Category Archives: IRS

K-1 Extension Deadline Changes in 2009

Posted on July 1, 2008 by Russ

One of the more vexing problem tax professionals have is preparing returns for individuals who have a partnership interest where the partnership extends the deadline for filing their K-1s. The extension currently is six months, so a partnership can legally … Continue reading →

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Mileage Rates Increase

Posted on June 23, 2008 by Russ

The IRS announced today that mileage rates will increase on July 1st. The new business mileage rate is $0.585/mile (up from $0.505/mile); the new medical and moving mileage rate is $0.27/mile (up from $0.19/mile). The charitable mileage rate is unchanged—it … Continue reading →

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Emmigration Just Got More Costly

Posted on May 29, 2008 by Russ

If you want to give up your US citizenship, prepare to pay the IRS. As the Wall Street Journal reported on Tuesday, Congress has modified how individuals who renounce their citizenship will pay taxes. If you have a net worth … Continue reading →

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The IRS Enters the YouTube Age

Posted on March 26, 2008 by Russ

Linda Stiff, Deputy Commissioner of the IRS, speaks to Americans that they may need to file a tax return in order to get the stimulus/rebate payment. Here’s the video:

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When You’re Getting Your Tax Rebate (Stimulus) Check

Posted on March 17, 2008 by Russ

The IRS today released the schedule of when the stimulus payments will be received: By Direct Deposit: Last Two SSN Digits Payment Will be Transmitted By: 00 through 20 May 2 21 through 75 May 9 76 through 99 May … Continue reading →

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Section 1031 Exchange Primer

Posted on March 9, 2008 by Russ

Section 1031 exchanges are complex. The IRS has just released a fact sheet on these exchanges. These exchanges are used to defer gains on real estate. Hat tip: Roth Tax Updates

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$1 = $300

Posted on March 4, 2008 by Russ

If I told you that $1 equals $300, you’d rightly tell me that I need to take remedial math. However, there is an instance where that’s the case. The IRS issued Revenue Procedure 2008-21 yesterday. This Revenue Procedure allows an … Continue reading →

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February 28th, Not the 29th, Is the Deadline

Posted on February 27, 2008 by Russ

There’s a tax deadline tomorrow that effects employers and others. If you file paper copies of 1099s/1096s and/or W-2Gs/1096s, you must mail your copies by February 28th, not February 29th. If you electronically file your information returns, you have until … Continue reading →

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Economic Stimulus Rebates & Tax Rebate Calculators

Posted on February 23, 2008 by Russ

If you’re wondering what your tax rebate will be, here are a couple methods to find out. Kiplinger has added a rebate calculator. And Spidell will soon add one to their website. The IRS has updated their webpage on the … Continue reading →

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Actors In Tax Trouble

Posted on February 21, 2008 by Russ

Fresh off the Wesley Snipes case two actors are having their own tax troubles. Joe Kristan found this story about Joe Pesci. Mr. Pesci besides appearing in movies has his own production company with employees. The regulation involved states, “You … Continue reading →

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