Monthly Archives: August 2010

The Answer: $64.25

Posted on August 19, 2010 by Russ

As part of the IRS announcement today on the new PTIN regulations, we now what it will cost tax professionals to either re-register their PTINs or to obtain a new PTIN: $64.25. Compensated tax return preparers would pay a $64.25 … Continue reading →

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PTINs and the SEE: Unintended Consequences

Posted on August 19, 2010 by Russ

The IRS announced today that as part of the new PTIN procedure the IRS will temporarily stop issuing new PTINs on Monday, August 23rd. No big deal, right? After all, in a month or two you will be able to … Continue reading →

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29 Years Ago

Posted on August 17, 2010 by Russ

Today’s Orange County Register reminded me of an occurrence 29 years ago. On August 13, 1981, President Ronald Reagan signed into law the Kemp-Roth Tax Cut (the Economic Recovery Act of 1981). At the time, the economy looked horrible: inflation … Continue reading →

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An Income Tax in Washington State?

Posted on August 16, 2010 by Russ

As I’ve often told friends and clients, Washington state has every tax known to man except an income tax. That may change this fall…and not in a good way. There will be a ballot measure to add an income tax … Continue reading →

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Did the Governator Go to Mars?

Posted on August 16, 2010 by Russ

Earlier this week Governor Schwarzenegger told an audience in Silicon Valley, “There’s a good shot that we will have a budget in the next two to three weeks.” The Democrats are proposing an increase in the income tax (and a … Continue reading →

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Another Untrustworthy Trust for a Doctor

Posted on August 16, 2010 by Russ

There’s nothing illegal about having a foreign (offshore) trust. However, if you use that trust to shelter (hide) income, and if you fail to disclose the trust, and if you lie to federal agents about the trust, you can find … Continue reading →

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A DUI Is a Good Prelude to a Tax Evasion Retrial…

Posted on August 16, 2010 by Russ

When I last wrote about Charles Jones, he had pleaded not guilty to three counts of tax evasion. The first trial ended in a mistrial. His retrial is set to begin on Monday. Well, there’s nothing like a good drink … Continue reading →

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It’s Spending, Not Revenues, That’s the Problem in California

Posted on August 12, 2010 by Russ

The results for California’s first month of the new fiscal year (July, for 2010-2011) are in, and they’re not pretty. “California still lacks a 2010-11 state budget but its deficit is already widening as revenue falls below official forecasts and … Continue reading →

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No Budget in California Budget Situation

Posted on August 10, 2010 by Russ

I return home from my vacation and it’s as if I’ve never left. There’s no progress in the California budget situation. There have been no talks, and there’s nothing scheduled. The Democrats did unveil a new budget plan last week. … Continue reading →

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