Monthly Archives: December 2012

2012 Tax Offender of the Year

Posted on December 31, 2012 by Russ

It’s time once more for that prestigious award, the 2012 Tax Offender of the Year. To be considered for this award you must do more than cheat on your taxes. It has to be special; it really needs to be … Continue reading →

Posted in Taxable Talk | Tagged , | 2 Comments

Is It Time to Take a Casualty Loss on Absolute Poker/Ultimate Bet?

Posted on December 27, 2012 by Russ

One of the things needed for a casualty loss is certainty. There’s been relatively little of that when dealing with Absolute Poker (AP) and Ultimate Bet (UB) after Black Friday. While PokerStars quickly repaid players, and it appears players will … Continue reading →

Posted in Gambling | Tagged , | 1 Comment

Copyrighting a Name or 83 Years

Posted on December 27, 2012 by Russ

As a published author, I’m very aware of copyrights. The books I’ve written are copyrighted. This blog is copyrighted. That doesn’t prohibit anyone from making an excerpt–that’s covered under “fair use”–but it does prohibit individuals from plagiarizing the blog. That … Continue reading →

Posted in Ohio, Tax Fraud | Comments Off on Copyrighting a Name or 83 Years

Sometimes the Cynics Are Right

Posted on December 24, 2012 by Russ

Joe Kristan of Roth & Company (a CPA in Des Moines, Iowa, and proprietor of the Roth Tax Update Blog) noted the following this morning: IRS preparer rules may create a catastrophic preparer shortage. A press release last week from … Continue reading →

Posted in IRS | Tagged | 2 Comments

Excellent Fraud?

Posted on December 23, 2012 by Russ

Two Georgia tax preparers may have prepared their last returns. Larry Heath and Andy Heath are brothers. Both own and operate tax preparation businesses in northern Georgia. Both have prepared lots of returns, and they likely have very satisfied customers. … Continue reading →

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Fat Joe Takes the Rap

Posted on December 23, 2012 by Russ

Although I enjoy music, my tastes do not go towards rap. So when I read about Joseph Cartagena, aka rap star Fat Joe, I mumbled, “Who?” Well, Mr. Cartagena has earned plenty of money the past four years. In court, … Continue reading →

Posted in Tax Evasion | Tagged , | 2 Comments

FTB Announces Procedures for Cutler Decision

Posted on December 21, 2012 by Russ

Back in August, a California court ruled that California’s qualified small business stock exclusion and deferral statutes were unconstitutional. The Franchise Tax Board, California’s income tax agency, announced how it will implement the decision today. For individuals who took the … Continue reading →

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“First Lady” of Tax Fraud Indicted for Fraud

Posted on December 20, 2012 by Russ

We have a late entry for the 2012 Tax Offender of the Year. Rashia Wilson bragged on her Facebook page, something that many individuals do. But it’s what she said that likely got her in trouble. According to the Tampa … Continue reading →

Posted in Florida, Tax Fraud | Tagged | 1 Comment

A Two-Week Tax Season?

Posted on December 20, 2012 by Russ

Acting IRS Commissioner Steven Miller reiterated his warning of a very late opening to tax filing season. In a letter sent to Ranking Member Sander Levin of the House Ways and Means Committee (and sent to Chairman Dave Camp, and … Continue reading →

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Locking in Gains

Posted on December 20, 2012 by Russ

While the “fiscal cliff” negotiations continue at Washington’s normal pace (i.e. the speed of molasses rolling uphill), there are some certainties. Tax rates are going up next year. In most years, tax professionals advise clients at year-end to speed up … Continue reading →

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