Monthly Archives: December 2017

The 2017 Tax Offender of the Year

Posted on December 31, 2017 by Russ

It’s once again time for that most prestigious of prestigious awards, the Tax Offender of the Year. To win this award you need to do more than cheat on your taxes; it has to be a Bozo-like action or actions. … Continue reading →

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Tax Law Signed; New Year Likely to Bring Lots of New S-Corporations

Posted on December 22, 2017 by Russ

President Trump signed the tax reform legislation into law. While there are many changes for 2018, one of the biggest is the new Section 199a deduction. This allows a 20% writeoff of net income for sole proprietors, owners of S-Corporations, … Continue reading →

Posted in Entity Formation, Legislation | Tagged | 5 Comments

Conference Committee Agrees on Details of Tax Legislation; Measure Likely to Pass Next Week

Posted on December 16, 2017 by Russ

The House and Senate conferees did indeed agree on tax ‘reform’ legislation. The bill will make great bedtime reading as it’s only 1,097 pages. The Tax Foundation has a great summary of the legislation. Here are some highlights; note that … Continue reading →

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2018 Standard Mileage Rates Released

Posted on December 14, 2017 by Russ

The IRS today announced the standard mileage rates for 2018: $0.545/mile for business miles driven (up from $0.535/mile in 2015); $0.18/mile for medical or moving purposes (up from $0.17/mile in 2015); and $0.14/mile in service of a charitable organization (unchanged; … Continue reading →

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Are Cryptocurrency (Bitcoin) Transactions Always Short-Term?

Posted on December 9, 2017 by Russ

One of my clients sent me a link to a tweet (on Twitter) from Peter Brandt: Nope. Wrong. The IRS will not consider BTC for long term gains. Short-term no matter how long held. — Peter Brandt (@PeterLBrandt) December 8, … Continue reading →

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Nominations Due for 2017 Tax Offender of the Year

Posted on December 6, 2017 by Russ

In a little less than a month it will be time to reveal 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 … Continue reading →

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IRS Interest Rates Unchanged for First Quarter of 2018

Posted on December 6, 2017 by Russ

The IRS announced that interest rates for the first quarter of 2018 remain unchanged: The rates will be: • four (4) percent for overpayments [three (3) percent in the case of a corporation]; • 1 and one-half (1.5) percent for … Continue reading →

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What Portion of the Stipulation Didn’t You Read?

Posted on December 5, 2017 by Russ

A company owes withholding tax to the IRS. The case goes to Tax Court, where the issues are resolved, including a stipulated amount of withholding. Somehow the IRS forgets about the withholding. It then goes to a collection Appeals, where … Continue reading →

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