Author Archives: Russ

Online Gambling and Cryptocurrency Addresses for 2022

Posted on February 22, 2022 by Russ

[This listing has been replaced by the 2023 listing.] If you have one or more foreign financial accounts and you have $10,000 aggregate in those account(s) at any time during 2019, you must file the Report of Foreign Bank and … Continue reading →

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IRS: On Third Thought, Let’s Grant “Relief” That Isn’t

Posted on February 17, 2022 by Russ

Yesterday, I wrote a post stating the IRS was giving relief on the new Schedules K-2 and K-3.  I did that because I believed what the IRS wrote.  The IRS stated: Coming relief from certain Schedule K-2 and K-3 reporting: … Continue reading →

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IRS: “You Know That New K-2/K-3 Requirement: Well, We Had Second Thoughts.”

Posted on February 16, 2022 by Russ

UPDATE: Make sure you read the post of February 17, 2022 on this issue. Every so often the IRS actually listens to the tax professional community.  Tax professionals were unanimous in stating that requiring a domestic partnership with no foreign … Continue reading →

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That 6 Million Return Backlog? Oops, We Mad a Math Error: It’s Really 24 Million

Posted on February 12, 2022 by Russ

Everyone makes math mistakes.  When we last heard from IRS Commissioner Chuck Rettig, the backlog of unprocessed returns was down to about 6 million.  Per the Washington Post, that was slightly off–well, a bit more than slightly.  The true backlog … Continue reading →

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On NFTs, DeFi, DAOs, and Staking: Cryptocurrency Taxation (2022) (Part 1)

Posted on February 6, 2022 by Russ

With NFTs (non-fungible tokens), DeFi (decentralized finance), DAOs (decentralized autonomous organizations), and staking the rage in cryptocurrency, there are a lot of questions on what this means for taxes.  Then on Friday I see headlines like, “IRS Will Not Tax … Continue reading →

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The K-2/K-3 Kerfuffle

Posted on February 5, 2022 by Russ

The IRS announced a year ago that there would be two new forms for partnerships and S-Corporations with international income and/or partners: Schedules K-2 and K-3 (links are to the partnership versions of these forms).  Most tax professionals would have … Continue reading →

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“Amount Due by January 3, 2022….”

Posted on February 4, 2022 by Russ

We receive lots of IRS notices for clients.  In yesterday’s mail, we received two CP14 notices.  These state that a taxpayer filed a return with a balance due.  Many times this is an issue of the return being processed before … Continue reading →

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Hug Your Tax Professional: The IRS Is At It Again

Posted on January 20, 2022 by Russ

I was hoping that the 2022 Tax Season (which begins for individuals on Monday) would be more pleasant than the last two.  Yes, the IRS didn’t cause Covid; however, as the National Taxpayer Advocate noted in her recent report the … Continue reading →

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Frozen Returns: If You Made an Extension Payment on May 17th And Haven’t Received Your Refund….

Posted on January 11, 2022 by Russ

Yesterday, a client of mine called asking about her 2020 tax refund.  I assumed she was one of the unlucky individuals whose return fell out of IRS processing and is stuck waiting to be reviewed.  However, she told me that … Continue reading →

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Tax Season (For Individuals) to Begin on January 24th

Posted on January 10, 2022 by Russ

The IRS announced today that Tax Season will begin on Monday, January 24th.  That’s the first date that electronically filed returns (and extensions) for the 2021 tax year will be accepted for individuals.  (Businesses can already file their 2021 returns.) … Continue reading →

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