Category Archives: IRS

2nd Quarter Estimated Taxes / Out of Country Deadline

Posted on June 15, 2009 by Russ

Today (Monday) marks two deadlines. Second quarter estimated payments must be made by today in order to be considered timely. Additionally, taxpayers who were out of the country on April 15th have until today, June 15th, to either file their … Continue reading →

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Back to the Drawing Board

Posted on May 26, 2009 by Russ

After attending continuing education last week at the CSEA SuperSeminar in Las Vegas I expected a boring week to follow. After all, it’s a short week (Memorial Day was yesterday). Instead comes news that the IRS has scrapped its computer … Continue reading →

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IRS Looking at Millionaires

Posted on May 21, 2009 by Russ

As I tell my clients the IRS is a collection agency. Generally, they look to collect money where there’s money to be found. Clearly, that’s individuals who make a lot of money. Douglas Shulman, the IRS Commissioner, told a House … Continue reading →

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Foreign Account Amnesty

Posted on May 7, 2009 by Russ

Given my practice area, I’m very familiar with Form TD F 90-22.1. That’s the form you use for reporting foreign financial and bank accounts to the Treasury and the IRS. There are severe penalties if you don’t file this form … Continue reading →

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Tea Party on Tax Day

Posted on April 15, 2009 by Russ

Today is Tax Day, so for the procrastinators out there it’s time to file your extension. For those of you who aren’t tax accountants, it’s time to let our politicians know whose money they spend. There will be a series … Continue reading →

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Bozo Tax Tip #1: Don’t be Suspicious!

Posted on April 13, 2009 by Russ

Given my practice area, I deal with individuals who occasionally make large cash deposits. I tell them that they shouldn’t mind the completion of a Currency Transaction Report. The IRS gets so many of them that as long as you’re … Continue reading →

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Bozo Tax Tip #2: Trustless Trusts

Posted on April 12, 2009 by Russ

Just today someone sent me an email noting the following “truth”: Hey Russ, [redacted] sent me this video on how I can put all my wages and other income into this investment vehicle and I’ll no longer have to pay … Continue reading →

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Bozo Tax Tip #3: 300 Million Witness Can’t Be Right

Posted on April 11, 2009 by Russ

I keep thinking that I’ll be able to drop this Bozo tax tip one year. Yet every time I think that’s going to happen Richard Hatch makes the news again. One tip I can give any celebrity: Be careful about … Continue reading →

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Bozo Tax Tip #4: Use a Bozo Accountant

Posted on April 9, 2009 by Russ

I’ve come to the conclusion that everything in life is normally distributed. You may remember the normal distribution from a class you took on probability theory. It’s the bell curve. Most things are in the middle, but some are outliers … Continue reading →

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Bozo Tax Tip #5: The $0.42 Solution

Posted on April 8, 2009 by Russ

With Tax Day fast approaching it’s time to look into the 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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