Extended calendar-year 2013 business returns are due today. No more extensions. If you have a 1040, 1065, 1120, or 1120-S filing for 2013, be sure you get it done today. E-filing is the best. If you want to go the old-fashioned way, get to the post office and send it “Certified Mail, Return Receipt Requested.” Keep the postmark.
If you can’t get to the post office before it closes, you can still head to a UPS Store, Fed-Ex Kinko’s, or similar place and use a designated private delivery service; be sure to use one of the qualifying services, and make sure your receipt has a time and date designation with today’s date to prove timely filing.
Why does it matter? The penalties are $195 per K-1 per month, so a late S corporation with 10 shareholders overdue six months racks up a late-filing penalty of $11,700 — no matter how little income is reportable on the return.
TaxGrrrl, Back To School 2014: Casualty Loss And Theft Deduction. Also: a chance to win a protective phone case!
Russ Fox, From Owning a Party Mansion to Partying at ClubFed. ” Mr. Verbal and his employees offered customers a unique bonus system: If the return was falsified and the client paid cash, he would get a much larger refund.”
Annette Nellen, Truncating Taxpayer Identification Numbers – Enough?. “It does nothing about the trillions of documents of all sorts that exist that have people’s SSNs on them.”
Jason Dinesen, Putting Profit First While Planning for Expenses
Keith Fogg, A Proposal to Amend Flora or Collection Due Process for Individuals Examined by Correspondence Who Do Not Pick Up or Process Their Mail. (Procedurally Taxing). “When the current procedures for tax administration were built, the rich or upper middle class were the ones interfacing with the tax system.”
Jack Townsend, More on [BS] Corporate Tax Shelters (with Some Rantings):
The large(r) Accounting firms developed substantial practice groups that, overtime (over time also), became an echo chamber that caused or contributed to individuals doing things that they would not do individually. (For background, this is a major reason that conspiracy is a separate crime.) Because individuals in these groups were in a echo chamber, they slowly begin to believe the bull shit of the echo chamber. Had they not been in the echo chamber, they likely would not have done what they did. But they were in the echo chamber; conduct become less evil or illegal or morally wrong because all these smart people and honorable people were participating in the venture. Of course, the views of those at senior and more experienced levels were often substantially influenced by the extravagant money that could be made by participating.
It’s hard to see straight through a big pile of cash.
TaxProf, The IRS Scandal, Day 494. “So I’m thinking maybe Anthony Weiner should put his selfie in Lois Lerner’s emails.”
Ajay Gupta, Burning the Inversions Fuse at Both Ends (Tax Analysts Blog). “Here is the ultimate irony in the story: Investment bankers hired by a foreign multinational confronting acquisition by a U.S. corporation alerted the administration, the politicians, and the country to the imperatives of ‘economic patriotism.'”
Kelly Davis, Tax Policy and the Race for the Governor’s Mansion: Ohio Edition (Tax Justice Blog)
Renu Zaretsky, Taxes Take Center Stage This Week—At Least on the House Floor. Today’s TaxVox headline roundup covers Nevada’s corporate welfare for Tesla, hearings on retirement savings, and another futile extenders vote coming up this week.
We’ll get to the bottom of this. Czech special police team flushes out corruption after it seizes millions of toilet paper rolls:
The Czech special police squad Kobra revealed tax evasion estimated at at least 25 million Kč in business involving toilet paper and tissues, representatives of the police and customs officers has told journalists.
The police seized 3.7 million toilet paper rolls from a businessman.
Czech Financial General Directorate Deputy Director Jiří Zezulka said the toilet paper circulated among firms in the European Union while only serving as “the carrier of tax fraud” and was not produced for any final customer.