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Category Archives: IRS
Good Riddance: Reconciliation of Credit Card Deposits on Tax Returns Won’t Happen
As I noted last week, the problem of entering 1099-K’s for recipients of those forms was deferred until 2012. It turns out that the IRS acquiesced to complaints from tax professional and other groups, including the Retail Industry Leaders Association … Continue reading
A Problem Deferred: 1099-K’s
This year sees the introduction of Form 1099-K. This form reports merchant and third-party payments you’ve received. We were supposed to note these on separate lines on our tax returns, but not any longer: For tax year 2011 the IRS … Continue reading
IRS Street Addresses (Updated)
Most taxpayers use the Postal Service to send their returns to the IRS. However, you can use Federal Express or UPS. The problem is the IRS hides the street addresses of their service centers on their website if you need … Continue reading
It Pays to Read the Lease
Today the Tax Court looked at whether a rental was passive or active. But there was a major difference from most such cases: The taxpayer claimed his lease was passive while the IRS thought it was not passive. Most of … Continue reading
January Tax Deadlines: Estimated Payments on Tuesday
The first of the January deadlines is upon us. Estimated tax payments (Form 1040-ES) are due by Tuesday, January 17th. That’s a postmark deadline. As always, I strongly recommend certified mail, return receipt requested.
Posted in IRS
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The IRS Gives Helpful Tips for Choosing a Tax Professional
The IRS, as we previously noted, now has a YouTube channel. Here’s their latest video on choosing a tax professional: You can also read their suggestions in this article:: Check the person’s qualifications. Ask if the preparer is affiliated with … Continue reading
Posted in IRS
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IRS Acquiesces to Decision in Mayo v. Commissioner
The IRS has acquiesced to the decision in Mayo v. Commissioner; this decision will be published in the January 17, 2012 issue of the Internal Revenue Bulliten according to Linda Beale. The Mayo case allows a professional gambler to deduct … Continue reading
Casualty Losses, Constructive Receipt and Full Tilt Poker
I’ve been asked numerous times over the past few weeks one question by poker players: “Can I take a casualty loss on the money I have tied up on Full Tilt Poker?” The answer is a definite maybe, but even … Continue reading
Paranomastically, Ecdysiasts Engaging in Deciduous Calisthenics (And Some Basis, too)
I need to thank Judge Mark Holmes of the Tax Court. Judge Holmes wrote an opinion today that is wonderful and has expanded my vocabulary. It’s also a great case. Robert Willson bought a bar in Des Moines, Iowa. His … Continue reading
Posted in IRS, Tax Court
Tagged StripClubs
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