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Author Archives: Russ
On NFTs, DeFi, DAOs, and Staking: Cryptocurrency Taxation (2022) (Part 1)
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
Posted in Cryptocurrencies
Tagged Jarrett v United States
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The K-2/K-3 Kerfuffle
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
“Amount Due by January 3, 2022….”
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
Hug Your Tax Professional: The IRS Is At It Again
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
Posted in IRS
Tagged 2022.Tax.Season
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Frozen Returns: If You Made an Extension Payment on May 17th And Haven’t Received Your Refund….
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
Posted in IRS
Tagged 2021.Tax.Season
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Tax Season (For Individuals) to Begin on January 24th
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
Posted in IRS
Tagged 2022.Tax.Season
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It’s Time to Generate 2021 1099s
It’s time for businesses to send out their annual information returns. These are the Form 1099s that are sent to to vendors when required. Let’s look first at who does not have to receive 1099s: Corporations (except attorneys) Entities you … Continue reading
It’s Time to Start Your 2022 Mileage Log
I’m going to start the new year with a couple reposts of essential information. Yes, you do need to keep a mileage log: Monday will be the first business day of the new year for many. You may have resolved … Continue reading
The 2021 Tax Offender of the Year
It’s time once more for that (not really) most prestigious of prestigious awards, the Tax Offender of the Year. One year I’ll find that I don’t have many deserving winners (probably the year after I retire); however, there were plenty … Continue reading
Posted in International, IRS, Tax Evasion, Tax Fraud
Tagged TaxOffenderOfTheYear
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2022 State Business Tax Climate Index: Bring Me the Usual Suspects!
Yesterday, the Tax Foundation released its list of the business tax climate in the 50 states. Not much has changed, and for those in New York, New Jersey, and California wondering why businesses are moving to Florida and Nevada, you … Continue reading
Posted in California, Florida, Nevada, New Jersey, New York
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