Category Archives: IRS

IRS Street Addresses

Posted on February 24, 2009 by Russ

A reader emailed me today and said, “Why haven’t you posted your list of IRS street addresses this year?” Well, the answer is that none have changed. Still, it’s time again for the list. Most taxpayers use the Postal Service … Continue reading →

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Tax Season May Start In Mid-February This Year

Posted on January 12, 2009 by Russ

If you want to make an accountant unhappy all you need to do is tell him that tax season will be compressed. Funneling more work into fewer days does not brighten an accountant’s day. The IRS today officially recognized what … Continue reading →

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Do I Owe 5¢ Or Am I Owed 4¢?

Posted on January 3, 2009 by Russ

I’m sure I have lifetime employment, and this story is yet another confirmation of that. A Detroit attorney received a bill for 5¢ from the IRS. He then received a letter noting that he was owed a 4¢ refund, but … Continue reading →

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IRS Lockbox Changes

Posted on December 30, 2008 by Russ

One major IRS change is happening on January 1st: The IRS is closing its Dallas lockbox. If you currently mail payments to Dallas check the notice as to the new addresses in Charlotte that you will be sending your payments … Continue reading →

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2009 Required Distribution Relief

Posted on December 13, 2008 by Russ

Congress yesterday passed a law (and President Bush is expected to soon sign the law) which will give relief for Required Minimum Distributions (RMDs) in 2009. As Joe Kristan noted, this isn’t much relief. RMDs are required for tax deferred … Continue reading →

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2009 Mileage Rates

Posted on November 25, 2008 by Russ

The IRS released the 2009 standard mileage rates today: $0.55/mile for business $0.24/mile for medical/moving $0.14/mile for charity Note that you should keep a written mileage log. The current business mileage rate is $0.585/mile (it was $0.505/mile through June).

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2009 Inflation Adjustments

Posted on October 19, 2008 by Russ

Now that 2007 tax returns are complete it’s time to begin thinking about 2008 and 2009. The IRS announced this past week inflation adjustments for 2009: – Personal exemptions will increase from $3350 in 2007 to $3500 in 2008 to … Continue reading →

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Deadlines Extended for Hurricane Ike Victims

Posted on September 12, 2008 by Russ

The IRS announced late this afternoon that filing deadlines for corporate taxes and estimated taxes due September 15th have been extended at least one week in impacted areas. The IRS announcement notes, “Affected taxpayers can mark paper tax returns with … Continue reading →

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Interest Rate Changes

Posted on September 1, 2008 by Russ

While interest on underpayments to the IRS will increase to 6% from 5% in the third quarter, interest on underpayments to California will fall from 7% to 5% as of January 1st. Corporate underpayment interest in California will fall from … Continue reading →

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IRS Suspends ISO AMT Through September 30th

Posted on September 1, 2008 by Russ

The IRS announced last week that they would suspend collection of the Alternative Minimum Tax (AMT) on incentive stock options (ISOs) through September 30th. Senator Charles Grassley (R-IA) believes that legislation will clear Congress by month-end to reduce the tax … Continue reading →

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