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Note: All Content is Copyright © 2005 – 2026 by Clayton Financial and Tax LLC.
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Author Archives: Russ
2023 Standard Mileage Rates
The IRS announced on December 29th the standard mileage rates: $0.665/mile for business use (up from $0.635/mile as of July 1, 2022); $0.22/mile for medical/moving for active-duty members of the Armed Forces; and $0.14/mile in service of charitable organizations. These … Continue reading
The 2022 Tax Offender of the Year
It’s time once more for that super prestigious award I give out, the Tax Offender of the Year. One year there will be no candidates, but 2022 absolutely isn’t the year. Let’s look first at some who didn’t make the … Continue reading
Posted in Tax Evasion, Tax Fraud
Tagged TaxOffenderOfTheYear
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New York, California, and Illinois Lose AGI & Population Per IRS Data
The Tax Foundation produced a report showing the overall gain (and loss) of population and taxpayers’ Adjusted Gross Income (AGI) during the second half of 2019 through the first half of 2020. For the most part, high tax states were … Continue reading
Posted in California, Florida, Illinois, New York
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IRS Delays New $600 1099-K and Cryptocurrency Trading Reporting
Two big announcements from the IRS today will have a major impact on 2022 tax returns (returns filed in 2023). First, the IRS announced a delay in implementing the $600 reporting for third-party payment platforms (Form 1099-K). Quoting from the … Continue reading
Posted in Cryptocurrencies, IRS
Tagged 1099-K
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IRS: Don’t Call Us, Don’t Write Us
No, I’m not talking about my business: feel free to call or write us (but due to a water leak, our office is closed today, Thursday, December 8th–we’ll be in tomorrow). Rather, I’m talking about calling the IRS and writing … Continue reading
Posted in IRS
Tagged Practitioner.Priority.Service
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If You Use FTX (Cryptocurrency Exchange)
Cryptocurrency exchange FTX (FTX.com and FTX.us) appears to be in severe financial difficulties. Binance was going to purchase them, but that purchase isn’t going to happen. It appears that FTX could fail at any time. There are a number of … Continue reading
The Jarretts Win a Pyrrhic Victory
Let’s say you really want the IRS to change how it treats an issue that impacts you. So you file a tax return including that item (as the IRS wants it done), adding $9400 of income and $2000 to your … Continue reading
Posted in Cryptocurrencies
Tagged Jarrett v United States
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2022 Tax Season: The Tax Season From Hell (Part 4)
To recap, in Part 1 of this series I dealt with IRS failures in the 2022 Tax Season; in Part 2, I covered what the IRS should do to fix the mess. In Part 3, I wrote about what our … Continue reading
Posted in Tax Preparation
Tagged 2022.Tax.Season, 2023.Tax.Season
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If You Used IRS Direct Pay on October 20th Check Your Bank Records
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
Posted in IRS
Tagged 2022.Tax.Season
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2022 Tax Season: The Tax Season From Hell (Part 3)
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
Posted in Tax Preparation
Tagged 2022.Tax.Season
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