Category Archives: IRS

Last Mailbag Prior to Tax Day, With an Emphasis on Being Abroad

Posted on March 25, 2012 by Russ

We get more mail: I was thinking of taking a trip to Belize in mid-April to fish. My accountant told me that if I’m out of the country on April 17th, I get a two-month extension on my taxes and … Continue reading →

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Another One Bites the Dust

Posted on March 19, 2012 by Russ

Yet another late night infomercial house has fallen into trouble. As Janet Novack on Forbes reported, “Owe The IRS? TaxMasters Bankruptcy Shows Why Not To Get Help From TV Pitchmen.” TaxMasters, like all of the late night infomercial firms, says … Continue reading →

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Mailbag Update

Posted on March 13, 2012 by Russ

We get mail: I got married last June and my wife says we need to file as single because we weren’t married for the whole year. Can you set her straight? Your marital status on December 31st is your marital … Continue reading →

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Corporate Tax Deadline is Thursday, March 15th

Posted on March 13, 2012 by Russ

The first big tax filing deadline of the year is upon us: The deadline for calendar year corporations (both C Corporations and S Corporations) to file their tax returns is Thursday, March 15th. What if you have a corporation and … Continue reading →

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1099/1096, W-2/W-3 Deadlines This Week

Posted on February 27, 2012 by Russ

It’s a leap year, so we get an extra day to get those information returns to the government, right? Well, that’s half-right this year (and also half-wrong). The deadline for mailing Form 1099s and Form 1096s to the IRS does … Continue reading →

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IRS Commissioner Fails Reading Comprehension

Posted on February 21, 2012 by Russ

Our Tax Code is needlessly complex. Still, there are portions that are straightforward. Take Section 7803(c): (3) Responsibilities of Commissioner The Commissioner shall establish procedures requiring a formal response to all recommendations submitted to the Commissioner by the National Taxpayer … Continue reading →

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I Have to Get a Magic Printer of my Own

Posted on February 17, 2012 by Russ

If only we could take a charitable donation made in, say, 2001, and by using a magic printer we could magically change the receipt date to 2011. Imagine all of the donations we could suddenly recycle. Ignoring the illegal nature … Continue reading →

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The Dirty Dozen

Posted on February 16, 2012 by Russ

It’s time for the Dirty Dozen. No, not the movie; rather, the IRS’ annual listing of the worst tax scams. On top of the IRS’ list is identity theft. It is a major problem, and the IRS is trying to … Continue reading →

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FATCA Regulations Issued

Posted on February 11, 2012 by Russ

Earlier this week the IRS issued proposed regulations to implement the Foreign Account Tax Compliance Act (FATCA). The press release from the Department of the Treasury states, After many months of intensive discussions with foreign governments, the Treasury Department today … Continue reading →

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Burning Down the House

Posted on February 11, 2012 by Russ

Let’s say you own a fixer-upper of a home. Let’s suppose you find that home in another part of town, so you decide to donate your home to the local fire department so they can burn it down. You get … Continue reading →

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