Category Archives: IRS

PTIN Follies, Year 2

Posted on October 20, 2011 by Russ

The IRS announced today that tax professionals can renew their PTIN, an identification number used on tax returns. Seeing no reason to delay spending $63.00 I went headfirst into the process. What a kludge. And yes, I’m being derisive. The … Continue reading →

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Possible Problem With IRS Coding of Rejected Tax Payments

Posted on October 20, 2011 by Russ

If you are a tax professional and have recently had a client (or clients) whose IRS payment shows as rejected on Form 9325, it is possible that the payment actually went through. When an individual files his tax return electronically, … Continue reading →

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Recharacterization Deadline for Roth IRAs is October 17th

Posted on October 11, 2011 by Russ

Many individuals converted their traditional IRA to a Roth IRA in 2010. It seemed like a great idea but then the stock market went down. Now, some of these individuals owe tax on money they no longer have. You can … Continue reading →

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Bad News for Medical Marijuana

Posted on October 7, 2011 by Russ

Yesterday the Associated Press reported that US Attorneys in California have sent letters ordering medical marijuana dispensaries to close. The problem is that while medical marijuana use in California is legal under state law, marijuana remains illegal under federal law. … Continue reading →

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Draft Instructions Released for Son of FBAR; Gambling Accounts Will Not be Reportable

Posted on September 30, 2011 by Russ

The draft instructions for the new Son of FBAR (Form 8938) were released today. (Here is a link to my discussion of the form itself.) Here are some highlights from a first skimming of the instructions: For unmarried taxpayers living … Continue reading →

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Canada Fights Back

Posted on September 19, 2011 by Russ

Jim Flaherty is the Finance Minister in Canada. Mr. Flaherty (along with many Canadians) is not happy about FATCA and FBAR. FATCA will impose requirements on Canadian banks (and other financial institutions throughout the world) to report transactions to the … Continue reading →

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It’s Official: Cellphones Mostly Nontaxable to Employees

Posted on September 15, 2011 by Russ

In the wonderful world of fixed assets, there are some assets that are more fixed than others. No, I’m not talking about huge machines; rather, I’m talking about listed equipment. These are items that Congress has decided must always be … Continue reading →

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Third Quarter Estimated Tax Payments Due Today

Posted on September 15, 2011 by Russ

Third quarter estimated tax payments are due on September 15th. If you make estimated tax payments, make sure you have either mailed your payment in today (using certified mail, return receipt requested) or by paying electronically using EFTPS or your … Continue reading →

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Calendar Year Corporation, Partnership, and Fiduciary Returns Due on the 15th

Posted on September 15, 2011 by Russ

September 15th is the first of the extension deadlines: Today, calendar year corporation, partnership, and fiduciary tax returns are due. Make sure you mail them today (use certified mail, return receipt requested) or electronically file the returns.

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2010 Estate Tax Returns Now Due Later

Posted on September 14, 2011 by Russ

As I continue to wait for the IRS to release Form 8939, the IRS continues to postpone deadlines: WASHINGTON — The Internal Revenue Service announced today that large estates of people who died in 2010 will have until early next … Continue reading →

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