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Author Archives: Russ
The 2020 Tax Offender of the Year
Many are called; few are chosen. It’s time once again for that most prestigious of prestigious year-end awards, the Tax Offender of the Year. It takes more than cheating on your taxes; you need to really cheat or do a … Continue reading
Posted in International, IRS, Tax Fraud
Tagged TaxOffenderOfTheYear
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IRS Issues 2021 Standard Mileage Rates
A week ago the IRS announced the 2021 standard mileage rates: $0.56 per mile for business use (was $0.575 per mile in 2020); $0.16 per mile for medical/moving (was $0.17 per mile in 2020); and $0.14 per mile for service … Continue reading
This Deposit from “IRS 310” Is Your Stimulus Payment
This morning, I found a very small deposit in my bank account; it was coded “IRS 310”. It’s the second stimulus payment, and it’s real. Kudos to the IRS for getting these out almost instantaneously with the signing of the … Continue reading
Posted in IRS
Tagged 2020.Tax.Season
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Expenses Associated with PPP Loans to be Fully Deductible
According to this morning’s Wall Street Journal, businesses that took Paycheck Protection Plan (PPP) loans will be allowed to fully deduct expenses paid by the PPP loans. While a cap on the amount on this provision was originally inserted in … Continue reading
PPS Gets Friendlier: Callbacks Available
Twice a week, on average, I call the IRS’s Practitioner Priority Service. It’s the usual starting place for tax professionals to resolve issues with the IRS. This year, calling the IRS has been an adventure. This is not the IRS’s … Continue reading
Posted in IRS
Tagged Practitioner.Priority.Service
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Ignoring W-2Gs and $482,000 of Income Led to a Sub-Optimal Result
Bluffing in poker can work quite well. However, if your opponent will always call, bluffing cannot work. One poker player learned that the IRS always call your bluffs (especially when they have evidence). Guy Smith owns an interior construction business … Continue reading
Posted in Connecticut, Gambling, Tax Evasion
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Tax Professionals: IRS Considering Extending 2021 Tax Season
Last week, a client of mine who filed in late March (by paper because her return could not be electronically filed) finally received her refund. The return was processed in mid-November (per the IRS transcript). The IRS is doing its … Continue reading
Posted in IRS
Tagged 2021.Tax.Season
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Gambling With an Edge Podcast
I was this week’s guest on the Gambling With an Edge podcast where we talk about taxes (with an emphasis on gambling). You can download the podcast here; it’s also available on iTunes and all the other usual podcast locations. … Continue reading
Wait
I sometimes listen to music while working. I have a ~900 song playlist I cycle through, and today White Lion’s Wait came on. (White Lion was a hair band–if you watch the linked video, you will see why.) And it … Continue reading
When 5 ½ Months Seems Fast
Last week I complained about the IRS taking more than 5 ½ months to process an amended return. Well, I may have some clarity now on IRS processing time and it ain’t pretty. On February 4th clients of mine mailed … Continue reading
Posted in Uncategorized
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