Category Archives: International

The 2020 Tax Offender of the Year

Posted on December 31, 2020 by Russ

Many are called; few are chosen. It’s time once again for that most prestigious of prestigious year-end awards, the Tax Offender of the Year. It takes more than cheating on your taxes; you need to really cheat or do a … Continue reading →

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Do Canadian Professional Poker Players Owe Income Tax?

Posted on November 5, 2020 by Russ

In the United States, the tax law can be boiled down to two sentences: Everything is taxable unless Congress exempts it. Nothing is deductible unless Congress allows it. Gambling winnings are taxed–they are an accession to income. An American professional … Continue reading →

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Forgot to File the FBAR? A Typo Gives You Two More Weeks

Posted on October 17, 2020 by Russ

The FBAR (Report of Foreign Bank and Financial Accounts) was effectively due last Thursday, October 15th. FINCEN (the Financial Crimes Enforcement Agency) issued an extension (the notice was released on October 6th) for those impacted by the recent natural disasters … Continue reading →

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Just File the FBAR

Posted on October 8, 2020 by Russ

One week from today is the tax filing deadline. It’s also the effective deadline for filing the Report of Foreign Bank and Financial Accounts, FINCEN Form 114; that’s the form that’s better known as the FBAR. The FBAR is part … Continue reading →

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Online Gambling and Offshore Cryptocurrency Exchange Mailing Addresses for 2020

Posted on February 27, 2020 by Russ

If you have one or more foreign financial accounts and you have $10,000 aggregate in those account(s) at any time during 2019, you must file the Report of Foreign Bank and Financial Accounts (the “FBAR”). This is Form 114 from … Continue reading →

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You Heard About that May 29th Filing Deadline, Right?

Posted on January 8, 2020 by Russ

So let’s look at important tax deadlines this year. There’s January 31st (the deadline to mail and file many 1099s and to distribute and file W-2s), March 15th (the deadline to file S-Corporation and partnership tax returns, and Forms 3520-A), … Continue reading →

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Bozo Tax Tip #3: Only Income Earned Outside the US Is Taxable

Posted on April 10, 2019 by Russ

A few days ago I was explaining to a client the basics of the US Tax Code: All income is taxable unless Congress exempts it; nothing is deducible unless Congress allows it. That’s the basics. My office is in Las … Continue reading →

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Bozo Tax Tip #6: They Shoot Jaywalkers, Don’t They? (Or Ignoring the FBAR)

Posted on April 5, 2019 by Russ

I have, unfortunately, become quite competent in the Report of Foreign Bank and Financial Accounts. That form is better known as the FBAR. It used to have the form number TD F 90-22.1 (yes, it really did) but now goes … Continue reading →

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Bozo Tax Tip #8: The Shell

Posted on April 3, 2019 by Russ

I was talking with a friend who is an attorney in the Midwest. She told me about an individual who decided to use ten layers of shell companies to hide his income. It worked so well that the Bozo had … Continue reading →

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A Dutch Lament: Where oh Where Is PokerStars Located?

Posted on January 9, 2019 by Russ

In a few weeks I’ll be publishing my list of where online gambling sites are located. A question that arose in the Netherlands is in regards to the location of PokerStars, the largest online poker site. An excerpt from my … Continue reading →

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