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Author Archives: Russ
An IRS Identity Protection Unit Saga: Part 4
Last week I continued the saga of my client, call him John Smith, who has been waiting and waiting to receive his 2020 tax refund. His 2020 federal return was selected for identity verification; he successfully completed that process in … Continue reading
Posted in IRS
Tagged Identity.Protection.Unit
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An IRS Identity Protection Unit Saga: Part 3
One week ago I uploaded Part 2 of my client’s ongoing saga of obtaining his 2020 tax refund. My client, call him John Smith, was supposed to either receive his refund by mid-August or we were supposed to receive a … Continue reading
Posted in IRS
Tagged Identity.Protection.Unit
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An IRS Identity Protection Unit Saga: Part 2
When we last left the Identity Protection (IP) Unit saga of John Smith, he successfully verified his identity and was told he should receive his refund within nine weeks (or by May 25th). On July 12th Mr. Smith sent us … Continue reading
Posted in IRS
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Many Floridians Receive Hurricane Extension Due to Idalia
The IRS announced yesterday that victims of Hurricane Idalia have their tax filing deadlines extended until February 15, 2024. As of this moment, most of central and northern Florida including the Tampa/St. Petersburg area, Orlando, and Jacksonville are eligible for … Continue reading
Posted in Florida, IRS
Tagged Hurricane.Idalia
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An IRS Identity Protection Unit Saga: Part 1
I’ve written about James Smith before. A few years ago, Mr. Smith was the victim of IRS “help” when they changed the Employer Identification Number (EIN) without his knowledge; that saga ended in 2022. Unfortunately, Mr. Smith is now suffering … Continue reading
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Tagged Identity.Protection.Unit
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Everything Is in the Best of Hands: “Security Weaknesses Are Not Timely Resolved and Effectively Managed”
The Treasury Inspector General for Tax Administration (TIGTA) released a report today, and it doesn’t make for pleasant reading; it’s titled, “Security Weaknesses Are Not Timely Resolved and Effectively Managed.” If you wonder why some don’t feel confident with the … Continue reading
Form 8300, Cryptocurrency, and Gambling
A Twitter/X post from John Reed Stark reminded me about an issue that may soon impact you if you are a professional gambler playing on one of the current US-facing sites such as Ignition or America’s Card Room (ACR). FINCEN … Continue reading
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Unshocking News from the IRS: Staking Income Is Taxable
In what shouldn’t be a surprise to anyone, the IRS announced yesterday in Revenue Ruling 2023-14 that staking income, when received, is taxable income based on the fair market value when constructively received. This should be a surprise to no … Continue reading
Posted in Cryptocurrencies
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The Real Winners of the 2023 World Series of Poker
Yesterday afternoon, the 2023 Main Event of the World Series of Poker concluded. A record 10,043 entrants ponied up the $10,000 buy-in to the event leading to a prize pool of $93,399,900 (the $7,030,100 difference is the funds kept by … Continue reading
Vermont Flood Victims Get an Extra Month to File their Returns
Many areas of Vermont have seen severe flooding over the past couple of weeks. The area has been declared a federal disaster area. The IRS announced today that impacted individuals have an extra month to file returns on extension (until … Continue reading