Category Archives: IRS

The IRS Takes the Weekend Off

Posted on October 6, 2012 by Russ

Well, sure, Monday is Columbus Day and a federal holiday. That doesn’t bother me. However, the problem is that with just nine days left before the extension deadline, the IRS shuts off all of its computer systems for a scheduled … Continue reading →

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Does the New Unearned Income Medicare Contribution Tax Impact Amateur Gamblers?

Posted on September 23, 2012 by Russ

Over two years ago the Patient Protection Act–aka Obamacare–passed Congress. At the time, no one knew what was in the law. Famously, then Speaker of the House Nancy Pelosi (D-CA) said that, “We have to pass the law to know … Continue reading →

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A Penny Saved, Lots of Dollars Lost

Posted on September 11, 2012 by Russ

The old cliche is, “A penny saved, a penny earned.” In real life, though, sometimes when you save some pennies you lose lots and lots of dollars. So was the case for two taxpayers who filed a case in Tax … Continue reading →

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A Modest Proposal on Tax-Related Identity Theft

Posted on September 9, 2012 by Russ

The issue of identity theft is growing. The IRS is faced with twin challenges on this front: The IRS needs to quickly process tax refunds but it also needs to combat this growing issue. The IRS’s current policy is to … Continue reading →

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Another Week, More Tax-Related Identity Theft

Posted on September 9, 2012 by Russ

Seven citizens from Zimbabwe opened Express Refund Center in Cincinnati in 2007. The business thrived, but not for those unfortunate souls who used the service. It seems that the operators allegedly decided that stealing their customers’ identities was a lot … Continue reading →

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IRS Upgrade This Weekend; Many Services Unavaiable Until Tuesday

Posted on August 29, 2012 by Russ

Every year over Labor Day weekend the IRS upgrades their computer and electrical systems. Beginning later this evening, the IRS will be taking systems down. Here’s a partial list of what will be going down: – The ability to apply … Continue reading →

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A Story of Identity Theft; Why Is the Death Master File Still Available?

Posted on August 26, 2012 by Russ

My father died almost six years ago. It’s something that’s inevitable for all of us. My mother was lucky in one respect: No one stole my father’s identity at death. Unfortunately, such identity thefts are becoming far more common. Jason … Continue reading →

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While I Was Out: TIGTA Assails IRS’s ITIN Management and Did Harry Reid Violate the Law?

Posted on August 8, 2012 by Russ

My vacation is over, and that’s not a good thing (for me). While I was enjoying my time off, our Congresscritters remain in a bickering mood. A close election–and this year’s presidential race will likely be one such race–means that … Continue reading →

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Another FATCA Consequence: Sending 1042-S’s With No Withholding

Posted on July 19, 2012 by Russ

One of my clients who played in the World Series of Poker asked me to prepare his Form 1042-S’s to show the required withholding for some of his backers. The 2012 form is available, and it looks identical to the … Continue reading →

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The Tax War Against Medical Marijuana

Posted on July 15, 2012 by Russ

Think what you may about medical marijuana (legal in about 17 states), there is a certainty for federal income tax purposes: Marijuana is a Class I narcotic so deducting expenses on a tax return for a marijuana dispensary is a … Continue reading →

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