Author Archives: Russ

Do I Really Have to Wait for that $10 K-1 to Arrive?

Posted on February 12, 2024 by Russ

Earlier this week, a client came in for his annual visit (call him John).  John invested in a new investment partnership this year, and he was told by the partnership that the only item on his K-1 will be exactly … Continue reading →

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Online Gambling and Cryptocurrency Addresses for 2024

Posted on February 8, 2024 by Russ

This list has been replaced by the 2025 List. If you have one or more foreign financial accounts and you have $10,000 aggregate in those account(s) at any time during 2023, you must file the Report of Foreign Bank and … Continue reading →

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A Retroactive Tax Bill: What Can Go Wrong?

Posted on February 1, 2024 by Russ

Last night, the House of Representatives passed tax legislation that would increase the Child Tax Credit for 2023, allow businesses to expense research and development expenses, tax relief for wildfires and the train derailment in East Palestine, Ohio, and some … Continue reading →

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IRS Announces Simple Notice Initiative; Boy, Is It Needed

Posted on January 24, 2024 by Russ

Clients of ours received an IRS CP2000 alleging they owed additional tax.  The clients called us, and we reviewed their return; it turns out that the items the IRS thought weren’t included on their return were included (so we believe … Continue reading →

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IRS Officially Announces Delay in Reporting Cryptocurrency Transactions on Form 8300

Posted on January 16, 2024 by Russ

The IRS officially announced today that businesses do not have to report the receipt of digital assets on Form 8300 until the Treasury and the IRS issue regulations implementing the new law.  The IRS officially announced this in Announcement 2024-4.  … Continue reading →

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Form 8300 and Cryptocurrency: Implementation Postponed

Posted on January 12, 2024 by Russ

The IRS sent emails to two tax professionals regarding Form 8300 and cryptocurrency: Treasury has postponed the effective day of 12/31/2023 for filing 8300 forms regarding digital asset transactions (Cryptocurrency). The updated [form] as well as guidance on electronic filing … Continue reading →

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Form 8300, Cryptocurrency, and Gambling: An Update

Posted on January 8, 2024 by Russ

Last August I wrote a post noting that as of January 1, 2024 cryptocurrency is considered to be cash for Form 8300 reporting requirements.  Here’s what I wrote last August: A Twitter/X post from John Reed Stark reminded me about … Continue reading →

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It’s Time to Start Your 2024 Mileage Log

Posted on January 3, 2024 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 2023 Tax Offender of the Year

Posted on December 29, 2023 by Russ

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

Posted on December 18, 2023 by Russ

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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