Author Archives: Russ

IRS Not Moving e-Services to a New Platform this Week

Posted on June 12, 2017 by Russ

The IRS had planned on moving e-Services to a new platform on Thursday, June 15th. However, today I received an email stating it has been postponed until later this summer: The planned move of IRS e-Services to a different platform … Continue reading →

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IRS Interest Rates Unchanged for Third Quarter 2017

Posted on June 9, 2017 by Russ

The IRS announced today that third quarter interest rates will remain unchanged: The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning July 1, 2017. The rates will be: • four (4) … Continue reading →

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I See $25,000 In Your Future

Posted on June 8, 2017 by Russ

When I start reading a Tax Court decision and see the sentence, “Petitioner and her husband derived considerable income from peddling this scheme to gullible individuals,” you know it’s not going to be a good day for petitioners. But I’m … Continue reading →

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Court Rules IRS Cannot Charge for PTINs

Posted on June 2, 2017 by Russ

Back in 2010 to 2011 the IRS ordered all tax professionals to obtain a PTIN–a Preparer Tax Identification Number. The IRS stated this was necessary to track tax professionals, and would help in regulating the tax professional community. There is … Continue reading →

Posted in IRS, Tax Preparation | Tagged , | 2 Comments

Thank You, Joe Kristan

Posted on May 27, 2017 by Russ

Most mornings I begin my day by reading a few tax blogs. This has helped me learn what’s happening in the tax world. After all, there’s one of me so the more sets of eyes, the better. Joe Kristan had … Continue reading →

Posted in Taxable Talk | Tagged | 1 Comment

Illinois and California Race for the Bottom

Posted on May 27, 2017 by Russ

It appears that Illinois and California are in a race to see which can impose the worst tax policies. The Illinois legislature is debating a “Privilege Tax;” California is debating single-payer health care. Neighboring states to each are likely envisioning … Continue reading →

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Exchanging One Cryptocurrency for Another Is a Taxable Event

Posted on May 27, 2017 by Russ

Let’s assume I own some Bitcoins and you own some Ethereum; these are two cryptocurrencies. We think they’re each worth $5,000 and we agree to swap them. Do we have a taxable event? The IRS consideres cryptocurrencies to be akin … Continue reading →

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WSOP and Taxes: 2017 Update

Posted on May 22, 2017 by Russ

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 →

Posted in Gambling | Tagged , | 9 Comments

Do You Need a License to Sell Bitcoins?

Posted on May 15, 2017 by Russ

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 →

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The TurboTax Defense Fails Again

Posted on May 11, 2017 by Russ

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 →

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