Category Archives: IRS

Mailbag: Can Gambling Income Transform to Ordinary Income by Moving It Through a Business Entity?

Posted on February 9, 2014 by Russ

Back in the Middle Ages, alchemists attempted to transform base metals into gold and silver. If only one could change lead into gold. Unfortunately, lead is lead and gold is gold. Why do I bring up alchemy? Because I received … Continue reading →

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IRS Harassment of Tea Party Groups Reportedly Has Continued

Posted on February 8, 2014 by Russ

Congress continues to investigate the IRS scandal, and news this week indicates that it continues. Here’s the first two paragraphs of a Washington Examiner article: Tea Party officials told a congressional panel Thursday they are still being targeted for harassment … Continue reading →

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Tax “Professionals” Behaving Badly

Posted on February 2, 2014 by Russ

A couple of news pieces out of the Department of Justice this week highlighted two tax “professionals” who apparently behaved badly. Let’s start with an alleged violator out of Plantation, Florida. Keisha Stewart owns Professional Tax Services Inc., but her … Continue reading →

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Life as a Second-Class Citizen

Posted on January 31, 2014 by Russ

I’m quite perturbed at the IRS today. The NAEA in its weekly eAlert email confirmed that I am now a second-class citizen. I reported last week about being told that tax professionals might be unable to order transcripts through the … Continue reading →

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Speaking of Transcripts…

Posted on January 26, 2014 by Russ

Last week I wrote about the possible elimination of the ability for tax professionals to request transcripts through the Practitioner Priority Service beginning tomorrow (Monday, January 27th). I have not received confirmation of this, nor have I received any official … Continue reading →

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It’s Only $1,300; Do You Really Have To Send Me the 1099?

Posted on January 26, 2014 by Russ

The deadline for mailing 1099s to recipients is this coming Friday, January 31st. That’s a postmark deadline. If you mail a 1099 on Friday and it takes two weeks to get to the recipient, that’s not a problem. (Well, it … Continue reading →

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No More Ordering Transcripts Through Practitioner Priority Service?

Posted on January 23, 2014 by Russ

The IRS Practitioner Priority Service (PPS) is a wonderful tool for tax professionals. It allows us an easy way to obtain information on clients, set up installment agreements, and for practitioners to deal with the IRS. This morning I called … Continue reading →

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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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