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Phone Number: 419-531-4713 / Fax Number: 419-913-4543

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When 35 Equals 365 January 29, 2019
Yet another entry in the “Math Is Hard” file, again from our friends at the Internal Revenue Service. From the Washington Post comes the news that it will take the IRS between 12 and 18 months to catch-up on the backlog from the 35-day shutdown. The Post was quoting information from two House staffers who […]
Russ
When 85% Equals 90% January 16, 2019
One of my favorite expressions from poker that translates into tax is, “Math is hard.” But how can 85% equal 90%? No, the two aren’t equivalent. However, this year they are equal in one aspect of taxes. The IRS announced today that they will waive the Estimated Tax Penalty for taxpayers who have prepaid 85% […]
Russ
It’s Time to Generate Those 2018 1099s January 15, 2019
It’s time for businesses to send out their annual information returns. These are the Form 1099s that are sent to to vendors when required. Let’s look first at who does not have to receive 1099s: Corporations (except attorneys) Entities you purchased tangible goods from Entities you purchased less than $600 from (except royalties; the limit […]
Russ
Fourth Quarter Estimated Tax Payments Due Today January 15, 2019
Today is January 15th. That means your fourth quarter estimated tax payments are due today. It’s a postmark deadline, so if you pay by mail, download Form 1040-ES, print voucher #4, enclose your check payable to “United States Treasury” (write your social security number and “2018 Form 1040-ES” on the check) and mail it using […]
Russ
IRS to Open Tax Season on Monday, January 28th January 8, 2019
The IRS announced yesterday that the 2019 Tax Season will begin on Monday, January 28th: Despite the government shutdown, the Internal Revenue Service today confirmed that it will process tax returns beginning January 28, 2019 and provide refunds to taxpayers as scheduled. “We are committed to ensuring that taxpayers receive their refunds notwithstanding the government […]
Russ
Tax Refunds May Be Issued During Government Shutdown January 7, 2019
Vice President Pence announced today that the IRS would issue tax refunds during the government shutdown. The Wall Street Journal reported this earlier today, but it’s unclear what the legal justification would be. Speculation (by the Journal) is that the power to issue refunds is based on the permanent appropriations for the refunds themselves. Meanwhile, […]
Russ
It’s Time to Start Your 2019 Mileage Log January 4, 2019
I’m going to start the new year with a couple reposts of essential information. Yes, you do need to keep a mileage log: Wednesday was the first business day of the new year for many. You may have resolved to keep good records this year (at least, we hope you have). Start with keeping an […]
Russ
The Freedom of Information Act Doesn’t Allow Access to President Trump’s Tax Returns December 19, 2018
Section 6103(a) of the Internal Revenue Code (IRC) mandates that tax returns shall be confidential. The Electronic Privacy Information Center (EPIC) wanted a peak at President Trump’s tax returns; might there be income from Russia? They submitted a Freedom of Information Act request to see his tax returns (from 2010 onwards). The IRS refused. EPIC […]
Russ
Hug Your Tax Professional, or The Upcoming Horrible, Miserable, Rotten, and Delayed Tax Season December 12, 2018
A question I’ve been asked many times this month: When will the 2019 Tax Season (for filing 2018 tax returns) open? The answer I’ve given is, “I don’t know.” Normally by now the IRS has released the date. As of today, the IRS’s only comment has been, “It might not be in January [2019].” At […]
Russ
IRS (and All Federal Agencies) Closed Tomorrow, December 5th December 4, 2018
The Internal Revenue Service and all federal agencies will be closed tomorrow, Wednesday, December 5th, for the national day of mourning for President George H.W. Bush. The IRS also announced today that they have granted taxpayers an extra day, until Thursday, December 6th, to file any return or pay any tax originally due on Wednesday, […]
Russ