Category Archives: IRS

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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Russ’ PTIN Adventure, Part 2

Posted on September 30, 2010 by Russ

This morning, I attempted again to re-register my PTIN. I used an email address that didn’t go through my server and, voila, success. I was able to re-enter all my information (except for my PTIN) on the IRS PTIN registration … Continue reading →

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Online PTIN Application Now Available, But…

Posted on September 28, 2010 by Russ

The IRS released the final regulations for the new PTIN process for tax professionals. There’s an FAQ available, too. The first step of the process is too sign up for an account with the PTIN system. If my experience is … Continue reading →

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It Depends on the Meaning of the Word “Is” Is

Posted on September 20, 2010 by Russ

I’m sure many of you remember this humorous interlude during the presidency of Bill Clinton: Why do I bring this up? Because it goes to the heart of a question asked by fellow tax blogger Robert Flach. Mr. Flach, who … Continue reading →

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