Monthly Archives: August 2020

IRS Extends Tax Deadlines for Victims of Iowa Derecho & California Wildfires

Posted on August 25, 2020 by Russ

The IRS announced yesterday that they have extended tax deadlines for victims of both the derecho that hit Iowa and the ongoing California wildfires. The specific counties impacted can be found on the Federal Emergency Management Agency (FEMA) website. For … Continue reading →

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More on the IRS Daily Fantasy Sports Memo (“DFS Is Gambling”)

Posted on August 20, 2020 by Russ

There has been some speculation in the gambling world on (1) why did the IRS memo on Daily Fantasy Sports (DFS) suddenly appear, and (2) is the IRS correct about the non-precedential memo? Chris Krafcik on Twitter asked, ” Has … Continue reading →

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That Direct Deposit from “IRS TREAS 310” Is Legitimate

Posted on August 19, 2020 by Russ

Taxpayers who filed after April 15th are being paid interest on their refunds. The IRS issued a press release earlier this week, stating: This week the Treasury Department and the Internal Revenue Service will send interest payments to about 13.9 … Continue reading →

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Burying Your Head in the Sand

Posted on August 17, 2020 by Russ

One of my favorite sayings (and I am not the one who came up with it) is “The Tax Code Giveth, The Tax Code Taketh Away.” It’s not fair, but we have to live with it as it is, not … Continue reading →

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Deja Vu Again, and Again,…

Posted on August 15, 2020 by Russ

Multiple clients of ours filed tax returns near the July 15th deadline and mailed payments to the IRS. And, as usual, these clients received IRS CP14 notices stating they hadn’t paid their taxes (when they had). What should they do? … Continue reading →

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IRS: DFS Sites Liable for Excise Tax on Wagering

Posted on August 13, 2020 by Russ

Back in 2015, I asked and answered the question on whether the DFS sites were liable for the excise tax on wagering. I came to the conclusion they were. In late July, the IRS came to the same conclusion: DFS … Continue reading →

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Charitable Organizations and the Election

Posted on August 13, 2020 by Russ

Unless you’re hiding under a rock you know that in less than three months there will be an election for President (and many other offices). EideBailly has a timely reminder today that a 501(c)(3) organization (a charitable organization) cannot support … Continue reading →

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How High Is Too High?

Posted on August 4, 2020 by Russ

California, like many states, has financial difficulties because of the Covid pandemic. So is the legislature looking at cutting spending? A little. How about raising taxes? Definitely, especially on the rich. California’s top marginal tax rate today is 13.3% (on … Continue reading →

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