Category Archives: IRS

Only The IRS Conducts Audits

Posted on November 19, 2007 by Russ

Wouldn’t it be nice if you could conduct an audit of that conniving guy or gal that you have to deal with? You’d make his or her life a total pain. Well, that’s just no doable. Only the IRS (and … Continue reading →

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For The Birds

Posted on November 15, 2007 by Russ

One of the vexing matters for tax professionals are side businesses. If they’re profitable, it’s usually not an issue. It’s another Schedule C for the return. However, when they are unprofitable problems can arise if the IRS scrutinizes the return. … Continue reading →

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IRS Helps With Late S Corp Elections

Posted on October 10, 2007 by Russ

The IRS announced a new Revenue Procedure 2007-62 yesterday, which will allow an S Corporation to make a late election–later than the 2.5 months currently allowed. Indeed, you’ll be able to make the late S Corporation election with your first … Continue reading →

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Adult Businesses & Taxes

Posted on September 23, 2007 by Russ

The Houston Chronicle has an interesting article about US Attorneys using the tax laws to go after adult business owners. Pornography, excuse me, adult businesses, are not liked by the government. Back in 2005, then US Attorney General Alberto Gonzales … Continue reading →

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Bozo IRS Agent Busted

Posted on September 23, 2007 by Russ

Bohdan Senyszyn worked for the IRS in Paterson, New Jersey. He audited mid to large-sized businesses. Mr. Senyszyn also holds a CPA license. Then things went wrong. In 1992, Mr. Senyszyn agreed to help a New Jersey real estate developer … Continue reading →

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Taxes $200,000, Collectibles 756

Posted on August 23, 2007 by Russ

The Associated Press is reporting that Barry Bonds’ 756th home run ball will be auctioned. Matt Murphy, the man who caught the ball, has consigned the ball to Sotheby’s SCP Auctions. The ball is expected to be worth over $500,000. … Continue reading →

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2007-2008 IRS Priority Guidance Issued; Poker Still on the List

Posted on August 13, 2007 by Russ

Today, the IRS issued its 2007-2008 Priority Guidance Plan. These are the major issues the IRS expects to complete during the year. There are 303 items on the list. Poker tournaments remain on the IRS’ radar screen. Like the previous … Continue reading →

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So You Catch Barry Bonds’ 756th Homer…Did You Just Lose $100,000?

Posted on July 25, 2007 by Russ

An interesting article this morning in the Wall Street Journal: What are the tax implications of catching Barry Bonds’ 756th home run? Sometime in the next few weeks some lucky fan will likely catch the ball. (There’s always the chance, … Continue reading →

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“We Made a Slight Mistake…”

Posted on July 5, 2007 by Russ

When I see that phrase, I just know that a whopper of an error is about to be seen. Well, those words weren’t used, but the DC Circuit realized that they did just that–made a whopper of a mistake. On … Continue reading →

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FBAR, SARs, and CTRs

Posted on June 20, 2007 by Russ

This morning I sat in on an IRS teleconference about Foreign Bank Account Reporting (FBAR), and the Treasury Department’s Form TD F 90-22.1. Last week, during my annual CSEA SuperSeminar continuing education program, this was also discussed. As I’ve mentioned … Continue reading →

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