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Author Archives: Russ
WSOP and Taxes: 2017 Update
The poker world is about to descend on Las Vegas for the World Series of Poker (WSOP) and a score of other tournament series. The tax environment has changed, so I’ve decided to do a thorough update of the tax … Continue reading
Do You Need a License to Sell Bitcoins?
Let’s say I own some Bitcoins. I want to sell them to a friend. Do I need a license to do that? This question came up after I was informed that a Missouri man pleaded guilty to operating an illegal … Continue reading
Posted in Cryptocurrencies, FINCEN, Gambling
Tagged Bitcoins
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The TurboTax Defense Fails Again
A gentleman who is normally an expert witness in trials used TurboTax to prepare his returns. His returns ere reviewed by the IRS; the IRS claimed he took a few too many deductions. The taxpayer felt otherwise, and the dispute … Continue reading
Posted in Tax Court
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No, The Law Hasn’t Changed: Professional Gamblers Cannot Deduct Gambling Losses in Excess of Wins
The Internal Revenue Code (IRC) is law. It was passed by Congress and signed into law by the President. One section of the law is IRC §165(d). It reads: (d) Wagering losses Losses from wagering transactions shall be allowed only … Continue reading
Posted in Gambling
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Trump’s Tax Plan
President Trump released his tax “plan.” That’s an overstatement; the plan is really an outline. Gone would be the Alternative Minimum Tax, the Estate Tax, and most itemized deductions; there would be three tax brackets with the top tax bracket … Continue reading
While I Was Out: The BOE Is In Deep Trouble
California has not one but three tax agencies. The Franchise Tax Board (FTB) administers income tax. The Employment Development Department (EDD) administers payroll taxes. And the Board of Equalization (BOE) administers sales tax (and a few other miscellaneous taxes and … Continue reading
That Was the Tax Season that Was
April 15th, err, make that April 18th, has come and gone. Every Tax Season is different, and this one had its ups and downs. So let’s take a look at eight observations I have of the first part of the … Continue reading
Posted in Tax Preparation, Taxable Talk
Tagged 2017.Tax.Season
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Bozo Tax Tip #1: Declare More Income than You Earned!
Why in the world would anyone of sound mind and body declare more income than they actually earned? He or she would owe more tax, so there’s no reason to do this, right? No, there are actually two reasons people … Continue reading
Posted in IRS
Tagged BozoTaxTips
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Bozo Tax Tip #2: Cash Isn’t Taxable
I haven’t run this Bozo Tax Tip in a few years, but it reared its head again just a couple of weeks ago (as you read this). A new client came into my office for the preparation of his tax … Continue reading
Bozo Tax Tip #3: Let Your IRS Notice Age Like Fine Wine!
Here’s another repeat from last year, but it’s something that bears repeating. My brother is a wine connoisseur. As all my friends know, I’m anything but a wine aficionado. But I have learned one difference between fine wine and a … Continue reading
Posted in IRS
Tagged BozoTaxTips
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