July 17, 2018

Taxes

Exposure Drafts: Guy Who Loves America Forgets That Taxes Go to America

Exposure Drafts appears every other Wednesday. Send your accounting cartoon ideas and favorite family fireworks mishaps to [email protected] You can follow Greg Kyte on Twitter.

Whoops! Tax Law Gaffe Puts Restaurants’ Renovation Plans on Hold

Back in December, White Castle Vice President Jamie Richardson was singing the praises of the GOP tax bill, calling it “the biggest good thing for small business in three decades and a generation.” But I think he might be changing his tune. The “House of Sliders” is among the fast-food restaurants and retailers that have […]

Trump’s Supreme Court Pick Wrote Majority Opinion in Loving v. IRS

As Politico tax reporter Bernie Becker pointed out today, federal appeals court judge Brett Kavanaugh, who President Trump nominated to replace the retiring Justice Anthony Kennedy on the U.S. Supreme Court, wrote the majority opinion in Loving v. IRS that the tax agency does not have the legal authority to regulate tax return preparers in […]

UPDATED: Ready or Not, Here Comes the Postcard-Sized 1040

Update, June 29, 2018: As expected, the Treasury Department and the IRS officially unveiled a draft version of the new postcard-style 1040 form, which will replace the current Form 1040, Form 1040A, and Form 1040EZ for the 2019 tax season. “As part of the historic Tax Cuts and Jobs Act, this administration committed to making taxes […]

IRS Commissioner Nominee Pledges He Will Work for All Taxpayers (Not Just Donald Trump)

Charles Rettig, the Beverly Hills, Calif., tax attorney who was nominated by President Trump to head the IRS and who once wrote that Trump’s lawyers should not advise him to release his tax returns, told senators on June 28 that he would work on behalf of the average Joe taxpayer, not just the rich. The […]

Religious Groups Think New Tax On Churches Is Blasphemous

Religious groups are starting to catch wind of a new tax quietly imposed by Republicans on churches and synagogues—and they are pissed. Yes, you read that correctly: a new tax imposed on churches. Politico reports: [Republicans’] recent tax-code rewrite requires churches, hospitals, colleges, orchestras and other historically tax-exempt organizations to begin paying a 21 percent […]

Man Who Would Have Unenviable Task of Overseeing Implementation of New Tax Law Changes at IRS Will Have Confirmation Hearing This Week

That man is Beverly Hills, Calif., tax attorney and member of the Academy of Magical Arts, Charles “Chuck” Rettig. The Hill reported last Friday that the Senate Finance Committee will hold a hearing scheduled for June 28 to consider Rettig’s nomination to be the next IRS commissioner. Rettig was nominated by President Trump earlier this […]

Exposure Drafts: 1099s Don’t Care If You Shun Them

Exposure Drafts appears every other Wednesday. Send your accounting cartoon ideas and list of your least favorite tax returns to [email protected] You can follow Greg Kyte on Twitter.

cryptocurrency trading taxes

Cryptocurrency Traders Learning That Taxes Are a Thing

Here’s an amusing MarketWatch story by Shawn Langlois on how cryptocurrency traders, presumably having no concept of income, are all bent out of shape about the taxes they owe on their trading gains. The lead kvetcher, latex_man, posted a thread entitled “I just did my taxes and it turns out I lost almost everything” and […]