Author Archives: Russ

The Trouble With Bitcoins: Taxation

Posted on January 19, 2014 by Russ

National Taxpayer Advocate Nina Olson noted in her recent report that the IRS needs to issue specific guidance around digital currency: The use of digital currencies, such as bitcoin, is growing. Between July and December, 2013, bitcoin usage increased by … Continue reading →

Posted in IRS | Tagged | 1 Comment

We Will Soon be Able to Efile Past Due Individual Tax Returns

Posted on January 16, 2014 by Russ

One of the annoyances of tax preparation work is that past due tax returns must be paper-filed. Well, that will no longer be the case for 2012 tax returns. Tax professionals will be able to efile 2012 individual tax returns … Continue reading →

Posted in IRS | Tagged | 2 Comments

The IRS Has Better Things To Do than the RTRP Designation

Posted on January 13, 2014 by Russ

Recently, there has been some discussion in the tax blogosphere regarding the Registered Tax Return Preparer (RTRP) designation. The IRS wanted to make this a mandatory designation for unenrolled tax professionals (those who are not Enrolled Agents, CPAs, or attorneys). … Continue reading →

Posted in IRS | Tagged , , | 1 Comment

Fourth Quarter (2013) Estimated Payment Deadline Is Here

Posted on January 13, 2014 by Russ

The fourth quarter 2013 estimated tax payment deadline is Wednesday, January 15th. If you need to make an estimated payment, it must be postmarked on or before the 15th. If you use EFTPS, the payment must be made on or … Continue reading →

Posted in IRS | Comments Off on Fourth Quarter (2013) Estimated Payment Deadline Is Here

Massages May Feel Nice, But Can You Deduct Them at the Poker Table?

Posted on January 12, 2014 by Russ

Last week I had an inquiry that asked me about deducting massages at the poker table. At many poker rooms and major poker tournaments, you can get a massage; the cost ranges between $1 and $3 per minute (plus a … Continue reading →

Posted in Gambling | 4 Comments

FBAR Changes for 2014

Posted on January 7, 2014 by Russ

There have been some changes made by by FINCEN (the Financial Crimes Enforcement Network) for the Report of Foreign Bank and Financial Accounts (FBAR) for 2014. While overall these are minor, they will impact everyone who files an FBAR. First, … Continue reading →

Posted in FINCEN, International | 64 Comments

1099 Time

Posted on January 2, 2014 by Russ

As we finish the first week of January, we’re running some repeats of important issues. It’s time for businesses to send out their annual information returns. These are the Form 1099s that are sent to to vendors when required. Let’s … Continue reading →

Posted in Gambling, IRS | Tagged | 1 Comment

Your Mileage Log — Start It Now (2014 Version)

Posted on January 2, 2014 by Russ

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

Posted in IRS | Tagged | 6 Comments

2013 Tax Offender of the Year

Posted on December 31, 2013 by Russ

It’s time once more for that most prestigious of prestigious awards, the 2013 Tax Offender of the Year. The winner of this award must do more than just cheat on his or her taxes. It has to be special; it … Continue reading →

Posted in IRS, Taxable Talk | 3 Comments

Bring Me the Usual Suspects: Small Business Policy Index 2013

Posted on December 29, 2013 by Russ

The 18th annual Small Business Policy Index was released almost three weeks ago by the Small Business & Entrepreneurship Council. Congratulations are in order for my home state of Nevada; the Silver State ranked second (behind only South Dakota). Bringing … Continue reading →

Posted in California, Nevada, South Dakota | 2 Comments