Author Archives: Russ

WSOP and Taxes: 2018 Update

Posted on May 30, 2018 by Russ

The 2018 World Series of Poker (WSOP) begins today here in Las Vegas. There are also several other tournament series that have either begun or will soon begin at the Venetian, Wynn/Encore, Aria, Planet Hollywood, Binion’s, Golden Nugget, and Orleans … Continue reading →

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Back to the Old Drawing Board

Posted on May 23, 2018 by Russ

I’ve written before about certain states’ efforts to get around the new $10,000 cap on state and local taxes that can be deducted on federal tax returns. The IRS announced today they will be proposing regulations later this year on … Continue reading →

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The Deep State and Cryptocurrency

Posted on May 17, 2018 by Russ

There have been plenty of articles about the “Deep State” vis-a-vis President Trump. I’m not going into that; if you’re interested, Google is your friend. Rather, I’m going to look at the Deep State and cryptocurrency. On May 1st the … Continue reading →

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Taxes Matter (2018 Version), Part 1

Posted on May 3, 2018 by Russ

Those on the left constantly chirp that taxes don’t matter. Those of us who prepare tax returns can state as fact you’re wrong. I moved my business because of taxes and regulations. Here are two other examples from today that … Continue reading →

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Tax Deadline Extended One Day for IRS Purposes

Posted on April 17, 2018 by Russ

The IRS announced late today that due to the computer issues with IRS Direct Pay and the IRS e-filing systems, that individuals and businesses with a tax deadline of today (April 17th) have an extra day, until midnight, April 18th. … Continue reading →

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IRS Direct Pay Down

Posted on April 17, 2018 by Russ

It’s not as if today is a big day, right? IRS Direct Pay is down. This is not impacting most tax professionals efiling and initiating direct debit (the information is being sent to our software providers), but it is causing … Continue reading →

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Bozo Tax Tip #1: Ignore Cryptocurrency Sales!

Posted on April 13, 2018 by Russ

Last week (as I write this), I met with a new client. He purchased a lot of cryptocurrency in 2016 but didn’t sell any of it until around Thanksgiving of 2017 (he had one small sale). He asked me if … Continue reading →

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Bozo Tax Tip #2: Who Needs to Pay Employment Taxes?!?

Posted on April 12, 2018 by Russ

This Bozo Tax Tip—and do remember, these are things you really, really, really shouldn’t try—is aimed at the business owner who is having troubles. Business owners, unlike the federal government, can’t just print money. So let’s assume our hypothetical business … Continue reading →

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Bozo Tax Tip #3: Use a Foreign Trust to Avoid Taxes!

Posted on April 11, 2018 by Russ

By far the worst tax schemes in the view of the IRS are offshore (foreign) trusts. In fact, trusts of all sorts—domestic and foreign—are regularly abused. First, not all trusts are bad. Many trusts serve a legitimate purpose, such as … Continue reading →

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Bozo Tax Tip #4: Procrastinate!

Posted on April 10, 2018 by Russ

Today is April 10th. The tax deadline is just seven days away. What happens if you wake up and it’s April 17, 2018, and you can’t file your tax? File an extension. Download Form 4868, make an estimate of what … Continue reading →

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