Author Archives: Russ

A February 17th Start to Tax Filing Next Year?

Posted on August 3, 2025 by Russ

Yes, we’re looking at a late start to Tax Season next year.  New IRS Commissioner Billy Long said at the recent National Association of Enrolled Agents (NAEA) annual meeting (per a friend’s email–I did not attend) that the IRS expects … Continue reading →

Posted in IRS, Tax Preparation | Tagged | Comments Off on A February 17th Start to Tax Filing Next Year?

New Portal Delayed Until Next Week

Posted on August 1, 2025 by Russ

Our newsletter (which has gone out) notes that you should have received an announcement on our new web portal.  You haven’t.  The current (old) portal is still active; the new portal will be released next week as there was a … Continue reading →

Posted in Taxable Talk | Comments Off on New Portal Delayed Until Next Week

The Real Winners of the 2025 World Series of Poker: Zero Is the Best Number

Posted on July 17, 2025 by Russ

This year’s main event of the World Series of Poker (WSOP) attracted 9,735 entrants each of whom paid $10,000 attempting to become the World Champion. This wasn’t a record (last year’s field had 10,112), but it was still the third … Continue reading →

Posted in Gambling | Tagged | Comments Off on The Real Winners of the 2025 World Series of Poker: Zero Is the Best Number

Did the W-2G Threshold for Slots Get Increased in the One Big Beautiful Bill?

Posted on July 15, 2025 by Russ

I’ve seen reports online that the threshold for issuance of W-2Gs was increased in the One Big Beautiful Bill (OBBB) to $2,000 from $600.  Is that true? First, the threshold for issuance of many 1099s was increased by the OBBB to $2,000 … Continue reading →

Posted in Gambling, Legislation | Comments Off on Did the W-2G Threshold for Slots Get Increased in the One Big Beautiful Bill?

Senate Version of Big, Beautiful Bill Is Bigly Ugly Towards Gambling

Posted on July 1, 2025 by Russ

The extension to the Tax Cuts and Jobs Act (TCJA) is now in the Senate as the “Big, Beautiful Bill.”  The Senate version will likely receive a final vote today (and pass); however, it is quite different in certain areas … Continue reading →

Posted in Gambling, Nevada | Comments Off on Senate Version of Big, Beautiful Bill Is Bigly Ugly Towards Gambling

Missouri Joins New Jersey in the Hall of Shame for Encouraging Identity Theft

Posted on June 6, 2025 by Russ

Earlier this year the New Jersey Division of Taxation asked one of my clients to email documentation–including his social security number.  We refused.  As New Jersey’s own advice notes, emailing personally confidential information like a social security number is a … Continue reading →

Posted in Missouri | Comments Off on Missouri Joins New Jersey in the Hall of Shame for Encouraging Identity Theft

WSOP and Taxes: 2025 Update

Posted on May 27, 2025 by Russ

The 2025 World Series of Poker (WSOP) begins later today here in Las Vegas at the Paris and Horseshoe hotels (the hotels are linked). There are also several other tournament series that have either begun or will soon begin at … Continue reading →

Posted in Gambling | Comments Off on WSOP and Taxes: 2025 Update

Today Is Tax Day

Posted on April 15, 2025 by Russ

Today is April 15th.  Besides being the 14th anniversary of “Black Friday,” it’s Tax Day in the US. If you haven’t filed your returns, file an extension NOW!  That said, if you live in a federal disaster zone it might … Continue reading →

Posted in Arkansas, California, Florida, Georgia, North Carolina, South Carolina, Tax Preparation, Tennessee | Tagged | Comments Off on Today Is Tax Day

Bozo Tax Tip #1: Not Remitting Payroll Taxes

Posted on April 11, 2025 by Russ

A couple of years ago, I received a visit from a member of the IRS’s Criminal Investigation unit.  It turns out a client, call him Larry, had worked for a company that decided to not remit payroll taxes.  The loss … Continue reading →

Posted in IRS, Payroll Taxes | Tagged | Comments Off on Bozo Tax Tip #1: Not Remitting Payroll Taxes

Bozo Tax Tip #2: The Eternal Hobby Loss

Posted on April 10, 2025 by Russ

The goal of must businesses is to make money. There aren’t many businesses that can lose on each sale and make it up in volume. In fact, I don’t know of any. But I digress…. So let’s take Sam and … Continue reading →

Posted in IRS | Tagged | Comments Off on Bozo Tax Tip #2: The Eternal Hobby Loss