Category Archives: IRS

Student Loan Forgiveness: Should You File or Wait?

Posted on August 25, 2022 by Russ

With President Biden’s announcement of forgiving student loans, there are some obvious questions: Will this be taxed by the IRS? Will this be taxed by the states with income taxes? Will this be upheld by the courts? When will there … Continue reading →

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If You Haven’t Filed Your 2019 and/or 2020 Tax Returns, You Have One Month to Do So and Avoid Late Filing Penalties

Posted on August 24, 2022 by Russ

Earlier today, the IRS announced extremely broad penalty relief for 2019 and 2020 late-filed tax returns.  Here’s the beginning of the IRS’s press release: To help struggling taxpayers affected by the COVID-19 pandemic, the Internal Revenue Service today issued Notice … Continue reading →

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IRS: Let’s Spend $5 (At Least) to Disallow $0.11

Posted on August 21, 2022 by Russ

When you file an amended return, you’re actually making a claim for refund.  Tax professionals have been filing (for their clients) amended payroll tax returns (Form 941) to obtain the Economic Recovery Credit (ERC).  I’ve done two (so far), and … Continue reading →

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Answering to a Higher Authority

Posted on August 10, 2022 by Russ

Robert Brockman, the 2020 Tax Offender of the Year, passed away last weekend.  Mr. Brockman was facing a 39-count indictment for tax fraud and related charges; his trial was set for this coming February.  Mr. Brockman’s attorneys argued that he … Continue reading →

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Do IRS Employees Know the Postmark Rule?

Posted on July 22, 2022 by Russ

So what’s the postmark rule?  The IRS notes this on their website: Your return is considered filed on time if the envelope is properly addressed, has enough postage, is postmarked, and is deposited in the mail by the due date. … Continue reading →

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Standard Mileage Rate Increases Beginning July 1st

Posted on June 9, 2022 by Russ

The IRS announced today that the standard mileage rate for the second half of 2022 will be $0.625/mile, up from $0.585/mile.  As the IRS notes: In recognition of recent gasoline price increases, the IRS made this special adjustment for the … Continue reading →

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Contributing to the IRS’s Paper Backlog

Posted on May 20, 2022 by Russ

A client of ours has filed Form 2553 three times to elect S-Corporation status.  The first time, his attorney sent the form to the IRS.  The second time, my client mailed the form (right before the pandemic began).  The third … Continue reading →

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Depressing

Posted on May 5, 2022 by Russ

TIGTA (the Treasury Inspector General for Tax Administration) came out this morning with its interim report on the 2022 Tax Filing Season.  I would love to report statistics that make me feel warm and fuzzy; instead, we’re left with more … Continue reading →

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2022 Tax Season: The Tax Season From Hell (Part 2)

Posted on May 4, 2022 by Russ

In Part 1 of this series we looked at what went wrong with the IRS.  (That post might have been shorter if I had written what went right.)  Today, let’s look at what should be done by Congress and the … Continue reading →

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2022 Tax Season: The Tax Season From Hell (Part 1)

Posted on April 26, 2022 by Russ

Mr. Murphy says, what can go wrong will go wrong.  This was definitely the case for the 2022 Tax Season.  In this four-part series, we’re going to cover IRS and government (Congress and the President) failures, our failures, and what … Continue reading →

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