Monthly Archives: December 2007

The 2007 Tax Offender of the Year

Posted on December 30, 2007 by Russ

There are all sorts of awards given, but the award I give is special. To be considered for the Tax Offender of the Year award, you must do more than cheat on your taxes. It has to be special; it … Continue reading →

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California Economics

Posted on December 30, 2007 by Russ

In most of the world, economics follows the rules you learned in school. If prices increase and the supply stays constant, demand falls; if supply decreases and demand stay constant, price increases, etc. But I’m a resident of California. California … Continue reading →

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So I Married a Tax Cheat

Posted on December 27, 2007 by Russ

I remember the Michael Myers movie, So I Married an Axe Murderer. Today the Tax Court looked at a related issue: What happens if you marry a tax cheat but don’t know about it? The basic facts weren’t in dispute. … Continue reading →

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IRS Announces Which Taxpayers’ Returns Will Be Delayed

Posted on December 27, 2007 by Russ

The IRS announced today that most taxpayers will be able to file their tax returns normally. However, about 3 to 4 million taxpayers who use just a few forms will need to wait until February 11th. (While about 13.5 million … Continue reading →

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Snipes’ Motions Don’t Fly

Posted on December 27, 2007 by Russ

Wesley Snipes will be tried in Ocala, Florida, not New York City. That was just one of the rulings made yesterday by Judge William Hodges. The judge found that a jury in Florida would likely consist of the same racial … Continue reading →

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There’s a Good and a Bad Way to Change Your Address

Posted on December 26, 2007 by Russ

A partnership changes its address. What should it do to notify the IRS? Well, that’s fairly simple: Like any taxpayer it should send in Form 8822. Today, the Tax Court looked at a case where the partnership didn’t follow the … Continue reading →

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Gamblers, Keep Those Logs

Posted on December 26, 2007 by Russ

The Tax Court looked at another gambler’s attempt to write off substantial gambling losses. She claimed a losing year, but the IRS felt otherwise. Did she really have gambling losses, or were they a mirage? Gamblers, both professional or amateur, … Continue reading →

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Lumps of Coal for Christmas Tax Evaders

Posted on December 25, 2007 by Russ

There’s been lots of fraud over the past few days. People seem to be forgetting that cash sales are just as taxable as other sales. Let’s start in New York City. The New York Yankees may be one of baseball’s … Continue reading →

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Wash Sales Go To IRAs, Too

Posted on December 25, 2007 by Russ

Last week the IRS announced in Revenue Rule 2008-05 that wash sale rules impact transactions into an IRA. This could have a major impact to the unaware. A “wash sale” is when you sell shares of stock at a loss, … Continue reading →

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California Not So Golden For Residents

Posted on December 25, 2007 by Russ

In California’s last fiscal year (July 1, 2006 to June 30, 2007), 89,000 more people moved out of California than moved into the state. This is according to the annual report of the California Department of Finance. The state still … Continue reading →

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