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Author Archives: Russ
This Name Looks Vaguely Familiar
I’m a tax nerd. I read Tax Court decisions. Today, one caught my eye: W.T. Snipes v. Commissioner. This name looks vaguely familiar. Yes, it’s the Wesley Snipes. Mr. Snipes, for those who don’t remember, visited ClubFed for failing to … Continue reading
Here We Go Again…
A few years ago I penned a post titled “Taxes and Daily Fantasy Sports: The Duck Test.” To remind everyone, If it looks like a duck, walks like a duck and quacks like a duck, then it just may be … Continue reading
Haste Makes Waste
Or so the cliche goes. And for the IRS, it certainly does. A client filed his tax return on October 2nd. He had a balance due (he had made an extension payment, but he still owed some tax). He paid … Continue reading
A Letter on Redacted Transcripts
About a month ago I wrote Nina Olson, the IRS National Taxpayer Advocate, regarding the IRS’s new policy on redacting transcripts. I noted several issues: 1. While an unredacted transcript is available, it is only available to taxpayers, not tax … Continue reading
Posted in IRS
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It’s Time to Panic!
If you haven’t done your taxes yet but have an extension, it is now officially TIME TO PANIC! The deadline is in less than one week (unless you’re in a hurricane disaster zone, and that will, unfortunately, likely include the … Continue reading
Let Us Entertain You (or Not)
The Tax Cuts and Jobs Act (TCJA) or, as I like to call it, the 2017 tax reform law, changed quite a few things for taxes. Most of these lower rates, or add a new deduction or credit. However, there … Continue reading
Posted in Tax Preparation
Tagged meals.and.entertainment
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One Tiptoe Forward for Representation, With that Giant Step Backwards Still Coming
The IRS released a Fact Sheet today on the new transcript redaction policy that begins on Monday. There’s one very slight piece of good news for tax professionals in the Fact Sheet: If necessary for return preparation, a client may … Continue reading
Posted in IRS
Tagged IRS.eServices
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IRS Extends Deadlines for Those Impacted by Hurricane Florence
Hurricane Florence is battering North and South Carolina. News reports indicate “biblical” amounts of rain will fall, with catastrophic flooding probable throughout the Carolinas. Today, the IRS announced that they are extending deadlines for those in the federal disaster zone … Continue reading
Posted in IRS, North Carolina, South Carolina
Tagged Hurricane.Florence
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Can a Professional Gambler Take the Foreign Earned Income Exclusion?
I was asked that question this past week: Can a professional gambler take the Foreign Earned Income Exclusion? The Exclusion allows one to exclude about $100,000 of income from income tax. The IRS website (which is quite good) has a … Continue reading
Posted in Gambling, International
Tagged Foreign.Earned.Income.Exclusion
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Regulations Matter, Too
I used to have my office in Irvine, California. Today, like most days, the weather in Irvine will be absolutely gorgeous: A high of 79 and a low of 66. You can’t ask for better (weather) climate. How about the … Continue reading
Posted in California
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