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Author Archives: Russ
Thank You, Joe Kristan
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
Illinois and California Race for the Bottom
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
Posted in California, Illinois
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Exchanging One Cryptocurrency for Another Is a Taxable Event
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
Posted in Cryptocurrencies, IRS
Tagged Bitcoins
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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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