Category Archives: IRS

Last Estimated Payment for 2010 Due

Posted on January 18, 2011 by Russ

No more R&R for me — back to the real world rather than a beach in the Caribbean. And nothing brings you back to reality like a little estimated tax. The fourth quarter 2010 payment is due on January 18th. … Continue reading →

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Who Needs to Stop Prisoner Tax Fraud?

Posted on January 5, 2011 by Russ

Via Joe Kristan this morning comes word that the IRS is spending millions to regulate law-abiding tax professionals, but is doing very little to stop tax fraud by prisoners. You are forcing practitioners to spend millions of dollars and hours … Continue reading →

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Three Extra Days: Federal Tax Day Will be April 18, 2011

Posted on December 25, 2010 by Russ

When Congress wrote the law giving the deadline for taxes, they stated that it would be the 15th day of the fourth month following year-end, unless that day is a holiday in the District of Columbia. Back when that law … Continue reading →

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Many Tax Returns Won’t be Able to be Filed Until Late February

Posted on December 25, 2010 by Russ

Do you itemize your deductions? Do you take the Tuition and Fees Deduction? If you take those are several other deductions and credits you will not be able to file your tax return until mid to late February. Why? Because … Continue reading →

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Compromise Reached on Taxes; Will It Pass Congress?

Posted on December 7, 2010 by Russ

Senate negotiators and President Obama reached an agreement on temporarily extending the Bush Tax Cuts for two years. Included with this will be two years of a $5 million estate tax exclusion with estates over this amount taxed at 35%. … Continue reading →

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IRSAC Issues 2010 Recommendations; Will Sanity In FBARs Advance?

Posted on November 18, 2010 by Russ

The Internal Revenue Service Advisory Council (IRSAC) issued their 2010 report. The report includes 23 recommendations to the IRS (and Congress, I suppose). The entire report is worth perusing. I’m going to focus on just one item of the 23 … Continue reading →

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If Anyone Wonders Why the Economy Isn’t Adding Jobs

Posted on November 17, 2010 by Russ

First, there’s the news that a deal to extend the Bush Tax Cuts is unlikely to pass Congress before year-end. I expected that (this Congress hasn’t shown any ability to pass anything useful). While both Democrats and Republicans have publicly … Continue reading →

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Son of FBAR

Posted on November 9, 2010 by Russ

Coming in 2010 is Form 8938, Statement of Foreign Financial Assets. The draft of the form, which the IRS is soliciting public comment on, is now available. It may remind you of Form TD F 90-22.1 (FBAR). Phil Hodgen (who … Continue reading →

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You Can Possibly Help Eliminate the Draconian FBAR Penalties

Posted on October 14, 2010 by Russ

Phil Hodgen, a tax attorney in Pasadena, has been approached by a reporter who is working on a story dealing with the draconian nature of FBAR penalties. From Phil’s post: A certain large American publication is working on a story … Continue reading →

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That Was the Week That Was

Posted on October 4, 2010 by Russ

A very interesting week has past, featuring PTIN madness, a new California budget that is yet another bad budget, and what not to do if you’re unhappy with your tax refund. First, Joe Kristan linked to the Bad Lawyer Blog. … Continue reading →

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