Monthly Archives: March 2010

Annual Blog Hiatus

Posted on March 28, 2010 by Russ

With just about 2½ weeks left before Tax Day, it’s time for my annual blog hiatus. I’ve written my annual top ten Bozo Tax Tips (they’ll start appearing in a couple of days), but between now and April 15th my … Continue reading →

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Why I’m an Hour South of Los Angeles

Posted on March 25, 2010 by Russ

There was a small blurb on the Internet today: “New LA law cuts Internet business taxes.” Los Angeles has a gross receipts tax. When I was in the telecommunications industry, I relocated a business from Sherman Oaks (part of Los … Continue reading →

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Not All Publicity Is Good Publicity

Posted on March 23, 2010 by Russ

There’s an old saying, “All publicity is good publicity.” Sometimes, though, it’s not. Especially if you’re a Bozo. Take Scott Mitchell, the owner of Central Iowa Amusements. Mr. Mitchell’s company got some good words in the Des Moines Register; his … Continue reading →

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Specifics Trumps General in Gambling Losses for Taxes

Posted on March 22, 2010 by Russ

Congress writes the Tax Code. That leads to many situations where there’s conflicting language between two sections of the Code. Section 162(a) allows for the deduction of necessary and ordinary business expenses. Section 165(d) limits gambling losses to the amount … Continue reading →

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A Companion to Tax Trouble

Posted on March 21, 2010 by Russ

After ranting on health care, it’s time for the lighter side of taxes. That means a visit to that old standby, the escort service, where tax trouble is apparently second nature. Let’s head to Salt Lake City where companionship appeared … Continue reading →

Posted in Tax Evasion | Tagged | 1 Comment

Why I’m Against This Health Care Bill

Posted on March 21, 2010 by Russ

Most tax professionals I know want a limited government and limited taxation. The measure that the House will likely approve tonight will be disastrous in so many ways. First, there are twenty new taxes in the measure. I’ve talked about … Continue reading →

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Unearned Income Tax in New Healthcare Bill Will Impact Gambling

Posted on March 18, 2010 by Russ

The new healthcare legislation contains plenty of taxes. One especially bad one is a new 3.8% tax on unearned income above $200,000. This will have a very bad impact on amateur gamblers. When I last looked at the bill, the … Continue reading →

Posted in Gambling, Legislation | Tagged | 2 Comments

$15 Million in Allegedly Phony Refund Claims

Posted on March 17, 2010 by Russ

I’ve seen returns requesting large tax refunds, but I haven’t personally seen one requesting $2.5 million. However, that’s what Alexander Adams and his son Garrett, of nearby Huntington Beach, requested from the IRS. There’s just a few problems with the … Continue reading →

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What May Really be Behind the 4¢ Fiasco

Posted on March 17, 2010 by Russ

Last night I listened to a presenter from the IRS at the monthly meeting of the Orange County chapter of the California Society of Enrolled Agents. He knew all about the 4¢ fiasco. It appears that there might be a … Continue reading →

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IRS’ Dirty Dozen Tax Scams

Posted on March 17, 2010 by Russ

The IRS released the dirty dozen tax scams today. Joe Kristan has more, and a dirty dozen of bad tax policies.

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