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Monthly Archives: August 2023
Many Floridians Receive Hurricane Extension Due to Idalia
The IRS announced yesterday that victims of Hurricane Idalia have their tax filing deadlines extended until February 15, 2024. As of this moment, most of central and northern Florida including the Tampa/St. Petersburg area, Orlando, and Jacksonville are eligible for … Continue reading
Posted in Florida, IRS
Tagged Hurricane.Idalia
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An IRS Identity Protection Unit Saga: Part 1
I’ve written about James Smith before. A few years ago, Mr. Smith was the victim of IRS “help” when they changed the Employer Identification Number (EIN) without his knowledge; that saga ended in 2022. Unfortunately, Mr. Smith is now suffering … Continue reading
Posted in IRS
Tagged Identity.Protection.Unit
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Everything Is in the Best of Hands: “Security Weaknesses Are Not Timely Resolved and Effectively Managed”
The Treasury Inspector General for Tax Administration (TIGTA) released a report today, and it doesn’t make for pleasant reading; it’s titled, “Security Weaknesses Are Not Timely Resolved and Effectively Managed.” If you wonder why some don’t feel confident with the … Continue reading
Form 8300, Cryptocurrency, and Gambling
A Twitter/X post from John Reed Stark reminded me about an issue that may soon impact you if you are a professional gambler playing on one of the current US-facing sites such as Ignition or America’s Card Room (ACR). FINCEN … Continue reading
Posted in Cryptocurrencies, Gambling
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Unshocking News from the IRS: Staking Income Is Taxable
In what shouldn’t be a surprise to anyone, the IRS announced yesterday in Revenue Ruling 2023-14 that staking income, when received, is taxable income based on the fair market value when constructively received. This should be a surprise to no … Continue reading
Posted in Cryptocurrencies
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