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Author Archives: Russ
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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When It Takes the IRS 5+ Months to Process an Amended Return…
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
Posted in IRS
Tagged 2020.Tax.Season
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Do Canadian Professional Poker Players Owe Income Tax?
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
Posted in Canada, Gambling, International
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IRS Mailing Erroneous CP259F Notices
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
2021 State Business Tax Climate Index: Bring Me the Usual Suspects!
Every year the Tax Foundation publishes its State Business Tax Climate Index. As they state, they look at how each state taxes, not on the how much. Per usual, the names at the top and the bottom haven’t changed much. … Continue reading
Posted in California, Indiana, Nevada, Utah
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IRS: DFS Is Wagering (Gambling)
In February 2014, I wrote a post titled, “Taxes and Daily Fantasy Sports: The Duck Test.” I concluded: So daily fantasy sports have at least some element of luck. Then from a tax standpoint they sure look to be a … Continue reading
It’s Time to Panic
As I write this, it’s September 30th. Two weeks from tomorrow is Thursday, October 15, 2020. That’s the deadline for individual taxpayers on extension to file their tax returns (except for those in disaster areas such as the fires that … Continue reading