Author Archives: Russ

It’s Time to Start Your 2024 Mileage Log

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 2023 Tax Offender of the Year

So many try every year for my award–The Tax Offender of the Year.  It’s not really something to be proud of; after all, to win this award you need to commit really big tax fraud or a series of Bozo-like … Continue reading

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An IRS Identity Protection Unit Saga: Part 5

When I last updated this saga (on September 22nd), I hadn’t heard a thing from the IRS or my request for the Taxpayer Advocate Office to take a look at the missing refund for my client (call him John Smith).  … Continue reading

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IRS Announces 2024 Standard Mileage Rates

This morning, the IRS announced the 2024 standard mileage rates for automobile usage.  Those rates will be: 67ȼ per mile for business use, up from 65.5ȼ per mile in 2023; 21ȼ per mile for medical purposes, down from 22ȼ per … Continue reading

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What’s $68 Billion and 1.1% Among Friends?

As the late Senator Everett Dirksen said, “A billion here, a billion there, and pretty soon you’re talking real money.”  California is staring at a $68 billion budget deficit.  Ouch.  California depends on personal income tax revenues for 65.9% of … Continue reading

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Nominations Due for 2023 Tax Offender of the Year

It’s that time of year–the season of giving.  Unlike gifts for your family and friends (where everyone, hopefully, has been nice), I’m looking for the naughty.  Once again, I’m seeking nominations for this year’s Tax Offender of the Year.  To … Continue reading

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The Upcoming Beneficial Ownership Information Disaster

Is the light on the horizon the end of the long tunnel you’re transiting or the oncoming train?  Unfortunately, I see an oncoming train on the horizon in the new mandatory Beneficial Ownership Information reporting.  If you’re a business owner … Continue reading

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IRS Announces One-Year Delay in $600 1099-K Requirement

The IRS announced today a one-year delay in the $600 1099-K threshold.  Additionally, the IRS announced that they will phase-in the requirements with a $5,000 threshold for the 2024 tax year.  While the IRS phrased the announcement as resulting from … Continue reading

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The Almost-End of the 2023 Tax Season

It’s been a while since I posted: family issues, tax deadlines, and paper in every direction has made me concentrate on serving my clients, and not the blog.  I’ll have a recap of the 2023 Tax Season soon, but today … Continue reading

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Maine & Massachusetts Conform to IRS Hurricane Extension

In the US we have a dual system of taxation: federal and state taxes.  Of course, you can be a resident of a state without state income tax like me and not have to deal with state income taxes, but … Continue reading

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