Author Archives: Russ

Good Riddance: Reconciliation of Credit Card Deposits on Tax Returns Won’t Happen

As I noted last week, the problem of entering 1099-K’s for recipients of those forms was deferred until 2012. It turns out that the IRS acquiesced to complaints from tax professional and other groups, including the Retail Industry Leaders Association … Continue reading

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New York State Street Addresses

Earlier, I published a list of IRS Service Center Addresses. New York State has just published its list of street addresses to be used for FedEx, UPS, and DHL. The New York list is by form, and has 15 different … Continue reading

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New FBAR Requirement that Applies to Everyone

I’ll be transmitting my first few tax returns to the IRS this coming week. As I looked at Schedule B, I noticed a change in the questions at the bottom of Schedule B: 7a At any time during 2011, did … Continue reading

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A Problem Deferred: 1099-K’s

This year sees the introduction of Form 1099-K. This form reports merchant and third-party payments you’ve received. We were supposed to note these on separate lines on our tax returns, but not any longer: For tax year 2011 the IRS … Continue reading

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Hiding a Golf Course and Millions

It’s one thing to hide a few dollars. It’s quite another to hide a few million dollars. The IRS’s assault on UBS, the Swiss bank, has reaped some more indictments. This time, three individuals involved in venture capital are alleged … Continue reading

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Out of the Swamplands

Over the years, I’ve referred to New Jersey as the swamplands. Their politics, corruption, and tax policies left a lot to be desired. But something unusual happened in 2010: Chris Christie, a Republican, was elected governor in the historically Democratic … Continue reading

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IRS Street Addresses (Updated)

Most taxpayers use the Postal Service to send their returns to the IRS. However, you can use Federal Express or UPS. The problem is the IRS hides the street addresses of their service centers on their website if you need … Continue reading

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Tax Foundation Releases 2012 Business Tax Climate Index; California, New York and New Jersey at the Bottom

The Tax Foundation released their 2012 State Business Tax Climate Index today. And it was no surprise to see the bottom three composed of California, New York and New Jersey. These states have high taxes overall (California adds high regulatory … Continue reading

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Illinois: Proving Laffer Correct

Arthur Laffer popularized the Laffer curve. The father of Supply Side Economics noted that in many cases, increasing the tax rate decreases the amount of tax revenues. It appears that Illinois is proving Dr. Laffer correct. Moody’s just downgraded Illinois’ … Continue reading

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Heaven Can’t Wait

My understanding is that we can’t take it with you: Our worldly possessions won’t be with us in the hereafter. One Florida man believes he is already a resident there, and is thus exempt from trivialities such as the income … Continue reading

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