Monthly Archives: December 2015

2015 Tax Offender of the Year

Posted on December 30, 2015 by Russ

Once more it’s time to award that prestigious award, the 2015 Tax Offender of the Year. The winner of this award must do more than just cheat on his or her taxes. It has to be special; it really needs … Continue reading →

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IRS: We’ll Trust You on Health Insurance for 2015 Because…

Posted on December 28, 2015 by Russ

Earlier today I saw a tweet from Joe Kristan: New Notice 2016-4 extends deadline to provide employee 1095-B and -C copies from 2/1/16 to 3/31/16; 2/29 IRS copy deadline moved to 5/31/16 — Joe Kristan (@joebwan) December 28, 2015 The … Continue reading →

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Last Chance for Nominees for 2015 Tax Offender of the Year

Posted on December 27, 2015 by Russ

In just four days (December 31st) I’ll be announcing this year’s winner of the prestigious “Tax Offender of the Year” award. Remember, To be considered for the Tax Offender of the Year award, the individual (or organization) must do more … Continue reading →

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Harvesting Capital Losses: Act Quickly on Shorts!

Posted on December 27, 2015 by Russ

One of the common techniques at year-end to reduce taxes is to harvest capital losses. Let’s say you own 100 share of some stock that hasn’t done well. If you sell it on or before December 31st, you can use … Continue reading →

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Are Tips (Gratuities) at the Poker Table Deductible?

Posted on December 21, 2015 by Russ

You win a poker tournament, and the floorperson asks you, “Do you want to leave anything for the dealers?” That’s a tip (or gratuity). I was recently asked, “Is that tax deductible? And what about when you’re playing a cash … Continue reading →

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Tax Season to Open on January 19th

Posted on December 21, 2015 by Russ

The IRS announced today that the 2016 Tax Season (for filing 2015 tax returns) will begin on Tuesday, January 19th. The tax deadline will be Monday, April 18th (for federal individual returns) except for taxpayers in Maine and Massachusetts–they get … Continue reading →

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Once Again, the IRS Doesn’t Start by Calling You

Posted on December 20, 2015 by Russ

My mother received a phone call on Saturday morning at 6 am from “Agent Smith” of the IRS demanding immediate payment of her taxes or she would find herself “thrown in jail.” Yes, the scamsters are still out there. Now … Continue reading →

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The Great, the Good, and the Bad of the Extender Legislation

Posted on December 20, 2015 by Russ

Normally I would write about the good, the bad, and the ugly of the extender legislation. It’s different this year, because the legislation passed by Congress and signed into law doesn’t have much that’s ugly. Instead, there’s some great news, … Continue reading →

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2016 Standard Mileage Rates Released

Posted on December 17, 2015 by Russ

The IRS today announced the standard mileage rates for 2016: $0.54/mile for business miles driven (down from $0.575/mile in 2015); $0.19/mile for medical or moving purposes (down from $0.23/mile in 2015); and $0.14/mile in service of a charitable organization (unchanged; … Continue reading →

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That’s A Lot of Roast Beef Sandwiches

Posted on December 15, 2015 by Russ

Nick’s Famous Roast Beef is in Beverly, Massachusetts. You can get a roast beef sandwich for $4.50 to $6.95, definitely a reasonable price. The Department of Justice is alleging that one reason the prices are low is that the owners … Continue reading →

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