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Author Archives: Russ
IRS Sending Letters Based on Coinbase Summons
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
Posted in Cryptocurrencies
Tagged Bitcoins
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Location, Location, Location: The Real Winners of the 2019 World Series of Poker
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
It Looks Just Like the L.A. Freeway System!
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
Posted in IRS
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The Check Is in the Mail, Really!
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
Posted in California
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Nevada Wises Up on Exempt Commerce Tax Companies
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
Posted in Nevada
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Arizona v. California Update
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
Posted in Arizona, California, Supreme Court
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Should a Taxpayer be Liable for Tax on Income She Didn’t Receive?
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
IRS To New York, New Jersey, and California: We Weren’t Kidding
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
Posted in California, Connecticut, Legislation, New Jersey, New York, Tax Preparation
Tagged TaxReform2017
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Arizona vs. California Franchise Tax Board
Legal authorities in the Grand Canyon State are not amused by California’s view that indirect interests in California LLCs mean that the entities are doing business in California. And they’re mad enough to take action, asking leave to sue California … Continue reading
Posted in Arizona, California
Tagged Swart.Enterprises
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IRS No Longer Redacting Information on Wage & Income Transcripts
Yesterday I went on e-Services and downloaded a Wage & Income Transcript for a client. I was surprised to see that the payor information was no longer redacted. There was the payor’s name in full (along with the address and … Continue reading
Posted in IRS
Tagged IRS.eServices
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