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Author Archives: Russ
Bozo Tax Tip #8: Nevada Corporations (or LLCs)
As we continue with our Bozo Tax Tips–things you absolutely, positively shouldn’t do but somewhere someone will try anyway–it’s time for an old favorite. Given the business and regulatory climate in California, lots of businesses are trying to escape taxes … Continue reading
Posted in California, Nevada
Tagged BozoTaxTips
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Bozo Tax Tip #9: Move Without Moving!
Over ten years ago, we moved from Irvine, California to Las Vegas. The home in Irvine was sold, a home was purchased in Las Vegas, and the belongings went from the Golden State to the Silver State. Cars were re-registered, … Continue reading
Posted in California, New York
Tagged BozoTaxTips
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Bozo Tax Tip #10: Email Your Social Security Number (or EIN)!
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 ninth year in … Continue reading
Posted in Tax Preparation
Tagged BozoTaxTips
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The IRS Is Broken, Example #786
We received a letter for a client from the IRS on the 2016 tax year in yesterday’s mail: We made an error and sent you an interim letter for the tax period listed above. Please disregard the letter 2645C that … Continue reading
Posted in IRS
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Why Has Posting Been Light?
A friend asked me why I’ve posted so little this year. The answer is simple: the real world intruded. Family issues have definitely impacted my time, and the workload of my business has increased dramatically. My clients deserve me spending … Continue reading
Posted in Taxable Talk
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IRS: On Third Thought, Let’s Grant “Relief” That Isn’t
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
Posted in IRS
Tagged 2022.Tax.Season, Schedules K-2 & K-3
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IRS: “You Know That New K-2/K-3 Requirement: Well, We Had Second Thoughts.”
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
Posted in IRS
Tagged 2022.Tax.Season, Schedules K-2 & K-3
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That 6 Million Return Backlog? Oops, We Mad a Math Error: It’s Really 24 Million
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
Posted in IRS
Tagged 2022.Tax.Season, TIGTA
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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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