Category Archives: IRS

Mailbag Time

Posted on July 12, 2009 by Russ

Lots of questions have come in during the past few weeks. Here are a few that might interest you. 1. I recently settled a lawsuit for wrongful termination, and was awarded $100,000 after attorney fees of $50,000. How much of … Continue reading →

Posted in Gambling, IRS | Comments Off on Mailbag Time

IRS, UBS In Negotiations

Posted on July 12, 2009 by Russ

The Wall Street Journal is reporting that the IRS and Swiss bank UBS will jointly request a postponement of a court hearing on Monday in Miami. The Journal is also reporting that UBS and the IRS are “…deep in talks … Continue reading →

Posted in IRS | 1 Comment

Foreign Financial Account Reporting Due

Posted on June 24, 2009 by Russ

If you have a foreign financial account, or have signature authority over such an account, you must file Form TD F 90-22.1. That form is due on June 30th. Unlike every other IRS deadline, this one is a receipt deadline. … Continue reading →

Posted in Gambling, IRS | Tagged | Comments Off on Foreign Financial Account Reporting Due

Should Tax Preparers be Regulated?

Posted on June 21, 2009 by Russ

A debate is heating up among tax bloggers on whether or not tax preparers should be regulated. Some bloggers, such as Peter Pappas, think they should be. Others, including Joe Kristan, think they shouldn’t be. I happen to practice in … Continue reading →

Posted in IRS, Tax Preparation | Comments Off on Should Tax Preparers be Regulated?

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 →

Posted in IRS, Taxable Talk | Comments Off on 2nd Quarter Estimated Taxes / Out of Country Deadline

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 →

Posted in IRS | Comments Off on Back to the Drawing Board

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 →

Posted in IRS | Tagged | Comments Off on IRS Looking at Millionaires

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 →

Posted in IRS | Tagged | Comments Off on Foreign Account Amnesty

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 →

Posted in IRS, Legislation | Comments Off on Tea Party on Tax Day

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 →

Posted in IRS | Tagged | Comments Off on Bozo Tax Tip #1: Don’t be Suspicious!