From Russ Fox, EA, of Clayton Financial and Tax of Las Vegas, NV. All of the items below are for information only and are not meant as tax advice. Please consult your own tax advisor to see how each item impacts your own situation.
Thousands of poker players (9,208 to be exact) came to Las Vegas over the Fourth of July weekend to enter the main event of the World Series of Poker (WSOP) all looking for the $10 million first prize. But that … Continue reading →
The saga of former Supreme Court litigator Tom Goldstein concluded on Friday in Greenbelt, Maryland. Mr. Goldstein was sentenced to six years at ClubFed and must make restitution of $3,103,427. His bond was revoked at sentencing, and he was taken … Continue reading →
Yesterday, I picked up a copy of the very first income tax form: the 1913 Form 1040. It’s four pages (including instructions). We’re going to display it in our office. Back in 2018 (during the first Trump Administration), the IRS … Continue reading →
One of the tools tax professionals (and savvy taxpayers) use are IRS Wage & Income Transcripts. These show the items that the IRS has on file: things like W-2s, W-2Gs, K-1s, and 1099s. Normally, these are available around Memorial Day … Continue reading →
Yesterday, I noted that I had made 41 tries to reach the IRS’s Practitioner Priority Service and received a “courtesy disconnect” each time. Try 42 met the same fate, but to my surprise the 43rd try got me into the … Continue reading →
I need to speak to the IRS’s Practitioner Priority Service regarding (as of today) ten client matters. I have been calling since May 4th–and calling the moment the phone lines open (7am local time). It’s illegal for me to record … Continue reading →
There are no typographical errors in the headline of this post. A couple of recent news stories out of California bring home that it’s time for anyone residing in the Golden Bronze State to seriously consider moving. First, the “Train … Continue reading →
Every year clients ask us this question: I paid my tax via IRS Direct Pay (or you had my account debited). Why hasn’t my payment come out yet? The answer to this question is simple, and there’s nothing your tax … Continue reading →
…it probably is. That’s how the cliche goes, and it’s generally accurate. If someone tells you: If you invest $10,000 in [whatever], you magically get a $50,000 deduction; If you buy $20,000 of Brazilian accounts receivable, you can get a … Continue reading →
The IRS recently highlighted that taxpayers should choose tax professionals wisely; I agree. I’ve had this as a Bozo Tax Tip in the past, but a new client highlighted this issue for me. In the previous iteration of this “tip,” … Continue reading →