Author Archives: Russ

Online Gambling and Offshore Cryptocurrency Exchange Mailing Addresses for 2020

Posted on February 27, 2020 by Russ

If you have one or more foreign financial accounts and you have $10,000 aggregate in those account(s) at any time during 2019, you must file the Report of Foreign Bank and Financial Accounts (the “FBAR”). This is Form 114 from … Continue reading →

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California 7, Arizona 2

Posted on February 27, 2020 by Russ

The state of Arizona (specifically, Arizona Attorney General Mark Brnovich) is not happy with California’s policy of coming after any Arizona business that is even remotely doing business in California (passive or not) to collect the $800 minimum California franchise … Continue reading →

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The Case of the Missing K-1

Posted on February 19, 2020 by Russ

John and Mary Smith came by my office yesterday. “We normally get to you in June,” Mrs. Smith told me, “but this year we have everything so we’d like to file today.” Well, they had almost everything. Unfortunately, there was … Continue reading →

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The Best Tax Blog Is Back

Posted on February 14, 2020 by Russ

As a published author I’m biased about my writing ability. But as my mother told me (and, yes, my mother is a published author, too), know your abilities! The best tax blog up until May 2017 was Joe Kristan’s Roth … Continue reading →

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New York DFS & Gambling: It’s the Constitution

Posted on February 12, 2020 by Russ

There’s a quick way of doing many things that, in the long-run, doesn’t work so well; there’s a slower way of doing those same things that will always work. That’s true in tax, and it’s true for a legislature that’s … Continue reading →

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Take the Five Minutes: Reconcile Your Checking Account Each Month

Posted on February 11, 2020 by Russ

If you’re in business, you’re required to keep books and records. Those books and records need to accurately reflect the income and expenses of your business. Seems simple, right? But as Tax Season is now here something I (and most … Continue reading →

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You Heard About that May 29th Filing Deadline, Right?

Posted on January 8, 2020 by Russ

So let’s look at important tax deadlines this year. There’s January 31st (the deadline to mail and file many 1099s and to distribute and file W-2s), March 15th (the deadline to file S-Corporation and partnership tax returns, and Forms 3520-A), … Continue reading →

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It’s Time to Start Your 2020 Mileage Log

Posted on January 7, 2020 by Russ

I’m going to start the new year with a couple reposts of essential information. Yes, you do need to keep a mileage log: Last Thursday was the first business day of the new year for many. You may have resolved … Continue reading →

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IRS Announces 2019 Tax Filings to Begin on January 27th

Posted on January 6, 2020 by Russ

The IRS today announced that the 2019 tax filing season for individuals will begin on Monday, January 27th. Tax Returns and payments are due by Wednesday, April 15th (an extension to file is available until October 15th, but payment of … Continue reading →

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2020 Standard Mileage Rates Released

Posted on January 1, 2020 by Russ

Yesterday, the IRS announced the 2020 standard mileage rates. The rates are: 57.5 cents per mile for business use (down 0.5 cents per mile from 2019); 17 cents per mile for medical or moving use (down 3 cents per mile … Continue reading →

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