Author Archives: Russ

Many Floridians Receive Hurricane Extension Due to Idalia

Posted on August 31, 2023 by Russ

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 | Comments Off on Many Floridians Receive Hurricane Extension Due to Idalia

An IRS Identity Protection Unit Saga: Part 1

Posted on August 28, 2023 by Russ

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 →

Posted in IRS | Tagged | Comments Off on An IRS Identity Protection Unit Saga: Part 1

Everything Is in the Best of Hands: “Security Weaknesses Are Not Timely Resolved and Effectively Managed”

Posted on August 14, 2023 by Russ

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 →

Posted in IRS | Tagged | Comments Off on Everything Is in the Best of Hands: “Security Weaknesses Are Not Timely Resolved and Effectively Managed”

Form 8300, Cryptocurrency, and Gambling

Posted on August 9, 2023 by Russ

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 →

Posted in Cryptocurrencies, Gambling | Comments Off on Form 8300, Cryptocurrency, and Gambling

Unshocking News from the IRS: Staking Income Is Taxable

Posted on August 1, 2023 by Russ

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 | Comments Off on Unshocking News from the IRS: Staking Income Is Taxable

The Real Winners of the 2023 World Series of Poker

Posted on July 18, 2023 by Russ

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 →

Posted in Gambling | Tagged | Comments Off on The Real Winners of the 2023 World Series of Poker

Vermont Flood Victims Get an Extra Month to File their Returns

Posted on July 13, 2023 by Russ

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 →

Posted in IRS, Vermont | Comments Off on Vermont Flood Victims Get an Extra Month to File their Returns

The Supreme Court Takes Up a Wealth Tax; You May Need to File a Protective Claim for Refund

Posted on June 26, 2023 by Russ

At the end of 2017, Congress passed the Tax Cuts and Jobs Act (TCJA).  This complex measure added some deductions (such as the Deduction for Qualified Business Income), added restrictions on other deductions (such as the $10,000 limit on taxes … Continue reading →

Posted in IRS, Supreme Court | Tagged | Comments Off on The Supreme Court Takes Up a Wealth Tax; You May Need to File a Protective Claim for Refund

The Flu Strikes

Posted on June 15, 2023 by Russ

On Monday, I went home around 1pm.  I felt awful.  When I got home I discovered why: I had a fever of 100.  It peaked at 103, but I’m still in triple digit land.  Worse, I appear to be a … Continue reading →

Posted in Taxable Talk | Comments Off on The Flu Strikes

When the IRS Computer Sends Out Lots of Bad Notices…

Posted on June 7, 2023 by Russ

Almost everyone in California has an extension for filing and paying their taxes until October 16th (a result of the flooding in the state in January).  The IRS certainly know about this: they issued multiple announcements on the extensions.  Thus, … Continue reading →

Posted in California, IRS | Tagged | Comments Off on When the IRS Computer Sends Out Lots of Bad Notices…