Author Archives: Russ

Driver’s Licenses and Tax Filings

Posted on February 5, 2018 by Russ

Many states are now requiring we obtain your driver’s license information (or state ID) in order to file your return. Currently, these states are requiring this information: – Alabama – California – Colorado – Illinois – Kansas – Louisiana – … Continue reading →

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Have I Committed Malpractice?

Posted on February 2, 2018 by Russ

Let’s say John Smith is a consultant in Syracuse, New York. His business is conducted fully in Syracuse. He never travels outside of Syracuse. He writes reports on a niche area for businesses. Mr. Smith files and pay New York … Continue reading →

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Online Gambling and Offshore Cryptocurrency Exchange Addresses for 2018

Posted on January 24, 2018 by Russ

This list has been superseded by the 2019 list.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 →

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January 31st Tax Deadlines: 2016 Hurricane Extensions and Information Returns

Posted on January 24, 2018 by Russ

We’re one week away from the first tax deadline of the 2018 Tax Season along with the final tax deadline for filing 2016 tax returns. Taxpayers on extension for filing 2016 tax returns because of Hurricanes Harvey, Irma or Maria … Continue reading →

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IRS & FTB Give Tax Relief to Wildfire and Mudslide Victims in Southern California

Posted on January 22, 2018 by Russ

The IRS announced last week that they are giving tax relief to victims of the Southern California wildfires and mudslides. The IRS extended impacted taxpayers’ deadlines that fell (or will fall) between December 4, 2017 and April 29, 2018 to … Continue reading →

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IRS Releases New 2018 Withholding Tables

Posted on January 11, 2018 by Russ

The IRS announced today the release of new withholding tables reflecting the new tax law. These will be used for W-2s, and should be used no later than February 15th. The IRS is working on a new W-4 form that … Continue reading →

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It’s 1099 Time

Posted on January 9, 2018 by Russ

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 →

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Why California’s Attempt to Make State Taxes a Charitable Deduction is Doomed

Posted on January 8, 2018 by Russ

When your budget is out of balance there are two ways of getting it in balance: cutting spending or increasing revenue. For California’s Democratic politicians, the only way they want to balance the budget is to increase the revenue. The … Continue reading →

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Start Your 2018 Mileage Log Now

Posted on January 4, 2018 by Russ

I’m going to start the new year with a few reposts of essential information. Yes, you do need to keep a mileage log: Tuesday was the first business day of the new year for many. You may have resolved to … Continue reading →

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IRS Announces Tax Filing Season Begins January 29th

Posted on January 4, 2018 by Russ

The IRS today announced that the 2018 Tax Filing Season will begin on Monday, January 29th. This year’s deadline for individual returns is Tuesday, April 17th.

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