Category Archives: IRS

FBAR Due Next Saturday, June 30th

Posted on June 24, 2012 by Russ

Anyone with $10,000 in one or more foreign financial accounts (determined by taking the maximum balance of each account at any time during the year, summing the maximums, and comparing the sum to $10,000) must file Form TD F 90-22.1 … Continue reading →

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Tony Gwynn in Tax Trouble

Posted on June 10, 2012 by Russ

Baseball Hall of Fame member Tony Gwynn has tax troubles. The former San Diego Padre and current head baseball coach at San Diego State University owes more than $400,000 in back taxes according to a report in the San Diego … Continue reading →

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An Incorrect 1099-C Leads to Tax Court

Posted on May 21, 2012 by Russ

A taxpayer receives a notice of canceled debt income (Form 1099-C). He disputes the notice, stating that instead of the debt being canceled in 2008, the debt went away years earlier — 1996. The IRS says the notice says you … Continue reading →

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Beware: Lots of Incorrect IRS Notices

Posted on May 21, 2012 by Russ

A client of mine received a CP2000 notice from the IRS alleging that the taxpayer owes nearly $7,000. The IRS states that several stock transactions were not included on the return. My client calls me, I calm him down, and … Continue reading →

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Eight Sacked, Including Two from the NFL

Posted on May 1, 2012 by Russ

The storefront in North Miami cashed checks. There’s nothing that unusual in that. However, there were two major differences between the storefront in Miami and most check cashing locations: The store charged very high fees (35%-45%) but didn’t ask questions … Continue reading →

Posted in Florida, IRS | Tagged | 3 Comments

Bozo Tax Tip #1: Get Out of Town, Fast

Posted on April 15, 2012 by Russ

There’s an old saying: When the going gets tough, the tough get going. Well, with Bozos things work differently. “Oh my,” a Bozo thinks. “Tax Day is just a couple of days away. I’m completely unprepared. I know: I’ll go … Continue reading →

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Bozo Tax Tip #3: Procrastinate!

Posted on April 11, 2012 by Russ

Today is April 11th. The tax deadline is just four days away. Well, six, actually, since April 15th is a Sunday and April 16th is a holiday in the District of Columbia. What happens if you wake up and it’s … Continue reading →

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Bozo Tax Tip #4: Foreign Trusts

Posted on April 9, 2012 by Russ

By far the worst tax schemes in the view of the IRS are offshore (foreign) trusts. In fact, trusts of all sorts—domestic and foreign—are regularly abused. First, not all trusts are bad. Many trusts serve a legitimate purpose, such as … Continue reading →

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Bozo Tax Tip #7: The $0.45 Solution

Posted on April 4, 2012 by Russ

With Tax Day fast approaching it’s time to examine yet another Bozo method of courting disaster. And it doesn’t, on the surface, seem to be a Bozo method. After all, this organization has the motto, Neither rain nor snow nor … Continue reading →

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Bozo Tax Tip #8: Honey, You Don’t Exist!

Posted on April 3, 2012 by Russ

Another repeat, but it again popped up this past weekend. It’s springtime, and that means weddings. With weddings comes changes in tax status. Your marital status on December 31st determines your marital status for the year. If you are married, … Continue reading →

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