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Author Archives: Russ
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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Dear IRS: What Part of Deceased Didn’t You Understand?
Last year, one of our clients (call him John Smith) passed away. I had both a Power of Attorney and Tax Information Authorizations on file with the IRS for this taxpayer. One of the rules about representation is that when … Continue reading
Nominations Due for 2021 Tax Offender of the Year!
In just over two weeks it will be time for me to hand out the annual Tax Offender of the Year award. I suspect that once again there are too many deserving nominees. If you have a suggestion, feel free … Continue reading
Posted in Tax Evasion, Tax Fraud
Tagged TaxOffenderOfTheYear
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IRS Appears to Add Requirement for Individuals to Include Statement on PPP Loan Forgiveness for 2021 Personal Returns
On Friday, the IRS released draft instructions for Form 1040. Buried on page 23 of the instructions (page 24 of the PDF) is the following: Forgiveness of Paycheck Protection Program (PPP) Loans The forgiveness of a PPP Loan creates tax-exempt … Continue reading
Posted in IRS
Tagged 2022.Tax.Season, PPP.Loans
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The IRS Can’t Figure Out Where to Apply an Electronic Payment…Where the IRS Was Told Where to Apply It
My client received a letter from the IRS dated November 22, 2021: Taxpayer identification number: [redacted] Tax Period(s): Dec. 31, 2018 Form: 1040 We received a payment of $2,002.00 on Oct. 08, 2020. We don’t have enough information to apply … Continue reading
Posted in IRS
Tagged Amended.Returns
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The 2021 Real Winners of the World Series of Poker
Last night, the Main Event of the World Series of Poker concluded. (While there are still a few events to be decided in the WSOP, this is the event that everyone thinks of as the big one.) Before I get … Continue reading
Why Did the WSOP Change the Rules on Lammers?
With the World Series of Poker (WSOP) winding down (the Main Event champion will be crowned Wednesday evening–and, yes, I will have my customary post on the real winners of the WSOP on Thursday), an issue arose late in the … Continue reading
IRS: Per Diem Is Food Provided by Restaurants
For tax years 2021 and 2022 taxpayers are allowed to deduct 100% of business meals provided by restaurants (per § 274(n)(2)(D) of the Internal Revenue Code). One question that I had was how the per diem would be treated. Taxpayers … Continue reading