Author Archives: Russ

Bozo Tax Tip #9: Honey, You Don’t Exist!

Posted on April 1, 2026 by Russ

I had just completed the return for a long-time client, and he asked the question, “Does my being married change my return?” I said it did, and asked when he got married; he responded, “Last Valentine’s Day.”  It must be … Continue reading →

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Bozo Tax Tip #10: Email You Social Security Number, ITIN, or EIN!

Posted on March 31, 2026 by Russ

It’s time for our annual rundown of Bozo Tax Tips, strategies that you really, really, really shouldn’t try. But somewhere, somehow, someone will try these. Don’t say I didn’t warn you! This is a repeat for the thirteenth year in … Continue reading →

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Where Is Money Going? Red States Gain, Blue States Lose

Posted on March 24, 2026 by Russ

An interesting statistic I saw last week on X/Twitter: States which Trump won in the 2024 election gained $37.2 Billion in income; states which Harris won lost $40.8 billion in income (this is based on 2023 IRS data).  The top … Continue reading →

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Tom Goldstein Found Guilty on 12 of 16 Counts

Posted on February 25, 2026 by Russ

Last January, former Supreme Court litigator Tom Goldstein was indicted on 22 tax and financial fraud charges.  The judge through out 6 of those charges: Mr. Goldstein was tried on the remaining 16 charges.  Today, the jury in Greenbelt, Maryland … Continue reading →

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Have a Form 1099-DA? Your Return Will Likely Cost More to Prepare this Year

Posted on February 17, 2026 by Russ

Mid-February is when brokerage firms issue Forms 1099-B to their customers noting brokerage sales.  New for the 2025 tax year is Form 1099-DA, “Digital Asset Proceeds from Broker Transactions” (aka cryptocurrency disposals).  Many of our clients have begun to receive … Continue reading →

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Online Gambling and Cryptocurrency Mailing Addresses for 2026

Posted on February 13, 2026 by Russ

If you have one or more foreign financial accounts and you have $10,000 aggregate in those account(s) at any time during 2024, you must file the Report of Foreign Bank and Financial Accounts (the “FBAR”). This is Form 114 from … Continue reading →

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Why This Tax Season Is Likely to be Slow and Agonizing for All

Posted on January 29, 2026 by Russ

Matt Metras, a fellow tax professional, shared a chart on X (formerly Twitter) noting IRS personnel cuts by function between January 25, 2025 and December 18, 2025: I’ll take just three areas that I regularly deal with: Taxpayer Advocate Service … Continue reading →

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Paying the Piper: Qualified Opportunity Zones

Posted on January 23, 2026 by Russ

When Qualified Opportunity Zones (QOZs) began (with the Tax Cuts and Jobs Act (TCJA) in 2018), they were a way of deferring capital gains received.  This year–the 2026 tax year–is when taxpayers who invested in QOZs will be paying the piper. … Continue reading →

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Hurry Up and Wait 11 Years

Posted on January 20, 2026 by Russ

An interesting Court of Appeals decision came out on Friday: Sirius Solutions, LLLP v Commissioner.  Before getting to the decision and what it means (and does not mean), I wanted to comment about timing of court decisions. This case deals with the 2014-2016 … Continue reading →

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Can a Gambling Session Last a Year?

Posted on January 9, 2026 by Russ

The One Big Beautiful Bill (OBBB) added both good and bad for gamblers in the Tax Code. One item that’s bad is that gambling losses are limited to 90% of the gambling losses incurred.  Professor Bryan Camp (a professor of … Continue reading →

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