Category Archives: IRS

Today Is the Partnership & S-Corporation Deadline

Posted on March 15, 2023 by Russ

You know what today is, right?  Yes, the Ides of March–and the US tax filing deadline for partnerships and S-Corporations.  If your entity isn’t ready to file, download Form 7004 (the extension request) and mail it using certified mail today.  … Continue reading →

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California (Franchise Tax Board) Conforms to Extension to October 16th

Posted on March 3, 2023 by Russ

The Franchise Tax Board announced late yesterday that California is officially conforming to the IRS extension until October 16th for all tax returns due from January 10th through October 15.  Almost all of California is covered by the extension; only … Continue reading →

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FBAR Non-Willful Penalty Is Per Report, Not Per Account

Posted on February 28, 2023 by Russ

Let’s assume you have a non-willful violation of filing the FBAR (Form 114, the Report of Foreign Bank and Financial Accounts).  Is the maximum penalty ($10,000) per account or per report?  The Circuit Courts of Appeal had split on this … Continue reading →

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IRS Extends California (and Alabama and Georgia) Disaster Areas to October 16th from May 15th

Posted on February 24, 2023 by Russ

The IRS announced today that most California taxpayers (most of the state is in a disaster zone from flooding in January) now have until October 16th to file any tax returns.  This also means that impacted taxpayers have until October … Continue reading →

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Good, Bad, and Ugly With the IRS

Posted on February 9, 2023 by Russ

This week I’ve had to call the IRS up for several different items.  There is good news, bad news, and some ugly news. The good news: In calling the Practitioner Priority Service (PPS), I’ve gotten through every time!  Twice, there … Continue reading →

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Is It January 9th Yet?

Posted on January 20, 2023 by Russ

Last year, the IRS announced a new system for efiling 1099s (and other information returns) called IRIS.  This system would be available for both professionals and individuals (and businesses) to efile 1099s.  The system was supposed to be available on … Continue reading →

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Start Your 2023 Mileage Log

Posted on January 3, 2023 by Russ

I’m going to start the new year with a couple reposts of essential information. Yes, you do need to keep a mileage log: Tuesday will be the first business day of the new year for many. You may have resolved … Continue reading →

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2023 Standard Mileage Rates

Posted on January 1, 2023 by Russ

The IRS announced on December 29th the standard mileage rates: $0.665/mile for business use (up from $0.635/mile as of July 1, 2022); $0.22/mile for medical/moving for active-duty members of the Armed Forces; and $0.14/mile in service of charitable organizations. These … Continue reading →

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IRS Delays New $600 1099-K and Cryptocurrency Trading Reporting

Posted on December 23, 2022 by Russ

Two big announcements from the IRS today will have a major impact on 2022 tax returns (returns filed in 2023).  First, the IRS announced a delay in implementing the $600 reporting for third-party payment platforms (Form 1099-K).  Quoting from the … Continue reading →

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IRS: Don’t Call Us, Don’t Write Us

Posted on December 8, 2022 by Russ

No, I’m not talking about my business: feel free to call or write us (but due to a water leak, our office is closed today, Thursday, December 8th–we’ll be in tomorrow).  Rather, I’m talking about calling the IRS and writing … Continue reading →

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