Author Archives: Russ

It’s Time to Start Your 2026 Mileage Log

Posted on January 6, 2026 by Russ

I’m going to start the new year with a couple reposts of essential information. Yes, you do need to keep a mileage log: Yesterday was the first business day of the new year for most. You may have resolved to … Continue reading →

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The 2025 Tax Offender of the Year

Posted on December 30, 2025 by Russ

Many are called; few are chosen. And I strongly advise you not to choose this route; however, every year my advice is ignored. Yes, it’s time for the annual award I give, the Tax Offender of the Year.  As usual, there are … Continue reading →

Posted in International, Tax Evasion, Tax Fraud | Tagged | Leave a comment

Brockman Estate Settles for $750 Million

Posted on December 29, 2025 by Russ

Robert Brockman “won” the 2020 Tax Offender of the Year (an award you really, really don’t want to win); he passed away in August 2022.  Mr. Brockman won the award for allegedly committing a billion dollar tax fraud. While his … Continue reading →

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The Good, Bad, and Ugly of 2025 Gambling Tax Law Changes

Posted on December 23, 2025 by Russ

With Christmas just two days away and Congress now on recess, we can look back at 2025 and accurately view the changes in tax law towards gambling.  There was some good, some bad, and one very ugly change. The Good: The … Continue reading →

Posted in Gambling, Illinois, Pennsylvania | Leave a comment

IRS Interprets One Big Beautiful Bill to Increase W-2G Threshold to $2,000

Posted on December 16, 2025 by Russ

As I reported back in July, §70433(d) of the Tax Code was changed by the One Big Beautiful Bill (OBBB): (d) APPLICATION TO BACKUP WITHHOLDING.—Section 3406(b)(6) is amended— (1) by striking ‘‘$600’’ in subparagraph (A) and inserting ‘‘the dollar amount … Continue reading →

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Shocking: State Taxes Matter to Hockey Players

Posted on December 9, 2025 by Russ

I grew up in Chicago, and have been a lifelong fan of the Chicago Blackhawks.  They’ve been, to put it kindly, lousy over the past few years (after winning three Stanley Cups from 2010-2015); however, there are now signs that … Continue reading →

Posted in Florida, Nevada, Tennessee, Texas, Washington State | Tagged | Leave a comment

New Jersey: We Delayed Processing Your Extension Payment So We’re Going to Penalize You for Our Error

Posted on November 26, 2025 by Russ

Two clients of ours timely filed their federal and New Jersey extensions on April 15th, paying by electronic debit.  (One filed at 7am and the other at 12 noon, well before the midnight deadline.)  Both clients were waiting on K-1s, … Continue reading →

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Kalshi Preliminary Injunction in Nevada Dissolved; Kalshi Likely Soon Gone from State

Posted on November 25, 2025 by Russ

This morning, a judge here in Nevada dissolved Kalshi’s preliminary injunction against the Nevada Gaming Control Board.  That injunction (now gone) prohibited Nevada from stopping Kalshi’s sports betting–excuse me–sports contracts from being offered in the state.  While I expect Kalshi to … Continue reading →

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Are Prediction Markets Sports Betting Products Doomed in the Long-Term?

Posted on November 20, 2025 by Russ

Prediction markets are another new phenomenon. Kalshi, PolyMarket, and others offer predictions on things like, “Will the Epstein Files be released by the end of 2025?”  They also offer sports predictions which I believe are clearly sports betting by any … Continue reading →

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The Shutdown

Posted on October 1, 2025 by Russ

Once again there’s a government shutdown. What does it mean for taxes? First, deadlines and responsibilities don’t change just because there’s a government shutdown. You still owe tax, and if you’re on extension your taxes are still due (generally) on … Continue reading →

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