Author Archives: Russ

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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It’s Time to Panic!

Posted on September 23, 2019 by Russ

If you use a tax professional and have not yet provided your paperwork to him or her, it’s time to panic and work on this. In past years, I’ve made this post in early October. But this tax year is … Continue reading →

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Jolly Good News on the Swart Front

Posted on September 10, 2019 by Russ

Let’s say you’re the managing member of an LLC headquartered in Seattle (duly registered as an LLC in Washington State). You invest in another LLC (a Delaware LLC) that invests in property throughout the United States. You own between one … Continue reading →

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Gambling With an Edge Podcast

Posted on September 1, 2019 by Russ

I appeared on last week’s “Gambling With an Edge” podcast. We discussed the IRS letters sent to cryptocurrency users, does having a large number of W-2Gs increase audit risk, and sending tax returns by regular mail — and many other … Continue reading →

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