Monthly Archives: May 2013

Drip, Drip, Drip: The IRS Scandal Continues to Grow

Posted on May 13, 2013 by Russ

The scandal involving the targeting of conservative groups continues to grow with new revelations. ABC obtained a timeline (purportedly from the soon to be released TIGTA report) which shows that the targeting began in 2010, not as Ms. Lerner of … Continue reading →

Posted in IRS | Tagged | 1 Comment

Leisure Suit Larry Goes to Tax Court

Posted on May 13, 2013 by Russ

I vaguely remember a video game with the character Leisure Suit Larry. I’ve never played video games (well, perhaps some online poker) so my knowledge of the games is minimal. From Wikipedia, we find that Larry is, …though still somewhat … Continue reading →

Posted in Tax Court | 1 Comment

What Can Go Wrong? Nevada Democrats Want to Give Tax Breaks to Movie Industry

Posted on May 12, 2013 by Russ

The Nevada Democratic Party proposed a tax increase on entertainment venues. (It’s doomed, as both Republican Governor Brian Sandoval and Republicans in the state legislature are opposed to it.) To balance it out, Democrats in Carson City are now proposing … Continue reading →

Posted in Iowa, Michigan, Nevada | Tagged | 1 Comment

IRAs and Owning a Business Through an IRA

Posted on May 12, 2013 by Russ

Every so often a client asks me, “Can I fund/purchase/own my business through an IRA.” My general answer is don’t do this! You may be able to do it legally, but there are so many gotchas that it’s rarely worth … Continue reading →

Posted in Tax Court | Tagged | 1 Comment

IRS Targeted Tea Party Groups Beginning in 2011: Scandal Gets Worse (for the IRS)

Posted on May 11, 2013 by Russ

Yesterday I wrote about the scandal with tax exempt organizations at the IRS. Basically, “low-level employees” according to Lois Lerner of the IRS independently decided to target tax exempt groups with “Tea Party,” “Conservative,” or “Patriot” in their names. Of … Continue reading →

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Sometimes the Cynics Are Right (The IRS Targeted Conservative Groups During the 2012 Campaign)

Posted on May 10, 2013 by Russ

Last year, tea party and conservative groups complained that the IRS was blocking their ability to become tax-exempt organizations. Some organizations complained that the IRS was asking for lists of donors. Last year, then IRS Commissioner Douglas Shulman denied that … Continue reading →

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How Long Should You Keep Your Tax Returns For?

Posted on May 9, 2013 by Russ

A question I’m asked every year is how long should I keep my tax returns? And how long should I keep the backup documentation for the returns? The first question is easy to answer; the second one isn’t. (James Maule’s … Continue reading →

Posted in IRS | Tagged | 1 Comment

California Leads the Way (as Worst State for Business)

Posted on May 7, 2013 by Russ

If anyone wonders why I left the Bronze Golden State, yet another survey has come out regarding places to do business. Chief Executive Magazine rated all 50 states from top to bottom. Before focusing on the dismal state of California’s … Continue reading →

Posted in Canada, Texas | 1 Comment

Reversing Two Penalties That Should Never Have Been Charged

Posted on May 6, 2013 by Russ

When are tax returns due? For most individuals, its April 15th. However, if you are outside of the United States on April 15th for purposes of employment or self-employment you get an extra two months (until June 15th) to file … Continue reading →

Posted in International, IRS | Tagged , | 2 Comments