Category Archives: IRS

The Scamsters Haven’t Stopped

Posted on May 1, 2014 by Russ

One of my clients called me first thing this morning (we’ll call him Joe from Richmond, Virginia; all names and cities have been changed to protect the innocent and guilty). Joe said he got a phone call from David. David … Continue reading →

Posted in IRS, Scams | Tagged | Comments Off on The Scamsters Haven’t Stopped

IRS Prematurely Asking for Money

Posted on April 22, 2014 by Russ

A few years ago, the IRS routinely sent notices to taxpayers who filed tax returns prior to April 15th but didn’t pay their taxes until April 15th. After complaints from taxpayers and tax professionals, the IRS supposedly stopped this practice. … Continue reading →

Posted in IRS | 1 Comment

While I Was Out…

Posted on April 20, 2014 by Russ

I’ve recovered from Tax Day, my sleep is caught up, and it appears Las Vegas has moved smoothly towards summer (it reached 89 today). There has been a little bit of tax news during the past month: Good News for … Continue reading →

Posted in IRS, Tax Evasion | Tagged , | Comments Off on While I Was Out…

Bozo Tax Tip #1: The Eternal Hobby Loss

Posted on April 14, 2014 by Russ

The goal of must businesses is to make money. There aren’t many businesses that can lose on each sale and make it up in volume. In fact, I don’t know of any. But I digress…. So let’s take Sam and … Continue reading →

Posted in IRS, Taxable Talk | Tagged , | 1 Comment

IRS: Bitcoins Are Property

Posted on March 25, 2014 by Russ

The IRS finally released guidance on Bitcoins and other virtual currency today. The IRS’s notice states that Bitcoins should be treated as property. What does this mean? 1. Bitcoins held as investments are generally treated under capital gain rules. If … Continue reading →

Posted in Cryptocurrencies, IRS | Tagged | Comments Off on IRS: Bitcoins Are Property

IRS Releases New Forms W-8BEN and W-8ECI

Posted on March 19, 2014 by Russ

The IRS released a new version of Form W-8BEN. The new version should be used by an individual responding to a withholding request from the US. It’s commonly used to note tax treaty benefits. There is a disclaimer on the … Continue reading →

Posted in International, IRS | 1 Comment

The Other March 17th Deadline: Form 1042s

Posted on March 16, 2014 by Russ

There’s another tax deadline today: Form 1042s. The form 1042 series (1042, 1042-S, and 1042-T) is used to report annual withholding for US-source income of foreigners. Again, this is a postmark deadline (for paper-filed returns). There is no extra time … Continue reading →

Posted in IRS | Tagged | 1 Comment

Corporate Tax Deadline Is Here

Posted on March 16, 2014 by Russ

March 15th is the deadline to file calendar year corporate tax returns (Forms 1120 and 1120S). Because that fell on a Saturday, Monday, March 17th is the deadline. If you’re not ready to file, file an extension. Download Form 7004 … Continue reading →

Posted in IRS | Tagged | Comments Off on Corporate Tax Deadline Is Here

The IRS Needs Volunteers for the Taxpayer Advocacy Panel

Posted on March 12, 2014 by Russ

The IRS is looking for a few good men and women. The IRS is looking for volunteers to serve on the Taxpayer Advocacy Panel (TAP), a federal advisory committee that listens to taxpayers, and help identify concerns and make recommendations … Continue reading →

Posted in IRS | Tagged | 1 Comment

Your Check Might Not be in the Mail

Posted on March 6, 2014 by Russ

I used to live in Orange County, California. Earlier this week a US Postal Service caught fire as it was heading toward an airport after leaving the Santa Ana mail sorting center. So if you mailed something on Monday, March … Continue reading →

Posted in California, IRS | Tagged | 1 Comment