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Author Archives: Russ
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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On Tulips and Bitcoins
When I was in junior high school, I remember being taught about the 17th century tulip mania. Tulips in 1637 cost more than a house! That was a bubble (though some economists think there may have been rational explanations, let’s … Continue reading
IRS E-Services Outage Postponed…Again
Back in June the IRS was going to do a major update of their E-Services (what tax professionals, software developers, and return transmitters use to access IRS computer systems). That update was postponed. Last month the IRS announced that the … Continue reading
Did I Prepare 5% of the Tax Returns with Bitcoin in 2015?
The IRS is attempting to force Coinbase to disgorge a list of its customers who have traded Bitcoins. Back in March, an IRS agent, as part of attempting to enforce its summons against Coinbase, stated that there were only 802 … Continue reading
Posted in Cryptocurrencies, IRS
Tagged Bitcoins
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Vacation
It’s time for my annual vacation. If something earth-shattering in the tax world happens while I’m relaxing, I’ll take time out to post on it. Otherwise, enjoy the fine bloggers listed in the blogroll on the right. I’ll be back … Continue reading
Posted in Taxable Talk
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Here’s a Step-by-Step Manual of How to Go to Prison for Taxes
Do note that I absolutely, positively, do not recommend you follow the procedures done below. But if you want to go to ClubFed for a tax crime, it’s a superb illustration. You start a home health care business. (The business … Continue reading
Posted in Payroll Taxes, Tax Evasion
1 Comment
The 2017 Real Winners at the World Series of Poker (London Calling, Again)
The main event of the World Series of Poker has completed: 7,221 ponied up $10,000 to enter. The final nine players began competing on Thursday; last night the winner was crowned. How much of his winnings does he get to … Continue reading
Posted in Gambling
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“I Ain’t Got It, So You Can’t Get It” Doesn’t Generally Apply to the IRS
Ain’t never gave nothin to me But everytime I turn around Cats got they hands out wantin something from me I ain’t go it so you can’t get it… So goes part of the lyrics of “X Gon’ Give It … Continue reading
Posted in Tax Evasion
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The IRS Gives Good Suggestions on Handling an IRS Notice
Earlier this week the IRS sent out “Tips on How to Handle an IRS Letter or Notice:” Tips on How to Handle an IRS Letter or Notice The IRS mails millions of letters every year to taxpayers for a variety … Continue reading
Posted in IRS
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