Monthly Archives: June 2009

Russ Enters a Debate

Posted on June 30, 2009 by Russ

Two tax bloggers who I respect, Robert Flach (The Wandering Tax Pro) and Peter Pappas (The Tax Lawyer’s Blog) have been debating Peter’s 5 Slam Dunk IRS Audit Red Flags. Robert responded, Peter replied, and Robert made his rebuttal. All … Continue reading →

Posted in Tax Preparation | 2 Comments

IRS Gives More Time for FBAR for Some

Posted on June 30, 2009 by Russ

The reporting of Foreign Bank and Financial Accounts—the FBAR reporting on Form TD F 90-22.1—is impacting more individuals than in the past. More people have foreign financial accounts, and online gambling accounts are now considered foreign financial accounts. As Joe … Continue reading →

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Constitutional Requirements? Who Cares!

Posted on June 30, 2009 by Russ

Last night, Democrats in the California Assembly passed billions of new taxes on a party-line vote. There’s just one problem: Tax increases require a two-thirds vote. If these increases are signed into law, they’d be challenged—almost certainly successfully—and we’d be … Continue reading →

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Lies, Deceits, and Nefarious Schemes

Posted on June 28, 2009 by Russ

When President Obama was elected, I noted that everyone should watch their wallets and that tax increases would be on the horizon. Sure, President Obama said that there would be no middle class tax increase. Unfortunately, it appears that every … Continue reading →

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No Change In California

Posted on June 28, 2009 by Russ

I’m enjoying the scenery in Las Vegas tonight. I just witnessed a beautiful sunset, with the sun peering out from beneath a high cloud from the mountains on the western edge of the Las Vegas valley. There’s no joy right … Continue reading →

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Clunker Vouchers Likely Taxable in California

Posted on June 26, 2009 by Russ

President Obama signed the Clunker Voucher program into law. This program will give automobile dealerships that register for it the ability to give out $3500 or $4500 vouchers to individuals for use when they buy a new vehicle that has … Continue reading →

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California Dreaming

Posted on June 26, 2009 by Russ

On Wednesday the California legislature rejected a proposed budget with $11 billion of cuts. California faces a $24 billion deficit. Democrats say they won’t vote for a budget which “cuts the safety net.” Republicans won’t vote for a budget with … Continue reading →

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Foreign Financial Account Reporting Due

Posted on June 24, 2009 by Russ

If you have a foreign financial account, or have signature authority over such an account, you must file Form TD F 90-22.1. That form is due on June 30th. Unlike every other IRS deadline, this one is a receipt deadline. … Continue reading →

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On the Other Hand….

Posted on June 21, 2009 by Russ

Earlier today I posted my mixed opinion on regulating tax professionals. Joe Kristan has noted there are plenty of laws already on the books that tax preparers must comply with. But the Bozos are out there. Take Georgia Gaines of … Continue reading →

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No Liberty

Posted on June 21, 2009 by Russ

Liberty Tax Service is America’s third largest tax preparation chain. Back in 2007, Liberty advertised that they could have your refund to you in one day. Sounds great, but there’s a problem with that: You can’t get refunds that fast. … Continue reading →

Posted in Tax Preparation | 1 Comment