Author Archives: Russ

Should You Be Reporting Cryptocurrency Held in a Foreign Exchange on the FBAR and Form 8938?

Posted on August 5, 2019 by Russ

It’s been assumed that the answer to the question I posed as the title to this post is “Yes”, that you should be reporting cryptocurrency held in foreign cryptocurrency exchanges on the FBAR. However, the AICPA Virtual Currency Task Force … Continue reading →

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We’ve Moving, and We’re on Vacation

Posted on July 28, 2019 by Russ

Our offices are moving (conveniently while we’re on vacation). Our new address is: Clayton Financial and Tax 222 S Rainbow Blvd, Ste 205 Las Vegas, NV 89145-5356 And we’re going to enjoy a vacation. If something earth-shattering in the tax … Continue reading →

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IRS Sending Letters Based on Coinbase Summons

Posted on July 26, 2019 by Russ

In 2017 the IRS won its fight with Coinbase, and received information from that cryptocurrency exchange on customers who traded cryptocurrency. Today, the IRS announced that they’re sending letters to individuals who may need to file or amend their returns … Continue reading →

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Location, Location, Location: The Real Winners of the 2019 World Series of Poker

Posted on July 17, 2019 by Russ

This year was the 50th anniversary of the World Series of Poker (WSOP). And by all accounts, this year’s series of tournaments was highly successful. Attendance was up across the board. The Main Event, which concluded early this morning, was … Continue reading →

Posted in Gambling | Tagged | 1 Comment

It Looks Just Like the L.A. Freeway System!

Posted on July 14, 2019 by Russ

One of the things I love about living in Las Vegas is not dealing with the Southern California traffic. I remember running into a horrendous traffic jam at 2 a.m. I remember the ten mile drive that took two hours. … Continue reading →

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The Check Is in the Mail, Really!

Posted on July 14, 2019 by Russ

One of the more interesting aspects of being a tax professional is the reliance on the mail, the Post Office. When you timely mail a tax return, it’s considered filed on the date of mailing. There are, as always, some … Continue reading →

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Nevada Wises Up on Exempt Commerce Tax Companies

Posted on June 25, 2019 by Russ

Nevada has a tax on businesses called the “Commerce Tax.” This tax impacts businesses with gross receipts of $4 million or more. If your Nevada business makes less than that, you don’t owe the tax. However, you still had to … Continue reading →

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Arizona v. California Update

Posted on June 24, 2019 by Russ

The State of Arizona has asked the US Supreme Court to stop California’s illegal (in Arizona’s view) scheme of requiring indirect passive owners of LLCs who happen to own other LLCs that invest in California from paying California’s minimum $800 … Continue reading →

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Should a Taxpayer be Liable for Tax on Income She Didn’t Receive?

Posted on June 22, 2019 by Russ

Not even the IRS could go after someone for income they didn’t receive, right? Well, wrong. And when the taxpayer filed a lawsuit to reverse the result, she lost. She appealed to the Eleventh Circuit where the Court had a … Continue reading →

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IRS To New York, New Jersey, and California: We Weren’t Kidding

Posted on June 11, 2019 by Russ

Today the IRS issued rules and guidance on charitable contributions as a workaround to the new limits on state and local taxes. Unsurprisingly, the IRS said exactly what I thought they would: both substance over form and quid pro quo … Continue reading →

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