Category Archives: IRS

New Circular 230 Released: Welcome RTRPs!

Posted on June 1, 2011 by Russ

Ah, the acronym. In the world of tax preparation there are Enrolled Agents (EAs), Certified Public Accountants (CPAs), Attorneys (the acronym fails me here), and the new Registered Tax Return Preparers (RTRPs). The IRS regulates tax professionals who practice before … Continue reading →

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FBAR Delayed for Some Corporate Signers

Posted on June 1, 2011 by Russ

I, along with other tax professionals, liken the FBAR to going after jaywalkers with shotguns. Well, a few fewer jaywalkers need worry about the FBAR for this year. The IRS announced today that individuals in two categories will not need … Continue reading →

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Pound Wise, Penny Foolish

Posted on April 21, 2011 by Russ

Robert Flach states this morning that using certified mail, return receipt requested, when mailing tax returns to tax agencies is a waste of time and money. But the extra you spend to get a return receipt is a total waste … Continue reading →

Posted in IRS, Taxable Talk | 2 Comments

Bozo Tax Tip #2: Procrastinate!

Posted on April 14, 2011 by Russ

Today is April 14th. Tomorrow is, well, was, the tax deadline. Thanks to a holiday in the District of Columbia we all have an extra three days to get the returns done. What happens if you wake up and it’s … Continue reading →

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Bozo Tax Tip #4: Use a Bozo Accountant

Posted on April 11, 2011 by Russ

Here’s another Bozo Tax Tip that keeps coming around. The problem is, the Bozos don’t change their stripes. In any case, here are some signs your accountant might be a Bozo: * He’s never met a deduction that doesn’t fit … Continue reading →

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Bozo Tax Tip #8: The $0.44 Solution

Posted on April 6, 2011 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 #9: Just Don’t File

Posted on April 5, 2011 by Russ

We’re running some repeats, but there is some new Bozo material coming. It’s just that people keep trying the same things over and over again. It’s tough to avoid the tax system. There are currency transaction reports (cash transactions of … Continue reading →

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Finally, California Doesn’t Lead the Tax World In Something

Posted on March 21, 2011 by Russ

Officials in California sighed with relief when the recent IRS report on jailhouse tax fraud came out. In a delightful change, California finished second to Florida. Enough with the humor. The reason I wrote this is that Senator Bill Nelson … Continue reading →

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Corporate Filing Deadline Tuesday

Posted on March 14, 2011 by Russ

The deadline for calendar year corporations to file their federal (and most state) tax returns is Tuesday, March 15th. This applies to both C-Corporations (filing Form 1120) and S-Corporations (filing Form 1120S). If you’re not ready to file, avoid penalties, … Continue reading →

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More Trouble for Marijuana Dispensaries from the IRS

Posted on March 14, 2011 by Russ

Back in 2007, the Tax Court ruled that a non-profit that supplied medical marijuana to terminally ill patients could not deduct business expenses related to that activity but could deduct the expenses related to their counseling and caregiving activities. It … Continue reading →

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