Monthly Archives: September 2005

Bozo Tax Preparer Strikes Out

Posted on September 13, 2005 by Russ

After noting the previous Tax Court Decision, I was a bit surprised to find the final case reported yesterday to be a whopper. Consider a “professional” tax preparer who doesn’t prepare his own tax return. The IRS discovers that the … Continue reading →

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Dummy Returns or A Dummy?

Posted on September 13, 2005 by Russ

Sometimes one must only look in the mirror to see who is the bozo. Yesterday, a taxpayer who didn’t file claimed that the IRS “…prepared only “dummy returns” for 2000 and 2001, and that respondent’s determination of his deficiencies in … Continue reading →

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IRS Mileage Rate Increases

Posted on September 11, 2005 by Russ

IRS Commissioner Mark Everson announced on Friday that the standard mileage rate would increase to 48.5 cents/mile from 40.5 cents/mile, effective September 1st. Other mileage rates: Moving expenses: $0.22/mile, up from $0.15/mile Charitable work: $0.14/mile (set by statute). Hat tip: … Continue reading →

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Hatch Indicted

Posted on September 11, 2005 by Russ

Richard Hatch, the winner of the first Survivor television show, was indicted on ten counts of tax evasion and bank fraud. While his attorney calls the indictment “a publicity scheme,” Hatch could end up paying fines of over $1 million … Continue reading →

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Taxes and Online Gambling, Part 5: Poker Tournaments and Banking Issues

Posted on September 10, 2005 by Russ

This final article in the series begins with a discussion of withholding. This leads into a discussion of poker tournaments (in cardrooms and casinos). Lastly, we’ll examine banking regulations and how they impact online gambling. The IRS is mandated with … Continue reading →

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Katrina Relief: Supply Drop-Offs in Orange County

Posted on September 8, 2005 by Russ

If you live in Orange County, there are two places where you can drop off supplies for the Hurricane Katrina relief effort. First, Hurricanekatrinakidsrelief is accepting donations of bulk supplies on Saturday afternoon. Especially needed are diapers, wipe, formula, (baby … Continue reading →

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Katrina Update

Posted on September 7, 2005 by Russ

As of this morning, nearly $500 million has been given by Americans to charities for Katrina relief. Wow. (Assuming a 30% tax bracket, that’s nearly $150 million out of the IRS’ hands.) But I’d still like to encourage you to … Continue reading →

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Flavored Malt Beverages and California

Posted on September 7, 2005 by Russ

Malt liquors (and other malt beverages) have a higher alcohol content than standard beer (usually 5.5% or higher for malt beverages versus 3.5% for beer). That’s a fact. Recently, flavored malt beverages such as Mike’s Hard Lemonade have been introduced … Continue reading →

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Katrina Relief & The IRS

Posted on September 2, 2005 by Russ

As we mentioned yesterday, the relief from Hurricane Katrina will take months. Your contributions will be welcome not only today, but in the future. While we’re fans of the Salvation Army and United Jewish Communities, check with your employer and … Continue reading →

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