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

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IRS No Longer Redacting Information on Wage & Income Transcripts May 31, 2019
Yesterday I went on e-Services and downloaded a Wage & Income Transcript for a client. I was surprised to see that the payor information was no longer redacted. There was the payor’s name in full (along with the address and EIN). Congratulations to the IRS on reversing their short-sighted policy of redacting this information. In […]
Russ
Can I Disclose a Candidate’s Tax Returns? May 12, 2019
Let’s say that back in 2010 I prepared the federal and California tax returns for John and Mary Smith of Irvine, California. Ten years later, Mr. Smith decides to run for statewide office. Let’s further assume I abhor Mr. Smith’s politics. Can I leak his tax returns to the Los Angeles Times? Can the Times […]
Russ
Bozo Tax Tip #1: We Don’t Need No Stinkin’ Basis April 12, 2019
If there’s one issue in tax that tax professionals have trouble explaining to clients it’s basis. Your basis in an entity is, generally, the total of your investment in an entity plus income it generated less any distributions from it. If you’re an investor in a business, you can only take losses up to the […]
Russ
Bozo Tax Tip #2: We Don’t Need No Stinkin’ Employees (Especially Because We’re Lawyers) April 11, 2019
A few years ago, I first heard about the law firm that had no employees. Now, I can imagine a small firm of, say, three or four partners, with no clerical staff as a possibility. However, having dealt with enough attorneys there are always secretaries, paralegals, clerks, and junior lawyers because most clients don’t way […]
Russ
Bozo Tax Tip #4: The $0.55 Solution April 9, 2019
With Tax Day fast approaching it’s time to examine yet another 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 gloom of night can stay these messengers about their duty. Well, that’s not really the […]
Russ
Bozo Tax Tip #5: Procrastinate! April 8, 2019
Today is April 8th. The tax deadline is just seven days away. What happens if you wake up and it’s April 15, 2015, and you can’t file your tax? File an extension. Download Form 4868, make an estimate of what you owe, pay that, and mail the voucher and check to the address noted for […]
Russ
Bozo Tax Tip #10: Email Your Social Security Number April 1, 2019
It’s time for our annual rundown of Bozo Tax Tips, strategies that you really, really, really shouldn’t try. But somewhere, somehow, someone will try these. Don’t say I didn’t warn you! This is a repeat for the sixth year in a row, but it’s one that bears repeating. Unfortunately, the problem of identity theft has […]
Russ
March 15th Tax Deadlines March 14, 2019
Tomorrow, March 15th, is the first big tax deadline day. There are three tax deadlines on Friday: First, partnership and S-Corporation returns are due. If your return isn’t completed, file an extension (Form 7004). If you file by mail, use certified mail, return receipt requested. You always want proof of your extension. Second, Form 3520-A […]
Russ
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