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Author Archives: Russ
IRS Transcript Delivery System Failing for Many Users; No Fix Time
One of the major tools I use is the IRS’s e-Services system; the component I use the most is the Transcript Delivery System (TDS). Last weekend, the IRS did a major “upgrade” of the system. I have to put upgrade … Continue reading
Posted in IRS
Tagged IRS.eServices, Transcript.Delivery.System
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IRS Gives Tax Deadline Relief to Victims of Hurricane Irma
The IRS today announce that they are extending tax filing deadlines for victims of Hurricane Irma to January 31, 2018. The relief applies to any area designated by FEMA as qualifying for individual assistance (areas in Florida, Puerto Rico, and … Continue reading
Posted in IRS
Tagged Hurricane.Irma
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IRS Appeals Steele Decision
Earlier this year a court ruled that the IRS cannot charge for Practitioner Tax Identification Numbers (PTINs). To no one’s surprise, yesterday the IRS appealed the decision to the US Court of Appeals for the District of Columbia. It will … Continue reading
Can You Use a §1031 Exchange to Defer Gain with Cryptocurrency?
I recently wrote an article noting that if you exchange one cryptocurrency for another you have a capital gain (or loss). I was recently asked if you could defer such a gain by using a §1031 Exchange. What Is a … Continue reading
Posted in Cryptocurrencies
Tagged Bitcoins
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Gilbert Hyatt (Mostly) Wins at Board of Equalization; What This Teaches Us About Moving from California
Remember Gilbert Hyatt? He’s the microprocessor inventor who made a fortune and then moved to no-tax Nevada from high-tax California, but California’s Franchise Tax Board (FTB) said didn’t move. The case has gotten to the US Supreme Court twice, and … Continue reading
Posted in California
Tagged Domicile, GilbertHyatt
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IRS e-Services Outages the Next Two Weekends
The IRS announced today that they will be conducting their normal Labor Day maintenance this coming weekend. Most IRS e-Services applications will be down beginning Saturday, September 2nd at 8pm EDT, with normal operations scheduled to resume Tuesday, September 5th … Continue reading
The Law Isn’t Fair, But You Have to Pay the Tax
A California couple received an Advance Premium Tax Credit (part of the “Affordable Care Act,” aka ObamaCare). Through bureaucratic errors at Covered California, they’re unable to change their plan once they’re both employed to stop the credit, nor do they … Continue reading
Posted in California, Tax Court
Tagged ObamaCare
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IRS Gives Tax Relief to Victims of Hurricane Harvey
The IRS announced today that they are granting residents of parts of Texas additional time to file certain individual and business tax returns and make some payments; the extension is until January 31, 2018. This relief currently applies for 18 … Continue reading
Posted in IRS
Tagged Hurricane.Harvey
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The IRS Is Coming! The IRS is Coming!
As first reported by Bob McKenzie this morning, the IRS has purchased software to help them identify Bitcoin transactions. The IRS is reportedly using a product from Chainalysis, Inc., a New York-based supplier of products used to analyze Bitcoin activity. … Continue reading
Posted in Cryptocurrencies, IRS
Tagged Bitcoins
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Taxes When a Cryptocurrency Splits Into Two
The IRS ruled that cryptocurrencies are treated as property (like stocks and bonds). What happens when a cryptocurrency splits into two separate cryptocurrencies? Let’s start with the analogous situation with a stock. Suppose Acme Industries, Inc. spins off its subsidiary, … Continue reading
Posted in Cryptocurrencies
Tagged Bitcoins
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