Category Archives: IRS

The IRS Overreaches

Posted on May 24, 2007 by Russ

What happens when you receive a Form 1099-MISC, but you never received the income shown on the information return? You don’t include it on your tax return—after all, you didn’t receive the income, so you don’t owe tax on it. … Continue reading →

Posted in IRS, Tax Court | Comments Off on The IRS Overreaches

Partially Up In Smoke

Posted on May 15, 2007 by Russ

The Tax Court today looked into whether a non-profit corporation that provides help to the terminally ill and provides medical marijuana to the terminally ill is allowed to deduct its operating costs. The non-profit, Californians Helping to Alleviate Medical Problems, … Continue reading →

Posted in California, IRS, Tax Court | Tagged | Comments Off on Partially Up In Smoke

IRS Mailing Incorrect CP2000 Notices

Posted on May 10, 2007 by Russ

The IRS announced that they have mailed some incorrect CP2000 notices. The notices state that the impacted individuals are not including their state tax refund as income when they were impacted by the AMT in the prior year; the notices … Continue reading →

Posted in IRS | Comments Off on IRS Mailing Incorrect CP2000 Notices

Humorous Mail During Tax Time

Posted on April 26, 2007 by Russ

It’s always amazing to read the mail. I’ve received several items (mainly by email) that are interesting. So let’s take a look at some of the mail. Of course, none of the answers are specific tax advice; anyone needing specific … Continue reading →

Posted in Gambling, IRS | Comments Off on Humorous Mail During Tax Time

Ex Parte Means Ex Parte

Posted on April 24, 2007 by Russ

Yesterday, the Tax Court decided Industrial Investors v. Commissioner. Industrial Investors, a corporation in Santa Monica, California, had fought the IRS in Tax Court. The case was then appealed to the 9th Circuit Court of Appeals. After the case was … Continue reading →

Posted in IRS, Tax Court | Comments Off on Ex Parte Means Ex Parte

Two Extra Days in the Northeast

Posted on April 17, 2007 by Russ

Because of the storm in the Northeast U.S., the IRS has, according to an email I just received, extended the due date for returns for impacted taxpayers only until April 19th. Taxpayers who are impacted and take advantage of the … Continue reading →

Posted in IRS | Comments Off on Two Extra Days in the Northeast

Bozo Tax Tip #1: Only Foreign Income is Taxable

Posted on April 16, 2007 by Russ

This sounds ludicrous (and it is, of course), but some tax protesters came up with this argument. And a very famous actor apparently bought it. Wesley Snipes, star of Blade and Passenger 57, went to an accountant who believes this. … Continue reading →

Posted in IRS | Tagged | Comments Off on Bozo Tax Tip #1: Only Foreign Income is Taxable

IRS Street Addresses

Posted on February 21, 2007 by Russ

Most taxpayers use the Postal Service to send their returns to the IRS. However, you can use Federal Express, UPS, or DHL. The problem is the IRS doesn’t list the street addresses of their service centers anywhere on their web … Continue reading →

Posted in IRS | Comments Off on IRS Street Addresses

Holes in the Tax Code

Posted on February 7, 2007 by Russ

With the 2008 Budget being sent to Congress, the Tax Foundation’s Tax Policy Blog shows the cost of ten famous deductions, credits and exemptions. Read the article for the full story. Meanwhile, Roth Tax Updates has the full details of … Continue reading →

Posted in IRS | Comments Off on Holes in the Tax Code

Will You Really Get that Hybrid Vehicle Tax Credit?

Posted on January 26, 2007 by Russ

There’s a great op-ed piece in today’s San Francisco Chronicle about the hybrid vehicle tax credit. The op-ed, written by Edward McQuarrie, a professor at Santa Clara University, gives the unpleasant details of how many Californians won’t get the full … Continue reading →

Posted in California, IRS | Comments Off on Will You Really Get that Hybrid Vehicle Tax Credit?