Author Archives: Russ

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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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 →

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