Author Archives: Russ

If You Used IRS Direct Pay on October 20th Check Your Bank Records

Posted on October 29, 2022 by Russ

I love IRS Direct Pay.  It’s a simple method to make payments to the IRS for most (but not all) taxes individuals might have.  And it works…well, it works most of the time. I saw on Twitter the following: On … Continue reading →

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2022 Tax Season: The Tax Season From Hell (Part 3)

Posted on October 27, 2022 by Russ

This is, perhaps, the most painful post I’ve ever written for this blog.  Why?  I’m going to go over everything our firm got wrong with this past Tax Season.  As the saying goes (Murphy’s Law), what can go wrong will … Continue reading →

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The Tax Foundation’s 2023 State Business Tax Climate Index: Bring Me the Usual Suspects (Again)!

Posted on October 25, 2022 by Russ

It seems like it was only yesterday when I wrote about the 2022 State Business Tax Climate Index, but it’s been a year!  This morning, the 2023 Index was released and it’s more of the same.  Let’s look at the … Continue reading →

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Is Anyone Happy In Tax Professional Land?

Posted on October 19, 2022 by Russ

Except for our four international clients on second extension and our ten clients impacted by Hurricane Ian, the 2020-2022 Tax Season is over.  I expect that within one month, we will be off filing returns until February 2023 (well, there … Continue reading →

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FINCEN Gives FBAR Filing Relief for Individuals Impacted by Hurricane Ian

Posted on October 6, 2022 by Russ

FINCEN announced today that they are following the IRS and giving relief to taxpayers impacted by Hurricane Ian: FinCEN announced today that victims of Hurricane Fiona in Puerto Rico; Hurricane Ian in Florida, North Carolina, and South Carolina; and storms … Continue reading →

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Hurricane Ian: IRS Extends Deadline for All Floridians to February 15

Posted on September 29, 2022 by Russ

The IRS announced today that because the state of Florida has been declared a disaster zone that tax deadlines for Floridians have been extended until February 15, 2023.  This includes the individual and C-Corporation extended deadline of October 17th, the … Continue reading →

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It’s Time to Panic!

Posted on September 20, 2022 by Russ

Today is September 20th. Three weeks from Monday is October 17, 2022. That’s the deadline for individual taxpayers on extension to file their tax returns (unless you’re in a federal disaster area). If you have yet to send your paperwork … Continue reading →

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The Trouble With Identity Protection Verification Notices

Posted on September 16, 2022 by Russ

The IRS sends two types of Identity Protection Verification Letters: LTR 4883C and LTR 5071C.  If you receive a LTR 4883C, you must call the IRS’s Identity Protection unit so that your return is processed.  If you receive a LTR … Continue reading →

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Are NFTs Subject to Sales and Other State and Local Taxes?

Posted on August 31, 2022 by Russ

Let’s say you’re Ralph, and you create a series of Non-Fungible Tokens (NFTs).  You begin selling these NFTs, and each sells for the equivalent of $100,000.  Of course, that income is subject to income tax (it’s an accession to wealth, … Continue reading →

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Student Loan Forgiveness: Should You File or Wait?

Posted on August 25, 2022 by Russ

With President Biden’s announcement of forgiving student loans, there are some obvious questions: Will this be taxed by the IRS? Will this be taxed by the states with income taxes? Will this be upheld by the courts? When will there … Continue reading →

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