remember for all the wrong reasons. If you’re a client of a tax professional be forewarned: Your tax professional will be … Continue reading →

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AICPA Lawsuit Against IRS Dismissed Over Standing

Posted on October 28, 2014 by Russ

Earlier this year the IRS announced its new “Annual Filing Season Program,” a voluntary program for tax preparers to register with the IRS. The American Institute of Certified Public Accountants (AICPA) filed a lawsuit asking for the program to be … Continue reading →

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SARs Leading to Forfeiture: The IRS Oversteps

Posted on October 26, 2014 by Russ

There have been plenty of stories on civil forfeiture recently. Two poker players had their cash seized in Iowa while driving home from a poker tournament in Illinois. They had their funds returned, but have now filed a lawsuit against … Continue reading →

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You Filed That Extension, And Only Now Are Realizing the Deadline is Wednesday…

Posted on October 12, 2014 by Russ

Yes, only three days are left until the extension deadline. If you file on October 16th, it’s as if you never filed that extension (you will owe a 22.5% late filing penalty). So what should you do if you’re just … Continue reading →

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It’s Not As If Anything Is Happening Right After This…

Posted on October 7, 2014 by Russ

Of course, after reporting good news from the IRS there must be bad news to balance it out. And there is. For reasons that only the bureaucrats at the IRS can fathom, every year over Columbus Day weekend the IRS … Continue reading →

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IRS Simplifies Reporting for RRSPs and RRIFs

Posted on October 7, 2014 by Russ

In a piece of good news, the IRS announced today that US taxpayers will automatically be treated as deferring income from Canadian Registered Retirement Savings Plans (RRSPs) and Canadian Registered Retirement Income Funds (RRIFs). In other words, the treatment will … Continue reading →

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One Good Erasure Deserves Another

Posted on October 1, 2014 by Russ

I wonder if this sounds familiar to anyone: An organization is looking for key information stored on IRS computers. A lawsuit ensues, and the hard drives were allegedly wiped clean. No, I’m not talking about the IRS Scandal, Lois Lerner, … Continue reading →

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