Author Archives: Russ

2021 State Business Tax Climate Index: Bring Me the Usual Suspects!

Posted on November 3, 2020 by Russ

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 →

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IRS: DFS Is Wagering (Gambling)

Posted on October 19, 2020 by Russ

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 →

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Forgot to File the FBAR? A Typo Gives You Two More Weeks

Posted on October 17, 2020 by Russ

The FBAR (Report of Foreign Bank and Financial Accounts) was effectively due last Thursday, October 15th. FINCEN (the Financial Crimes Enforcement Agency) issued an extension (the notice was released on October 6th) for those impacted by the recent natural disasters … Continue reading →

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Just File the FBAR

Posted on October 8, 2020 by Russ

One week from today is the tax filing deadline. It’s also the effective deadline for filing the Report of Foreign Bank and Financial Accounts, FINCEN Form 114; that’s the form that’s better known as the FBAR. The FBAR is part … Continue reading →

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It’s Time to Panic

Posted on September 30, 2020 by Russ

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 →

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The Dead Need Not Amend (Even When They Have To)

Posted on September 25, 2020 by Russ

When I eventually go to the pearly gates, I assume I’ll be leaving income tax behind. It would be a rather rude surprise to find I have lifetime employment in the great beyond, too. This past week I needed to … Continue reading →

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Onwards and Upwards Into the 21st Century!

Posted on September 24, 2020 by Russ

Yes, the 21st Century began 20 years ago, but today we welcome New York into the new millennium. The New York legislature passed (and Governor Cuomo signed into law) Senate Bill S8832 allowing taxpayers to electronically sign New York signature … Continue reading →

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The Perils of Waiting to the Last Minute

Posted on September 17, 2020 by Russ

The extended deadline for partnership and S-Corporation tax returns was this past Tuesday, and all of our returns were completed and filed that could be (but one). And that one client understood the issues with late filing–but more on that … Continue reading →

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Hopefully, It Won’t Take Ten More Years for a Resolution (The Trouble Fighting State and Local Tax Agencies)

Posted on September 14, 2020 by Russ

In 2008, taxpayers in Cook County, Illinois (Chicago) received property tax assessments and believed they were done improperly, including violating the Equal Protection Clause of the Fourteenth Amendment. They challenged it through the county appeals process, but got nowhere. They … Continue reading →

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At Least The IRS Could Find 95% of the Returns…

Posted on September 3, 2020 by Russ

Two items crossed my in-box within a few minutes of each other this morning. The first was a blog post from the National Taxpayer Advocate requesting that Congress give multi-year funding for modernizing IRS computer systems. The second was a … Continue reading →

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