Author Archives: Russ

Expenses Associated with PPP Loans to be Fully Deductible

Posted on December 21, 2020 by Russ

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 →

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PPS Gets Friendlier: Callbacks Available

Posted on December 15, 2020 by Russ

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 →

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Ignoring W-2Gs and $482,000 of Income Led to a Sub-Optimal Result

Posted on December 14, 2020 by Russ

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 →

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Tax Professionals: IRS Considering Extending 2021 Tax Season

Posted on December 6, 2020 by Russ

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 →

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Gambling With an Edge Podcast

Posted on November 30, 2020 by Russ

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 →

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Wait

Posted on November 24, 2020 by Russ

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 →

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When 5 ½ Months Seems Fast

Posted on November 23, 2020 by Russ

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 →

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When It Takes the IRS 5+ Months to Process an Amended Return…

Posted on November 18, 2020 by Russ

Back in May, clients of mine discovered they left something out of their 2018 tax return. We prepared an amended return, the clients included a check for the additional tax, and it was mailed off to Kansas City. The check … Continue reading →

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Do Canadian Professional Poker Players Owe Income Tax?

Posted on November 5, 2020 by Russ

In the United States, the tax law can be boiled down to two sentences: Everything is taxable unless Congress exempts it. Nothing is deductible unless Congress allows it. Gambling winnings are taxed–they are an accession to income. An American professional … Continue reading →

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IRS Mailing Erroneous CP259F Notices

Posted on November 4, 2020 by Russ

We prepare a few split-interest charitable trust returns (IRS Form 5227) every year. Coincidentally, I serve as trustee of a split-interest trust. Imagine my surprise when I received a CP259F Notice from the IRS for the trust that I am … Continue reading →

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