Episode 29: The IRS is Waiving Penalties For Not Filing During Covid, If….
Tax update with Ron, Episode 29: The IRS is Waiving Penalties For Not Filing During COVID, If….
If you didn’t file your tax return during COVID, the IRS is giving you a break from failure to file penalties, however you need to act by September 30, 2022.
Ever wonder what the IRS’s cafeteria looks like? Currently it’s full of paperwork they still need to process. Whether this was released to justify their new budget increase or not, its still a major improvement over the semi trailers full of unopened mail parked out back that we talked about last year.
Links:
IRS
IRS Cafeteria: https://www.washingtonpost.com/opinions/interactive/2022/irs-pipeline-tax-return-delays/?utm_source=morning-10&utm_medium=email&utm_campaign=20220809&utm_content=article10-readmore
Widespread Penalty Waivers: https://www.irs.gov/pub/irs-drop/n-22-36.pdf
About The Show:
Hello and welcome. This is Ron Cohen. I’m a tax partner with the firm of Greenstein, Rogoff, Olsen & Co., LLP and we’re located in beautiful downtown Fremont, California. I appreciate you signing in to listen to my self-indulgent, and sometimes narcissistic comments about the tax system.
No Reliance:
Take no reliance on anything you hear on this podcast. This is mostly for entertainment and education. In order to get an opinion from me or my firm you have to sign an engagement letter and give us all of the facts.
After we do some research about your situation we’ll come back and formally give you an opinion. And only then can you use that advice for purposes of entering into any transaction or filing a tax return.
Plagiarism is Okay!
Everything in the tax rules is from the Internal Revenue Code, its regulations, court cases, and various internal memorandums by the Internal Revenue Service. Lots of lawyers and CPAs write very good articles that we will often attach in the show notes.
They are trying to show how smart they are to the public so everyone copies from everyone else, and I certainly want to give them credit. We’re not writing any novels, nor creating deep or original thoughts here.
No Politics
We try to stay out of general politics, however tax law is developed through legislation in Congress and anything that’s legislative has its own political ups and downs. And I feel free to comment on that.
How I Help:
Our firm does around 1400 tax returns for various people. The demographics range from little grandmothers all the way up to high tech executives and multinational corporations.
We also specialize in family office services for wealthy groups with far flung entities and we also help those groups with things such as bill paying and taking care of their day-to-day financial operations
No Cheerleader for the Tax System:
Our tax system is intrusive, an invasion of privacy and it’s tedious. You need to look at a 12 step flowchart to figure out in some cases whether you can take your mortgage interest deduction. It is part of the technocratic Administrative State that has built up in this country since World War Two, and I don’t like it.
Other countries have simplified the tax system in many ways, despite this we always try to get an A+ (not an A-, or a B, or a C) in our work and make sure it is accurate. Well prepared tax returns rarely get audited, and the best tax audit, is the one that never comes!
Please let us know if there are specific topics you’d like to hear about in future episodes.
Ron Cohen, CPA
Partner at Greenstein, Rogoff, Olsen & Co., LLP
Email: rcohen@groco.com
510.797.8661
We hope you found this podcast “Tax Update with Ron, Episode 29 The IRS is Waiving Penalties for Not Filing During COVID, if…” helpful. If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page or our website at www.GROCO.com.
Ron Cohen, CPA
Partner at Greenstein, Rogoff, Olsen & Co., LLP CPAs & Advisors
Email: rcohen@groco.com
510.797.8661
Click here to listen to more from Ron.
Click here, then scroll down, to see Ron’s bio.
To receive GROCO’s free newsletter, click here.
Click here to learn more about Greenstein, Rogoff, Olsen & Co., LLP (GROCO.com) Advisors to the ultra-affluent.
About GROCO:
Greenstein, Rogoff, Olsen & Co., LLP is a full-service Certified Public Accounting firm located in the Silicon Valley region of the San Francisco Bay Area. It has been consistently ranked as one of the top family office tax, strategy and advisory firms in the San Francisco Bay Area. Founded by Morey Greenstein, the practice has grown into a premier regional family office tax, strategy and advisory firm with offices in the Kansas City and San Francisco Bay Areas.
GROCO® provides strategic family office tax, strategy and advisory, financial, wealth preservation, business valuation, planning and consulting services to high net worth individuals, closely-held businesses and individuals expecting significant liquidity events. Specific expertise includes delivering these services to Venture Capital partners, individuals, and family offices. Many named partners in the largest VC firms are long-time clients of GROCO.
About Ron Cohen, CPA, MST, Partner GROCO:
Ron has more than 3 decades of experience in public accounting and related industry work. Ron has extensive knowledge in International Tax and has traveled extensively throughout Europe and Asia handling tax issues. He has also served as a tax director for a company with sales in excess of $2 billion. Ron previously taught courses in taxation and financial accounting at a local College.
Prior to his life as a CPA advisors, Ron did some stand-up comedy in Chicago and received advice from several comedians with national T.V. shows. However, after observing that the vast majority of comedians have a very low taxable income, Ron decided to follow his father’s example and become a CPA. He earned an undergraduate accounting degree from the University of Illinois, Chicago, and then a Masters in Taxation from Golden Gate University. Ron lives in Fremont with his wife, who teaches high school English, and has two sons and two grandchildren.
Could You Pay More to Drink Soda in Berkeley?
Could You Pay More to Drink Soda in Berkeley? We all know that obesity is a problem in our country. Activists and other interested parties continue to work on ways to help curb this growing problem. Indeed, obesity is neither good for individuals or for our country. However, would creating a new tax to help…
What Happened to California’s Tax Revenue in May?
Where has all of California’s money gone? Ok, so the state isn’t bankrupt or anything like that, but according to recent reports, the state’s tax revenues fell short by 5.5 percent in the month of May. That marks the first time in six months that California’s revenues have not reached expectations. In fact, that 5.5…
Beware the Pump: Another Gas Tax Is on the Way
If you’ve had enough with California’s high gas prices, then you might not want to keep reading, because just when you thought things couldn’t get any worse, they are about to. That’s because when 2015 rolls around California residents are going to have to pay another new gas tax. In fact it’s a double-digit hike…
Try These Five Tips For Tax Savings in 2014
Everyone loves to save on their taxes, especially since it seems like the government never runs out of ways to add to American’s tax bill. So let’s discuss some helpful tips to reduce your tax bill. Although it might be too late to implement these ideas for last year’s return – unless you file an…