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Category Archives: Tax Preparation
Two Days Away
The deadline for filing tax returns on extension is this Wednesday, October 15th. That’s also the deadline for funding your SEP IRAs. If you procrastinate beyond this date you will be hit with the failure to file penalty (if you … Continue reading
Posted in Tax Preparation
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Another Tax Blog
And it’s a good one, too. I don’t know how I’ve missed adding Robert Flach’s The Wandering Tax Pro blog to the blogroll on the right, but that error has been rectified. Robert reports extensively on the tax situation out … Continue reading
Posted in New Jersey, Tax Preparation
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Rhode Island is the 18th
Rhode Island has joined 17 other states including California to mandate that state tax returns prepared by professionals be electronically filed. The mandate goes into effect in January. Under Rhode Island’s new law individual taxpayers can opt-out of e-filing. Additionally, … Continue reading
Posted in Rhode Island, Tax Preparation
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K-1 Extension Deadline Changes in 2009
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
Posted in IRS, Tax Preparation
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Bozo Tax Tip #1: Foreign Trusts
By far the worst tax schemes in the view of the IRS are offshore (foreign) trusts. In fact, trusts of all sorts—domestic and foreign—are regularly abused. First, not all trusts are bad. Many trusts serve a legitimate purpose, such as … Continue reading
Bozo Tax Tip #2: 300 Million Witnesses Can’t Be Right
The IRS loves Bozo tax celebrities. They get a chance to show you and I that Bozo celebrities must pay their taxes. And if they go to court and win, it’s guaranteed that there will be plenty of publicity. So … Continue reading
Posted in Tax Preparation
Tagged BozoTaxTips
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Bozo Tax Tip #3: Call Your Accountant on the 15th
Let’s assume you’ve procrastinated on your taxes, and you (all of a sudden) notice it’s April 15th. You’ll just call your accountant, and you’re sure he’ll drop everything for you. No chance. If you called me today, and I haven’t … Continue reading
Posted in Tax Preparation
Tagged BozoTaxTips
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Bozo Tax Tip #4: Foreign Bank Accounts
Let’s assume your business has been successful. Very successful. What should you do with all that money, especially if you’d prefer to not send a lot of it to Uncle Sam? Well, you can take the Bozo method of hiding … Continue reading
Bozo Tax Tip #5: The $0.41 Solution
With Tax Day fast approaching it’s time to look into the Bozo method of courting disaster. And it doesn’t, on the surface, seem to be a Bozo method. After all, this organization has the motto, Neither rain nor snow nor … Continue reading
Bozo Tax Tip #6: Just Don’t File
It’s getting more and more difficult to avoid the tax system. There are currency transaction reports (cash transactions of $10,000 or more) and suspicious activity reports (theoretically can be done on any transaction, but usually starts at $3,000 or more) … Continue reading