Monthly Archives: November 2020

Gambling With an Edge Podcast

I was this week’s guest on the Gambling With an Edge podcast where we talk about taxes (with an emphasis on gambling). You can download the podcast here; it’s also available on iTunes and all the other usual podcast locations. … Continue reading

Posted in Taxable Talk | Tagged | Comments Off on Gambling With an Edge Podcast

Wait

I sometimes listen to music while working. I have a ~900 song playlist I cycle through, and today White Lion’s Wait came on. (White Lion was a hair band–if you watch the linked video, you will see why.) And it … Continue reading

Posted in IRS | Tagged , | Comments Off on Wait

When 5 ½ Months Seems Fast

Last week I complained about the IRS taking more than 5 ½ months to process an amended return. Well, I may have some clarity now on IRS processing time and it ain’t pretty. On February 4th clients of mine mailed … Continue reading

Posted in Uncategorized | Comments Off on When 5 ½ Months Seems Fast

When It Takes the IRS 5+ Months to Process an Amended Return…

Back in May, clients of mine discovered they left something out of their 2018 tax return. We prepared an amended return, the clients included a check for the additional tax, and it was mailed off to Kansas City. The check … Continue reading

Posted in IRS | Tagged | Comments Off on When It Takes the IRS 5+ Months to Process an Amended Return…

Do Canadian Professional Poker Players Owe Income Tax?

In the United States, the tax law can be boiled down to two sentences: Everything is taxable unless Congress exempts it. Nothing is deductible unless Congress allows it. Gambling winnings are taxed–they are an accession to income. An American professional … Continue reading

Posted in Canada, Gambling, International | Comments Off on Do Canadian Professional Poker Players Owe Income Tax?

IRS Mailing Erroneous CP259F Notices

We prepare a few split-interest charitable trust returns (IRS Form 5227) every year. Coincidentally, I serve as trustee of a split-interest trust. Imagine my surprise when I received a CP259F Notice from the IRS for the trust that I am … Continue reading

Posted in IRS | Tagged | Comments Off on IRS Mailing Erroneous CP259F Notices

2021 State Business Tax Climate Index: Bring Me the Usual Suspects!

Every year the Tax Foundation publishes its State Business Tax Climate Index. As they state, they look at how each state taxes, not on the how much. Per usual, the names at the top and the bottom haven’t changed much. … Continue reading

Posted in California, Indiana, Nevada, Utah | Comments Off on 2021 State Business Tax Climate Index: Bring Me the Usual Suspects!