Category Archives: IRS

Form 8300, Cryptocurrency, and Gambling: An Update

Posted on January 8, 2024 by Russ

Last August I wrote a post noting that as of January 1, 2024 cryptocurrency is considered to be cash for Form 8300 reporting requirements.  Here’s what I wrote last August: A Twitter/X post from John Reed Stark reminded me about … Continue reading →

Posted in FINCEN, Gambling, Information Returns, IRS | Comments Off on Form 8300, Cryptocurrency, and Gambling: An Update

It’s Time to Start Your 2024 Mileage Log

Posted on January 3, 2024 by Russ

I’m going to start the new year with a couple reposts of essential information. Yes, you do need to keep a mileage log: Yesterday was the first business day of the new year for most. You may have resolved to … Continue reading →

Posted in IRS | Tagged | Comments Off on It’s Time to Start Your 2024 Mileage Log

The 2023 Tax Offender of the Year

Posted on December 29, 2023 by Russ

So many try every year for my award–The Tax Offender of the Year.  It’s not really something to be proud of; after all, to win this award you need to commit really big tax fraud or a series of Bozo-like … Continue reading →

Posted in International, IRS, Tax Fraud | Tagged | Comments Off on The 2023 Tax Offender of the Year

An IRS Identity Protection Unit Saga: Part 5

Posted on December 18, 2023 by Russ

When I last updated this saga (on September 22nd), I hadn’t heard a thing from the IRS or my request for the Taxpayer Advocate Office to take a look at the missing refund for my client (call him John Smith).  … Continue reading →

Posted in IRS | Tagged , | Comments Off on An IRS Identity Protection Unit Saga: Part 5

IRS Announces 2024 Standard Mileage Rates

Posted on December 14, 2023 by Russ

This morning, the IRS announced the 2024 standard mileage rates for automobile usage.  Those rates will be: 67ȼ per mile for business use, up from 65.5ȼ per mile in 2023; 21ȼ per mile for medical purposes, down from 22ȼ per … Continue reading →

Posted in IRS | Tagged | Comments Off on IRS Announces 2024 Standard Mileage Rates

IRS Announces One-Year Delay in $600 1099-K Requirement

Posted on November 21, 2023 by Russ

The IRS announced today a one-year delay in the $600 1099-K threshold.  Additionally, the IRS announced that they will phase-in the requirements with a $5,000 threshold for the 2024 tax year.  While the IRS phrased the announcement as resulting from … Continue reading →

Posted in IRS | Tagged | Comments Off on IRS Announces One-Year Delay in $600 1099-K Requirement

The Almost-End of the 2023 Tax Season

Posted on November 16, 2023 by Russ

It’s been a while since I posted: family issues, tax deadlines, and paper in every direction has made me concentrate on serving my clients, and not the blog.  I’ll have a recap of the 2023 Tax Season soon, but today … Continue reading →

Posted in California, Florida, IRS, Maine, Massachusetts, South Carolina | Tagged | Comments Off on The Almost-End of the 2023 Tax Season

Maine & Massachusetts Conform to IRS Hurricane Extension

Posted on October 4, 2023 by Russ

In the US we have a dual system of taxation: federal and state taxes.  Of course, you can be a resident of a state without state income tax like me and not have to deal with state income taxes, but … Continue reading →

Posted in IRS, Maine, Massachusetts | Tagged | Comments Off on Maine & Massachusetts Conform to IRS Hurricane Extension

An IRS Identity Protection Unit Saga: Part 4

Posted on September 22, 2023 by Russ

Last week I continued the saga of my client, call him John Smith, who has been waiting and waiting to receive his 2020 tax refund.  His 2020 federal return was selected for identity verification; he successfully completed that process in … Continue reading →

Posted in IRS | Tagged | Comments Off on An IRS Identity Protection Unit Saga: Part 4

An IRS Identity Protection Unit Saga: Part 3

Posted on September 11, 2023 by Russ

One week ago I uploaded Part 2 of my client’s ongoing saga of obtaining his 2020 tax refund.  My client, call him John Smith, was supposed to either receive his refund by mid-August or we were supposed to receive a … Continue reading →

Posted in IRS | Tagged | Comments Off on An IRS Identity Protection Unit Saga: Part 3