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Author Archives: Russ
Appeals Court Axes Foreign Tax Credit for Net Investment Income Tax (NIIT)
Yesterday, the Court of Appeals for the Federal Circuit reversed the Court of Federal Claims; the Court of Federal Claims had held that the Net Investment Income Tax (NIIT) could be offset by a foreign tax credit. The court ruled … Continue reading
Posted in International, IRS
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The 9th Circuit Weighs In, and Prediction Markets Definitely Appear Headed to the Supreme Court
When I wrote two weeks ago that, “The prediction market debate…is likely to be settled sooner rather than later,” I had forgotten that Kalshi had appealed their loss to Nevada at the District Court level to the Ninth Circuit Court … Continue reading
The Prediction Market Debate (CFTC vs States) Is Likely to be Settled Sooner Rather than Later
On one side, there’s Kalshi, Polymarket, and all other companies offering prediction market sports wagers–err, sports predictions–allied with the Commodities Futures Trading Commission (CFTC). On the other side, there are state regulators (and even a local regulator) who say that … Continue reading
The Real Winners of the World Series of Poker 2026
Thousands of poker players (9,208 to be exact) came to Las Vegas over the Fourth of July weekend to enter the main event of the World Series of Poker (WSOP) all looking for the $10 million first prize. But that … Continue reading
Goldstein Gets Six Years at ClubFed
The saga of former Supreme Court litigator Tom Goldstein concluded on Friday in Greenbelt, Maryland. Mr. Goldstein was sentenced to six years at ClubFed and must make restitution of $3,103,427. His bond was revoked at sentencing, and he was taken … Continue reading
Posted in Gambling, Tax Fraud
Tagged Tom.Goldstein
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The Two-Page Schedule A
Yesterday, I picked up a copy of the very first income tax form: the 1913 Form 1040. It’s four pages (including instructions). We’re going to display it in our office. Back in 2018 (during the first Trump Administration), the IRS … Continue reading
2025 Wage & Income Transcripts Finally (Mostly) Available
One of the tools tax professionals (and savvy taxpayers) use are IRS Wage & Income Transcripts. These show the items that the IRS has on file: things like W-2s, W-2Gs, K-1s, and 1099s. Normally, these are available around Memorial Day … Continue reading
Posted in IRS, Tax Preparation
Tagged 2026.Tax.Season
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The 43rd Try Was a One-Third Success
Yesterday, I noted that I had made 41 tries to reach the IRS’s Practitioner Priority Service and received a “courtesy disconnect” each time. Try 42 met the same fate, but to my surprise the 43rd try got me into the … Continue reading
Posted in IRS
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Don’t Call Us
I need to speak to the IRS’s Practitioner Priority Service regarding (as of today) ten client matters. I have been calling since May 4th–and calling the moment the phone lines open (7am local time). It’s illegal for me to record … Continue reading
Posted in IRS, Legislation
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Bakumen Aoys!
There are no typographical errors in the headline of this post. A couple of recent news stories out of California bring home that it’s time for anyone residing in the Golden Bronze State to seriously consider moving. First, the “Train … Continue reading
Posted in California
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