Monthly Archives: August 2012

Illinois Debt Downgraded

Posted on August 30, 2012 by Russ

S&P cut the rating of Illinois debt by one level yesterday. From the news story: “The downgrade reflects the state’s weak pension funding levels and lack of action on reform measures intended to improve funding levels and diminish cost pressures … Continue reading →

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Court Rules that California Can’t Discriminate on Small Business Stock Tax Deferrals

Posted on August 30, 2012 by Russ

If you sell stock in a small business (one with $50 million of assets or less), and then take the proceeds and reinvest them within 60 days in another small business, you can defer the gain. California law has a … Continue reading →

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IRS Upgrade This Weekend; Many Services Unavaiable Until Tuesday

Posted on August 29, 2012 by Russ

Every year over Labor Day weekend the IRS upgrades their computer and electrical systems. Beginning later this evening, the IRS will be taking systems down. Here’s a partial list of what will be going down: – The ability to apply … Continue reading →

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Math Is Hard

Posted on August 29, 2012 by Russ

Here’s a math question: What’s 15 +13? It’s 28, of course. Unfortunately, the Santa Clara Valley Water District (near San Jose, California) didn’t check their work. They added 15 years to 2013 and got 2029, not 2028. Oops. It’s a … Continue reading →

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Illinois Casino Expansion Bill Vetoed

Posted on August 28, 2012 by Russ

Governor Pat Quinn (D) vetoed a casino expansion bill that would have added five casinos, including one in Chicago. His veto message stated that the biggest problem with the bill, “[I]s the absence of strict ethical standards and comprehensive regulatory … Continue reading →

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Ohio Gamblers: Don’t Forget Your City Income Tax

Posted on August 26, 2012 by Russ

Ohio has (or will soon have) four casinos: one in each of Cincinnati, Cleveland, Columbus, and Toledo. The good news for Ohio gamblers is that beginning in 2013 Ohioans can deduct gambling losses on their state income taxes. The bad … Continue reading →

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A Story of Identity Theft; Why Is the Death Master File Still Available?

Posted on August 26, 2012 by Russ

My father died almost six years ago. It’s something that’s inevitable for all of us. My mother was lucky in one respect: No one stole my father’s identity at death. Unfortunately, such identity thefts are becoming far more common. Jason … Continue reading →

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MTA (MCTMT) Tax Ruled Unconstitutional; Appeal Certain

Posted on August 26, 2012 by Russ

I prepare a number of New York tax returns for self-employed individuals. One of the more annoying tax returns is the Metropolitan Commuter Transportation Mobility Tax in the New York City metropolitan area. It’s not a large tax by any … Continue reading →

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German Court to Decide Whether Poker Is Taxable for a Professional

Posted on August 23, 2012 by Russ

In 2011, Pius Heinz of Germany won the main event of the World Series of Poker and a nice tax-free $8,715,638. Well, maybe it’s not tax-free. Via @Taxdood and @Taxnews1 comes word that a German court in Cologne will be … Continue reading →

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Sheer Stupdity in the Bronze State

Posted on August 22, 2012 by Russ

Sometimes I read a story and wonder if I’m reading actual news or something from The Onion. Such was the case this morning when I looked at an op-ed in the Wall Street Journal/ on Democrats’ plan to mandate a … Continue reading →

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