Category Archives: IRS

35,300,000

Posted on June 30, 2021 by Russ

This morning, The National Taxpayer Advocate issued her semi-annual report to Congress.  In the report is the true state of tax returns at the IRS.  Fair warning, it’s not a pretty picture. As of the close of the filing season … Continue reading →

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Here We Go Again: Bias in the IRS’s Tax Exempt Group

Posted on June 20, 2021 by Russ

Most of us remember the IRS scandal from 2013.  In that scandal we learned that the IRS and/or individuals working at the IRS deliberately targeted conservative tax exempt (nonprofit) organizations.  It was a huge scandal at the time, and it … Continue reading →

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§1031 Exchanges for Cryptocurrency: The IRS Thinks Not

Posted on June 19, 2021 by Russ

Back in September 2017 I wrote a piece titled, “Can You Use a §1031 Exchange to Defer Gain with Cryptocurrency?”  The conclusion I drew was, “[M]ost exchanges of one cryptocurrency for another do not qualify as §1031 exchanges and it’s … Continue reading →

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“I Haven’t Received My IRS Refund. Can You Help Me?”

Posted on June 18, 2021 by Russ

This past week I fielded a number of phone calls asking this question.  Unfortunately, the answer is no.  Neither I nor any other tax professional can speed up your IRS refund. First, the good news: about 90% of IRS refunds … Continue reading →

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The 2021 Tax Season (Part 1)

Posted on June 14, 2021 by Russ

I’ve had good Tax Seasons and bad Tax Seasons, but the first part of the 2021 Tax Season was unique.  And uniqueness doesn’t mean good nor does it mean bad.  Both points were present this year, and continue to be … Continue reading →

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IRS Reminds Taxpayers of April FBAR Deadline. So What!

Posted on April 9, 2021 by Russ

The IRS sent out a press release this morning noting the FBAR deadline remains April 15th.  The FBAR is the Report of Foreign Bank and Financial Accounts (FinCEN Form 114), and must be filed if you have $10,000 aggregate in … Continue reading →

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If You Used Poloniex and Did Not Report Your Crypto…

Posted on April 2, 2021 by Russ

…now is a very good time to amend your tax returns to include those cryptocurrency gains and losses.  The Department of Justice announced that a federal court in Massachusetts ordered Circle Internet, the former parent company of Poloniex, and Poloniex … Continue reading →

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25 Million (and Counting)

Posted on April 1, 2021 by Russ

Today is April Fool’s Day.  I wish this post were a joke–and I guess in one way it is.  Unfortunately, what I’m reporting is true. Yesterday, National Taxpayer Advocate Erin Collins told a webinar that 25 million tax returns need … Continue reading →

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More IRS Correspondence Follies

Posted on March 25, 2021 by Russ

Two more examples came in yesterday’s mail regarding the IRS’s troubles with correspondence.  First, clients received an Automated Underreporting Unit (AUR) notice in late December (2020) regarding income allegedly not included on their return.  It was included, and we faxed … Continue reading →

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Miccouskees Reach End of the Road

Posted on March 22, 2021 by Russ

The Miccouskee Tribe runs a very successful casino outside of Miami.  The tribe itself is a sovereign nation and is exempt from federal taxation.  However, its members are US citizens and owe tax on all their income.  The tribe offered … Continue reading →

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