Author Archives: Russ

SEC Reportedly Launches Cryptocurrency Probe on ICOs

Posted on February 28, 2018 by Russ

The Wall Street Journal is reporting (pay link) that the Securities and Exchange Commission (SEC) has issued “scores of subpoenas and information requests” regarding digital tokens (aka Initial Coin Offerings, or ICOs). That regulators are starting to look into this … Continue reading →

Posted in Cryptocurrencies | Tagged | Comments Off on SEC Reportedly Launches Cryptocurrency Probe on ICOs

Coinbase To Comply With IRS Summons

Posted on February 24, 2018 by Russ

Two of my clients received an email from Coinbase: Dear Mr. Smith, In December 2016, the Internal Revenue Service issued a summons demanding that Coinbase produce a wide range of records relating to approximately 500,000 Coinbase customers. Coinbase fought this … Continue reading →

Posted in Cryptocurrencies | Tagged , | Comments Off on Coinbase To Comply With IRS Summons

The Good, Bad, and Ugly of the Tax Extenders

Posted on February 22, 2018 by Russ

As write this it’s February 21st. About ten days ago Congress, in its unending wisdom, decided to extend certain “Tax Extenders” that they had let expire at the end of 2017. Yes, the undead have risen again! As soon as … Continue reading →

Posted in Legislation | Tagged | Comments Off on The Good, Bad, and Ugly of the Tax Extenders

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 →

Posted in Tax Preparation | Tagged | Comments Off on Driver’s Licenses and Tax Filings

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 →

Posted in California, Sales Tax | Tagged | Comments Off on Have I Committed Malpractice?

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This list has been superseded by the 2019 list.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 →

Posted in Cryptocurrencies, FINCEN, Gambling | Tagged | Comments Off on Online Gambling and Offshore Cryptocurrency Exchange Addresses for 2018

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 →

Posted in FINCEN, Information Returns, IRS | Tagged , , , | Comments Off on January 31st Tax Deadlines: 2016 Hurricane Extensions and Information Returns

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 →

Posted in California, IRS | Tagged | Comments Off on IRS & FTB Give Tax Relief to Wildfire and Mudslide Victims in Southern California

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 →

Posted in IRS | Tagged | Comments Off on IRS Releases New 2018 Withholding Tables

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 →

Posted in Information Returns, IRS | Comments Off on It’s 1099 Time