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Tax Impact of Bitcoin Transactions and Gambling

Bitcoin Crypto Currency

Bitcoin became mainstream in 2014. It was the first year that major retailers started accepting the online currency and it was the first time many taxpayers learned exactly what it was (if you have questions about Bitcoin, be sure to read this). IRS announces bitcoins to be treated as property Some taxpayers needed to quickly change […]

WSOP 2015

The 2015 World Series of Poker kicked off yesterday with the Employee’s Event and continued with a $5,000 no limit event. The Kondler & Associates booth is up and running in our usual location just outside the Pavilion Room. We will be there for the entirety of the series, so if you have any questions […]

Preparer Fraud Tied to Affordable Care Act

If you did not have health insurance during 2014, you may be subject to a penalty when you file your return. The penalty, known as the shared responsibility payment, is part of the Affordable Care Act that went into effect in 2014. The IRS has recently announced that preparers are informing their clients that they […]

Are Online Lotteries Gaining Steam?

In recent years, states have taken their lotteries online to boost ticket sales and increase profits. Georgia launched their online lottery program back in 2012, but last week, they rolled out a new addition to their program. The state partnered with Gtech, an Italian gaming company, and expanded the game library offered online. Along with […]

IRS Employment Woes Deepen

It is no secret that the IRS will be completely understaffed for the upcoming tax season. I have talked about it before and am reminded whenever I call the tax preparer hotline and wait on hold for over two hours. After the budget was cut and hiring was lessened, it would seem that things could […]

Repairs Regulation Update

Great news for small-business owners, and accountants as well. The previously discussed repairs regulation, which would have cost small businesses time and money this tax season, has been simplified. Today, the IRS announced relief under the regulation, which allows companies with assets of $10 million or less (or annual gross receipts of $10 million or […]

You Can’t Do That!

It’s always fun when “You Can’t Do That” rolls around because it means that it is Friday and that I get to take a look at what people think they can get away with. This week starts off with a CPA, James Lee, from New York. Mr. Lee was tasked with handling the business returns […]

Premium Tax Credit Overpayment Relief

Earlier, I gave a brief overview of the Premium Tax Credit and how it could affect your 2014 return. In the overview, I mentioned that there are two ways to receive the credit: 1) as a “lump sum” at the end of the year when you file your return or 2) as equal monthly installment […]

Your 2014 Tax Return – Part IV: Last Year’s Return

The first three segments of these posts (Part I, Part II and Part III) covered the documentation necessary to file your 2014 return. This segment will focus on how you can use your return from 2013 to help you file this year. If you are returning to a tax preparer you used in the previous year, they will already have your return on file, so there is not much to worry about. However, if you are using a new preparer, it is always best practice to bring a copy of your latest year’s return for their review.

Hockey in the Desert? Count Me In!

I have been a lifelong hockey fan. My son played hockey growing up, so I was always coaching or watching from the stands. We were both die-hard New Jersey Devils fans and would always go to as many games as we could during the season. I was even fortunate enough to see them lift the […]

TurboTax Provides Reminder: Always Be Alert for Fraud

This has been going around in the news the last few days, but I wanted to write a quick follow-up in case this affects you or someone you know. Last week, TurboTax temporarily halted its state e-file services as a result of an increased level of “suspicious” filings. After investigation, TurboTax deemed that its software […]

You Can’t Do That!

In last week’s “You Can’t Do That”, I referenced a preparer who practiced only minutes away from my hometown in New Jersey. This week, we kick things off with two individuals who carried out a scheme only a few miles away from my office in Las Vegas. Wayne Reeves and Diana Vaoga ran an illegal tax […]

What’s in a Name?

I recently had a client ask me a few questions regarding her recent marriage. She had gotten married during the second half of 2014 and her new, married name was on the official marriage certificate. However, she did not have the time to change her name elsewhere (Social Security Office, bank accounts, credit cards, etc.). […]

Unemployed During 2014? You May Owe Taxes

Being unemployed puts every taxpayer in a stressful position. Between trying to make ends meet and searching for a new job, the last thing many people are thinking about is their tax situation. However, if you received unemployment compensation during the year, you will receive Form 1099-G and any income shown must be reported as […]

Baseball, Taxes and the $200 Million Dollar Man

Max Scherzer recently signed an unprecedented contract with the Washington Nationals in which he will be paid $210 million over 14 years. Multiple teams were vying for one of the league’s top pitchers, but the Nationals were the ones who were eventually able to woo him. There were probably multiple reasons (roughly 210 million if I […]

Your 2014 Tax Return – Part III: Proof of Insurance

In Parts I and II, I went through the documentation you will be receiving from your employer, lender, brokerage firm or government that shows your income and deductions throughout the year. Today, I will touch upon what you need to prove you were covered by health insurance throughout the year. When you are filing your […]

You Can’t Do That!

This week’s “You Can’t Do That” kicks off in my home state of New Jersey (this fraudster actually lives in the town adjacent to my current hometown). Sharif Mahfouz, of Brick, New Jersey, operated a tax preparation company that primarily provided tax return help to expatriots. Mr. Mahfouz had his clients sign-off on their returns, […]

Avoidable Tax Mistakes

It is early enough in the year to start planning your tax return and determining the potential financial ramifications. Whether you will owe money to Uncle Sam at the end of the year, or be due a refund, here are some helpful tips that could better prepare you for the coming months. Always File Your […]

Proposed Regulation Could Change Poker in Nevada (Update)

Good news for poker players in Nevada! Today, AG Burnett, the Chairman of the Nevada Gaming Control Board, commented on SB 40 that was mentioned earlier this week. He said that the bill is strictly aimed at curbing third-party betting regarding to sports and racebook activity, not poker. This is a sigh of relief for the […]

New Jersey: Death and (Gas) Taxes

I was born and raised in New Jersey and it is where I opened my first practice. I still have an office in New Jersey, so any time a local story turns up that could affect my New Jersey clients, I try to give my thoughts on the matter. New Jersey, from a tax perspective, has […]

Your 2014 Tax Return – Part II: Deductions and Related Forms

Part I of the series discussed the most popular forms received at the end of the year that report income to the IRS. Part II focuses on other forms you may be receiving shortly that will help you offset some of your income: Form 1098 This form will be sent to you by your bank or […]

Proposed Regulation Could Change Poker in Nevada

If you walk through the halls of the Rio during the World Series of Poker, or through any poker room for that matter, you will quickly discern that many players are involved in a staking arrangement of some kind. Whether backed or swapping action, players have realized that it is less risky to parcel out […]

You Can’t Do That!

In this week’s “You Can’t Do That” I will take a look at a New Orleans woman and her prison scheme, a greedy Philadelphia preparer and an ex-IRS employee who all decided it would be a good idea to try and steal from Uncle Sam.

MLB Player Settles Bill with IRS (Update)

A few weeks ago I mentioned former MLB player Darryl Strawberry’s ongoing issue with the IRS. In short, he owed the IRS, so the IRS announced it would auction off the rights to his deferred compensation. The auction began at $550,000 and concluded yesterday. The highest bid? $1.3 million. This equates to the full value of the annuity […]

Department of Revenue May Have a “Ruff” Time in Court

The Indiana Department of Revenue is being sued for compensatory damages regarding a 2009 tax case. The case, Garwood v. Indiana, revolves around a $125,000 tax liability, including interest, owed by the taxpayer. The taxpayer was in the business of breeding and selling dogs and did not properly remit sales tax during the period in question. Since […]

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