Category Archives: IRS

It Pays to Read the Lease

Posted on January 19, 2012 by Russ

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 →

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January Tax Deadlines: Estimated Payments on Tuesday

Posted on January 15, 2012 by Russ

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.

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The IRS Gives Helpful Tips for Choosing a Tax Professional

Posted on January 6, 2012 by Russ

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 →

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IRS Acquiesces to Decision in Mayo v. Commissioner

Posted on December 27, 2011 by Russ

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 →

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Casualty Losses, Constructive Receipt and Full Tilt Poker

Posted on December 21, 2011 by Russ

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 →

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Paranomastically, Ecdysiasts Engaging in Deciduous Calisthenics (And Some Basis, too)

Posted on November 23, 2011 by Russ

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 →

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Dearest Commissioner Shulman…

Posted on November 21, 2011 by Russ

I prepare a lot of Schedule C (sole proprietor) returns. That comes with the nature of my practice: I have a lot of professional gamblers as clients, and they file Schedule C. The IRS knows that there are unscrupulous tax … Continue reading →

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Irene E-File Deadline is Halloween Morning

Posted on October 26, 2011 by Russ

I just spoke with my software vendor and learned that the e-file deadline for those impacted by Hurricane Irene is 9am EDT on October 31st (6am PDT). Effectively, the deadline is Sunday night for me. As to why the IRS … Continue reading →

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A Chestnut Is in the Rough

Posted on October 24, 2011 by Russ

Another week, two more individuals have been sued by the Department of Justice for allegedly promoting phony tax schemes. Rodney Chestnut and Nafeesah Hines are alleged to have found a unique way for you and I to obtain tax refunds: … Continue reading →

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What the New Form 1099-K Hath Wrought: Changes on Business Tax Forms

Posted on October 24, 2011 by Russ

There’s a new information reporting form coming this year: Form 1099-K. This form will report how much in payments are received by anyone via credit card and other third party payment systems (e.g. PayPal). This seems like a good way … Continue reading →

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