June 24, 2018

Taxes

Ready or Not, Here Comes the Postcard-Sized 1040

Remember when President Trump smooched a postcard-sized paper that was supposed to look like a tax form to show support for the GOP tax plan? Well, I really don’t want to know what he’s going to do to the actual postcard-sized Form 1040 that the Treasury Department is planning to roll out next week. From […]

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Some Cryptocurrency Traders Opting for ‘Screw It’ Tax Compliance Approach

Here’s an amusing New York Times column by Kevin Roose that features a rafter of cryptocurrency traders distressed about their tax situations. As we noted earlier this year, some crypto traders got mad/sad upon learning that taxes were a thing they had to deal with. And according to Laura Walter, aka Crypto Tax Girl, some […]

cpa run for office

Let’s Cool It With All the ‘CPAs Should Run for Office Because Taxes’ Talk

Crazy enough to think that people will care that he can look at a 1040 and not soil himself. Should CPAs run for office? According to this gushy post at the AICPA, the answer is a resounding: YAAAAS. When you’re a CPA, you have a solid understanding of the many issues that power government: taxes, […]

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 […]

EY Thought the Weatherford Audit Could Turn Out Badly; It Turned Out Badly

I'm not sure if there's a pattern or not, but it sure seems like the Big 4 take turns being the poster child of sloppy auditing. Sometimes the stretch is long and sometimes it's short, but it's inevitable that something blows up and one firm will be back on top as the King of Failed […]

Exposure Drafts: Paying No Taxes Makes Donald Trump Rich, Not Smart

Exposure Drafts appears every other Wednesday. Send comments and suggestions to [email protected]

New Bill Calls for Drug-Testing Taxpayers Claiming More Than $150k in Itemized Deductions

A big part of politics, I think, is trolling. And, just like on the internet, it works! Look no further than the presumptive nominee of the Republican Party. He's basically the Fox Nation comment section incarnate and yet, he could be the next President of the United States! From a legislative standpoint, this works too. […]

Paying Taxes Now as Convenient as 7-11

I'm somewhat nonplussed by this: In a program aimed at individual taxpayers who lack checking accounts or credit cards, the IRS has unveiled a partnership with retail stores (currently only 7-Eleven) to allow these taxpayers to pay their federal tax bill in cash (IR-2016-56). Called PayNearMe, taxpayers can pay up to $1,000 a day at […]

Tax Season Scares Millennials

A NerdWallet/Harris survey found that 80% of taxpayers aged 18-34 "are fearful about some aspect of preparing their taxes." That's the largest percentage of any age group. Millennials are also most worried about "leaving tax-refund money on the table" and "more likely than other age groups to ask key questions before hiring help." Here's some […]

Tax Nerds Set Record Straight on Tax Code vs. NFL Rulebook Complexity

If there's one thing tax people can't stand, it's other people saying incorrect things about taxes. I know this because I used to be a tax person who spent lots time listening to superiors correct me (and others) constantly on nuances of the code. But, it's fine! Taxes are hard and people like showing off. […]