Category Archives: IRS

$50 Here, $50 There: $50 From Me and Every Other EA, CPA, and Tax Preparer

Posted on July 23, 2010 by Russ

I received an email yesterday from my local IRS liaison: IRS Issues Proposed Rules Setting Fee for Tax Preparers to Get Unique ID Numbers By Diane Freda The Internal Revenue Service July 21 issued proposed rules (REG-139343-08) establishing a new … Continue reading →

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Must a Practitioner Audit a Client’s Financials?

Posted on July 6, 2010 by Russ

The IRS today released IR-2010-82 noting the disbarment of CPA Tim Kaskey for, “finding, among other things, that Kaskey failed to exercise due diligence in preparing tax returns for a corporation and its husband and wife shareholders.” Here’s the key … Continue reading →

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FBAR Deadline Is Today

Posted on June 30, 2010 by Russ

Almost all tax deadlines are on the fifteenth day of the month. However, there’s one that falls on June 30th: The filing deadline for the Report of Foreign Bank and Financial Accounts (FBAR, Form TD F 90-22.1). This is the … Continue reading →

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Mandatory IRS eFiling Is Coming

Posted on June 9, 2010 by Russ

If you’re a tax preparer, get ready to efile. Mandatory efiling is coming to the IRS. For the 2010 tax year (the next tax season, in 2011), if you prepare 100 or more returns you must efile; for the 2011 … Continue reading →

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2011 Doesn’t Look Bright

Posted on June 8, 2010 by Russ

Arthur Laffer, the noted economist, penned an op-ed in the Wall Street Journal. An excerpt: But at the tax boundary of Jan. 1, 1983 the economy took off like a rocket, with average real growth reaching 7.5% in 1983 and … Continue reading →

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Of Strip Clubs, Doormen, Taxi Drivers, and Ca$h

Posted on May 2, 2010 by Russ

I’ve made plenty of posts on strip clubs and how some owners of these clubs manage to “forget” to report all of their cash income. Well, I’m heading to Las Vegas next week for the annual California Society of Enrolled … Continue reading →

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What May Really be Behind the 4¢ Fiasco

Posted on March 17, 2010 by Russ

Last night I listened to a presenter from the IRS at the monthly meeting of the Orange County chapter of the California Society of Enrolled Agents. He knew all about the 4¢ fiasco. It appears that there might be a … Continue reading →

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IRS’ Dirty Dozen Tax Scams

Posted on March 17, 2010 by Russ

The IRS released the dirty dozen tax scams today. Joe Kristan has more, and a dirty dozen of bad tax policies.

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Deadline Day: Corporations and S-Corps

Posted on March 15, 2010 by Russ

We’ve hit the first tax filing deadline for 2009 returns. Today’s the day that calendar year corporation and S-corporation tax returns are due. Since almost all S-Corps are calendar year, that means a whole bunch of returns are due today. … Continue reading →

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Getting Their 2¢ Worth…Twice

Posted on March 13, 2010 by Russ

Let’s head to Sacramento, where one place to get your car washed is Harv’s Metro Car Wash. The IRS decided that Harv’s needed more publicity. Last Wednesday, two IRS agents drove to Harv’s and demanded that the owner pay up … Continue reading →

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