Category Archives: IRS

More Work for Tax Professionals: Submission IDs for Efiled Returns

Posted on January 22, 2014 by Russ

When a taxpayer efiles his or her tax return, he or she (or a married couple if it’s a joint return) sign Form 8879. There was a change to Form 8879 for 2013 that tax professionals need to be aware … Continue reading →

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The Trouble With Bitcoins: Taxation

Posted on January 19, 2014 by Russ

National Taxpayer Advocate Nina Olson noted in her recent report that the IRS needs to issue specific guidance around digital currency: The use of digital currencies, such as bitcoin, is growing. Between July and December, 2013, bitcoin usage increased by … Continue reading →

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We Will Soon be Able to Efile Past Due Individual Tax Returns

Posted on January 16, 2014 by Russ

One of the annoyances of tax preparation work is that past due tax returns must be paper-filed. Well, that will no longer be the case for 2012 tax returns. Tax professionals will be able to efile 2012 individual tax returns … Continue reading →

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The IRS Has Better Things To Do than the RTRP Designation

Posted on January 13, 2014 by Russ

Recently, there has been some discussion in the tax blogosphere regarding the Registered Tax Return Preparer (RTRP) designation. The IRS wanted to make this a mandatory designation for unenrolled tax professionals (those who are not Enrolled Agents, CPAs, or attorneys). … Continue reading →

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Fourth Quarter (2013) Estimated Payment Deadline Is Here

Posted on January 13, 2014 by Russ

The fourth quarter 2013 estimated tax payment deadline is Wednesday, January 15th. If you need to make an estimated payment, it must be postmarked on or before the 15th. If you use EFTPS, the payment must be made on or … Continue reading →

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1099 Time

Posted on January 2, 2014 by Russ

As we finish the first week of January, we’re running some repeats of important issues. It’s time for businesses to send out their annual information returns. These are the Form 1099s that are sent to to vendors when required. Let’s … Continue reading →

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Your Mileage Log — Start It Now (2014 Version)

Posted on January 2, 2014 by Russ

I’m going to start the new year with a few reposts of essential information. Yes, you do need to keep a mileage log: Today is the first business day of the new year. You may have resolved to keep good … Continue reading →

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2013 Tax Offender of the Year

Posted on December 31, 2013 by Russ

It’s time once more for that most prestigious of prestigious awards, the 2013 Tax Offender of the Year. The winner of this award must do more than just cheat on his or her taxes. It has to be special; it … Continue reading →

Posted in IRS, Taxable Talk | 3 Comments

Capital Losses Must be Realized to be Taken

Posted on December 29, 2013 by Russ

With just two business days left in 2013, it may be time for you to harvest some capital losses. You’re allowed to take $3,000 of capital losses (in excess of capital gains). To be a capital loss, the transaction must … Continue reading →

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Business Tax Season to Begin on January 13th

Posted on December 21, 2013 by Russ

The IRS announced that they will begin accepting 2013 business tax return on Monday, January 13, 2014. This includes corporate tax returns (Forms 1120 and 1120S), partnership tax returns (Form 1065), trust and fiduciary tax returns (Form 1041), excise tax … Continue reading →

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