Category Archives: IRS

Is A Simplified Home Office Deduction Better?

Posted on January 15, 2013 by Russ

Today the IRS announced a simplified option for claiming the home office deduction (Form 8829). The deduction will allow some to take $5 per square foot of home office (up to a maximum of 300 square feet). This new “simplified” … Continue reading →

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Estimated Tax Payment Deadline Is January 15th

Posted on January 14, 2013 by Russ

Tomorrow, Tuesday, January 15th is the deadline for making your fourth quarter 2012 estimated tax payments. This is a postmark deadline, so if you are mailing your estimated payments, go to the post office and spend the few dollars to … Continue reading →

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“The IRS Has Failed to Provide Effective and Timely Assistance to Victims of Identity Theft”

Posted on January 9, 2013 by Russ

That’s not just my opinion, it’s the opinion of the National Taxpayer Advocate, Nina Olson. Most tax professionals who have run into identity theft can relate horror stories. Jason Dinesen, an Enrolled Agent in Iowa, has been dealing with an … Continue reading →

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IRS Announces Tax Season to Start on January 30th

Posted on January 8, 2013 by Russ

The IRS announced today in an email that tax filing season will begin on Wednesday, January 30th. That’s a delay of about two weeks and is caused by Congress’s delay in enacting the “fiscal cliff” tax extender legislation (including the … Continue reading →

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Your Mileage Log: Start It Now!

Posted on January 2, 2013 by Russ

Today is the first business day of the new year. You may have resolved to keep good records this year (at least, we hope you have). Start with keeping an accurate, contemporaneous written mileage log. Why, you ask? Because if … Continue reading →

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Sometimes the Cynics Are Right

Posted on December 24, 2012 by Russ

Joe Kristan of Roth & Company (a CPA in Des Moines, Iowa, and proprietor of the Roth Tax Update Blog) noted the following this morning: IRS preparer rules may create a catastrophic preparer shortage. A press release last week from … Continue reading →

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A Two-Week Tax Season?

Posted on December 20, 2012 by Russ

Acting IRS Commissioner Steven Miller reiterated his warning of a very late opening to tax filing season. In a letter sent to Ranking Member Sander Levin of the House Ways and Means Committee (and sent to Chairman Dave Camp, and … Continue reading →

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Locking in Gains

Posted on December 20, 2012 by Russ

While the “fiscal cliff” negotiations continue at Washington’s normal pace (i.e. the speed of molasses rolling uphill), there are some certainties. Tax rates are going up next year. In most years, tax professionals advise clients at year-end to speed up … Continue reading →

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CAF System Maintenance from Christmas to New Years

Posted on December 17, 2012 by Russ

For tax professionals, be advised that the IRS Centralized Authorization File (CAF) System will be down from Christmas through New Years for routine maintenance. This means that tax professionals will be unable to pull transcripts or other information from 6:00am … Continue reading →

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Why Rob Banks?

Posted on December 7, 2012 by Russ

Question: “Why do you rob banks, Mr. Sutton?” Answer: “Because that’s where the money is.” It’s debatable whether or not legendary bank robber Willie Sutton ever said that. However, the idea of only robbing something that has money is a … Continue reading →

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