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Author Archives: Russ
Blogroll Update
It’s been a while, but I’ve finally updated the blogroll. I’ve removed the deadwood and added a few new blogs (and tax agencies). If you have a tax blog that you think should be added, let me know by commenting. … Continue reading
Posted in Taxable Talk
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The 2017 Tax Offender of the Year
It’s once again time for that most prestigious of prestigious awards, the Tax Offender of the Year. To win this award you need to do more than cheat on your taxes; it has to be a Bozo-like action or actions. … Continue reading
Posted in California, Illinois, Pensions, Taxable Talk
Tagged TaxOffenderOfTheYear
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Tax Law Signed; New Year Likely to Bring Lots of New S-Corporations
President Trump signed the tax reform legislation into law. While there are many changes for 2018, one of the biggest is the new Section 199a deduction. This allows a 20% writeoff of net income for sole proprietors, owners of S-Corporations, … Continue reading
Conference Committee Agrees on Details of Tax Legislation; Measure Likely to Pass Next Week
The House and Senate conferees did indeed agree on tax ‘reform’ legislation. The bill will make great bedtime reading as it’s only 1,097 pages. The Tax Foundation has a great summary of the legislation. Here are some highlights; note that … Continue reading
Posted in Legislation
Tagged TaxReform2017
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2018 Standard Mileage Rates Released
The IRS today announced the standard mileage rates for 2018: $0.545/mile for business miles driven (up from $0.535/mile in 2015); $0.18/mile for medical or moving purposes (up from $0.17/mile in 2015); and $0.14/mile in service of a charitable organization (unchanged; … Continue reading
Are Cryptocurrency (Bitcoin) Transactions Always Short-Term?
One of my clients sent me a link to a tweet (on Twitter) from Peter Brandt: Nope. Wrong. The IRS will not consider BTC for long term gains. Short-term no matter how long held. — Peter Brandt (@PeterLBrandt) December 8, … Continue reading
Posted in Cryptocurrencies
Tagged Bitcoins
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Nominations Due for 2017 Tax Offender of the Year
In a little less than a month it will be time to reveal this year’s winner of the prestigious “Tax Offender of the Year” award. Remember, To be considered for the Tax Offender of the Year award, the individual (or … Continue reading
Posted in Taxable Talk
Tagged TaxOffenderOfTheYear
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IRS Interest Rates Unchanged for First Quarter of 2018
The IRS announced that interest rates for the first quarter of 2018 remain unchanged: The rates will be: • four (4) percent for overpayments [three (3) percent in the case of a corporation]; • 1 and one-half (1.5) percent for … Continue reading
Posted in IRS
Tagged IRS.Interest.Rates
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What Portion of the Stipulation Didn’t You Read?
A company owes withholding tax to the IRS. The case goes to Tax Court, where the issues are resolved, including a stipulated amount of withholding. Somehow the IRS forgets about the withholding. It then goes to a collection Appeals, where … Continue reading
Posted in Payroll Taxes, Tax Court
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IRS Mostly Wins Coinbase Summons Fight
The IRS has been battling Coinbase, the United States’ largest cryptocurrency exchange, in a fight to obtain information about individuals who sold Bitcoins during 2013, 2014, and 2015. The IRS issued a summons to Coinbase–basically, an administrative demand for information. … Continue reading
Posted in Cryptocurrencies, IRS
Tagged Bitcoins
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