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Author Archives: Russ
Bozo Tax Tip #7: Hot Air
Congress has decided to legislate through the Tax Code. There are hundreds of tax credits that now exist. These range from the Earned Income Credit, education credits, child tax credits, and adoption credits. Some of these credits, such as the … Continue reading
Bozo Tax Tip #8: The $0.78 Solution
With Tax Day fast approaching it’s time to examine yet another Bozo method of courting disaster. And it doesn’t, on the surface, seem to be a Bozo method. After all, this organization has the motto, Neither rain nor snow nor … Continue reading
Bozo Tax Tip #9: Honey, You Don’t Exist!
I had just completed the return for a long-time client, and he asked the question, “Does my being married change my return?” I said it did, and asked when he got married; he responded, “Last Valentine’s Day.” It must be … Continue reading
Bozo Tax Tip #10: Email You Social Security Number, ITIN, or EIN!
It’s time for our annual rundown of Bozo Tax Tips, strategies that you really, really, really shouldn’t try. But somewhere, somehow, someone will try these. Don’t say I didn’t warn you! This is a repeat for the thirteenth year in … Continue reading
Where Is Money Going? Red States Gain, Blue States Lose
An interesting statistic I saw last week on X/Twitter: States which Trump won in the 2024 election gained $37.2 Billion in income; states which Harris won lost $40.8 billion in income (this is based on 2023 IRS data). The top … Continue reading
Posted in California, Florida, New York, Texas
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Tom Goldstein Found Guilty on 12 of 16 Counts
Last January, former Supreme Court litigator Tom Goldstein was indicted on 22 tax and financial fraud charges. The judge through out 6 of those charges: Mr. Goldstein was tried on the remaining 16 charges. Today, the jury in Greenbelt, Maryland … Continue reading
Posted in Tax Evasion
Tagged Tom.Goldstein
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Have a Form 1099-DA? Your Return Will Likely Cost More to Prepare this Year
Mid-February is when brokerage firms issue Forms 1099-B to their customers noting brokerage sales. New for the 2025 tax year is Form 1099-DA, “Digital Asset Proceeds from Broker Transactions” (aka cryptocurrency disposals). Many of our clients have begun to receive … Continue reading
Posted in Cryptocurrencies
Tagged 2026.Tax.Season
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Online Gambling and Cryptocurrency Mailing Addresses for 2026
If you have one or more foreign financial accounts and you have $10,000 aggregate in those account(s) at any time during 2024, you must file the Report of Foreign Bank and Financial Accounts (the “FBAR”). This is Form 114 from … Continue reading
Posted in Cryptocurrencies, Gambling
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Why This Tax Season Is Likely to be Slow and Agonizing for All
Matt Metras, a fellow tax professional, shared a chart on X (formerly Twitter) noting IRS personnel cuts by function between January 25, 2025 and December 18, 2025: I’ll take just three areas that I regularly deal with: Taxpayer Advocate Service … Continue reading
Posted in IRS
Tagged 2026.Tax.Season
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Paying the Piper: Qualified Opportunity Zones
When Qualified Opportunity Zones (QOZs) began (with the Tax Cuts and Jobs Act (TCJA) in 2018), they were a way of deferring capital gains received. This year–the 2026 tax year–is when taxpayers who invested in QOZs will be paying the piper. … Continue reading