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Author Archives: Russ
Arizona Asks Supreme Court to Stop California From Imposing California Tax on Passive LLC Investments
We’ve highlighted this issue before. Suppose you are an Arizona resident, and you form Primary LLC in Arizona. Its main purpose is owning a warehouse in Phoenix. But you have some extra money in the LLC, so you invest in … Continue reading
Posted in Arizona, California, Supreme Court
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No Man Is an Island
On Saturday a superb editorial appeared in the Providence Journal, “When Taxpayers Flee a State.” Here’s an excerpt: Despite its name, Rhode Island is not an island unto itself. People are free to come and go, including business executives who … Continue reading
Posted in California, Connecticut, Nevada, Rhode Island
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Tax Help for Gamblers
Jean Scott, the proprietor of the website “Frugal Vegas” (she’s also known as the “Queen of Comps”) called me last year and asked if I would be willing to assist her with the fourth edition of her book, Tax Help … Continue reading
No, Manny Machado Can’t Avoid Paying California Tax by Being a Florida Resident
Earlier this week Manny Machado reportedly signed a baseball free agent contract to play with the San Diego Padres. He’s being paid $300 million over ten years…but that’s before taxes. An article on a website called “12up” says that Mr. … Continue reading
Posted in California
Tagged jock.tax
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Online Gambling and Offshore Cryptocurrency Exchange Mailing Addresses for 2019
This list has been superceded by the 2020 list. With the United States v. Hom decision, we must again file an FBAR for foreign online gambling sites. An FBAR (Form 114) is required if your aggregate balance exceeds $10,000 at … Continue reading
Posted in Cryptocurrencies, FINCEN, Gambling
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When You Move, Do the Little Things
Something I tell my clients when they move is to do all the little things such as going to the DMV and getting a new driver’s license and re-registering your cars. Another thing that needs to be done is to … Continue reading
When 35 Equals 365
Yet another entry in the “Math Is Hard” file, again from our friends at the Internal Revenue Service. From the Washington Post comes the news that it will take the IRS between 12 and 18 months to catch-up on the … Continue reading
Gilbert Hyatt Wins Again But…
The California Office of Tax Appeals upheld the California Board of Equalization’s ruling that Gilbert Hyatt mostly doesn’t owe California income tax in 1991 or 1992. Yes, you’re reading that correctly: This is a case that is 27 years in … Continue reading
When 85% Equals 90%
One of my favorite expressions from poker that translates into tax is, “Math is hard.” But how can 85% equal 90%? No, the two aren’t equivalent. However, this year they are equal in one aspect of taxes. The IRS announced … Continue reading
It’s Time to Generate Those 2018 1099s
It’s time for businesses to send out their annual information returns. These are the Form 1099s that are sent to to vendors when required. Let’s look first at who does not have to receive 1099s: Corporations (except attorneys) Entities you … Continue reading
Posted in Information Returns, IRS
Tagged 1099s, 2019.Tax.Season
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