Category Archives: IRS

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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Good Riddance: Reconciliation of Credit Card Deposits on Tax Returns Won’t Happen

Posted on February 9, 2012 by Russ

As I noted last week, the problem of entering 1099-K’s for recipients of those forms was deferred until 2012. It turns out that the IRS acquiesced to complaints from tax professional and other groups, including the Retail Industry Leaders Association … Continue reading →

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New FBAR Requirement that Applies to Everyone

Posted on February 3, 2012 by Russ

I’ll be transmitting my first few tax returns to the IRS this coming week. As I looked at Schedule B, I noticed a change in the questions at the bottom of Schedule B: 7a At any time during 2011, did … Continue reading →

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A Problem Deferred: 1099-K’s

Posted on February 3, 2012 by Russ

This year sees the introduction of Form 1099-K. This form reports merchant and third-party payments you’ve received. We were supposed to note these on separate lines on our tax returns, but not any longer: For tax year 2011 the IRS … Continue reading →

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IRS Street Addresses (Updated)

Posted on January 29, 2012 by Russ

Most taxpayers use the Postal Service to send their returns to the IRS. However, you can use Federal Express or UPS. The problem is the IRS hides the street addresses of their service centers on their website if you need … Continue reading →

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