Monthly Archives: August 2005

It’s Renewal Time, So Here Comes the Scam

Posted on August 19, 2005 by Russ

My corporation’s annual renewal fee (mandatory fee of $25 to the Secretary of State of California) is due in September. So what comes in my mail today? A request from “State Corporate Compliance” so that I can pay an additional … Continue reading →

Posted in Scams | 2 Comments

The Bronze State?

Posted on August 19, 2005 by Russ

California continues to lose some of its luster. As reported by the TaxProf Blog, California athletes leave for brighter, er, cheaper (on a tax basis) pastures. For those who don’t remember, Californians passed Proposition 63 last November. This proposition added … Continue reading →

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Taxes and Online Gambling, Part 2: Repatriation and Income Recognition

Posted on August 17, 2005 by Russ

I recently read a blog where a very successful online poker player wrote, There really aren’t IRS regulations on online gambling. It exists in a grey area. As fun160 pointed out “In the financial markets money earned off-shore is not … Continue reading →

Posted in Gambling | 4 Comments

IRS Issues Priority Guidance Plan; Targets Include Poker Tournaments

Posted on August 17, 2005 by Russ

The IRS and the US Department of the Treasury issued their “Priority Guidance Plan”. A total of 254 projects are mentioned. The ones that the IRS has highlighted are: —Additional legal requirements for tax shelters; —Guidance on how to report … Continue reading →

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Deadline Day 2

Posted on August 15, 2005 by Russ

Today, August 15th, is the deadline for individuals who filed extensions to actually file their 2004 Federal tax returns. A second extension is available (until October 17th), but you need to have a reason (and have the IRS accept the … Continue reading →

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Taxes and Online Gambling, Part I

Posted on August 11, 2005 by Russ

I’m a poker player. I’ve been playing competitive poker, including tournaments, for several years, quite successfully. And yes, I claim my winnings on my tax return. I’m also co-author of a poker book. I’ve had a natural fascination with gambling … Continue reading →

Posted in Gambling | 4 Comments

“Doctored Receipts and Implausible Testimony”

Posted on August 11, 2005 by Russ

It’s not a good thing for you when the Tax Court begins its opinion with “…[the petitioner] seeks to deduct expenses by relying mostly — if not quite entirely — on doctored receipts and implausible testimony.” The opinion includes such … Continue reading →

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