Author Archives: Russ

Nominations for the 2019 Tax Offender of the Year Are Due

Posted on December 10, 2019 by Russ

In a little less than a month it will be time to reveal this year’s winner of the prestigious “Tax Offender of the Year” award. Remember, To be considered for the Tax Offender of the Year award, the individual (or … Continue reading →

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FOIA Lawsuit Looks at IRS Procedures on Representative’s Personally Identifiable Information

Posted on December 9, 2019 by Russ

One of the tax blogs that I faithfully read is Procedurally Taxing. Today, they noted a lawsuit against the IRS regarding the IRS’s procedures when a third-party calls them for taxpayer information. The author of the post is a tax … Continue reading →

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IRS Criminal Investigation Has a 91.2% Conviction Rate

Posted on December 5, 2019 by Russ

Here’s a helpful hint to anyone who commits a serious tax crime: If IRS Criminal Investigation (CI) comes after you, there’s a 91.2% chance that you will be heading to ClubFed or otherwise be convicted. As poker players say, ‘Those … Continue reading →

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No, You Weren’t Allowed to Do a Like-Kind Exchange for Cryptocurrency Before 2018

Posted on November 14, 2019 by Russ

A question that has come up is whether you could do a like-kind exchange for cryptocurrency prior to 2018. (The Tax Cuts and Jobs Act eliminated all like-kind exchanges for everything except real property beginning with the 2018 tax year.) … Continue reading →

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Out With the Fed Mandate; In With State Mandates

Posted on November 13, 2019 by Russ

Once upon a time there was the federal mandate to have health insurance; per the US Supreme Court, a “tax.” Well, beginning with 2019 tax returns (filed in 2020) the federal mandate is no more. Unfortunately, tax professionals and taxpayers … Continue reading →

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Deja Vu All Over Again, Again

Posted on November 7, 2019 by Russ

Last year I wrote a post noting the following: A client filed his tax return on October 2nd. He had a balance due (he had made an extension payment, but he still owed some tax). He paid by having his … Continue reading →

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Regulations Matter, Too

Posted on November 5, 2019 by Russ

Last week, KABC (a Los Angeles television station) reported on a couple moving their small business from Canoga Park, California (in the San Fernando Valley area of Los Angeles) to Fort Worth, Texas. There’s nothing new about this story–companies relocate … Continue reading →

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Does My Business Owe California Tax?

Posted on October 30, 2019 by Russ

Assume you operate a business as a tax professional in Las Vegas. Or Des Moines. Or Albany. Or anywhere outside of California. You’ve been in business for years, and don’t solicit new clients (other than having a website). Your only … Continue reading →

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The 2020 State Business Tax Climate Index: The Usual Laggards, but Some New Faces on Top

Posted on October 24, 2019 by Russ

The Tax Foundation released its annual State Business Tax Climate Index. There weren’t many surprises with the best states: 1. Wyoming 2. South Dakota 3. Alaska 4. Florida 5. Montana 6. New Hampshire 7. Nevada 8. Oregon 9. Utah 10. … Continue reading →

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“[D]id you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?”

Posted on October 23, 2019 by Russ

I haven’t posted that much this year for a few reasons. I’ve had some family issues (and that takes priority over just about everything), and this was a difficult tax season. Now that Tax Season is over, I’m going to … Continue reading →

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