Monthly Archives: November 2015

Nominations Due for 2015 Tax Offender of the Year

Posted on November 30, 2015 by Russ

With just about one month left in 2015, it’s time for a reminder to submit nominations for the 2015 Tax Offender of the Year. To be considered for the Tax Offender of the Year award, the individual (or organization) must … Continue reading →

Posted in Taxable Talk | Tagged | 1 Comment

De Minimis Rule Change Is Better than I First Thought

Posted on November 29, 2015 by Russ

My flight home last night was delayed, so I got the chance to read the IRS’s new de minimis rule for small businesses allowing expensing of items costing $2,500 or less. Normally when you read something that’s from the IRS, … Continue reading →

Posted in IRS | Tagged | 2 Comments

The 14th Time Wasn’t the Charm

Posted on November 24, 2015 by Russ

For most of us the saying “If you don’t succeed at first, try, try again,” is good advice. However, it’s not good to try to deduct personal expenses as business expenses on your tax return. It’s an especially bad idea … Continue reading →

Posted in Tax Court | Comments Off on The 14th Time Wasn’t the Charm

IRS Increases De Minimis Expense Threshold to $2,500 from $500 for 2016 Onward

Posted on November 24, 2015 by Russ

The IRS today announced that the de minimis expense threshhold for small taxpayers (which is the vast majority of all taxpayers) to $2,500 from $500 for tax years 2016 onward. Note that this does not apply for 2015 returns filed … Continue reading →

Posted in IRS | Tagged | 1 Comment

The Turf Monster Striketh

Posted on November 20, 2015 by Russ

Every so often the turf monster trips a player in a football or baseball game. Here’s one example: This post deals with a very different kind of turf monster. Back in September I wrote about Southern California’s Metropolitan Water District … Continue reading →

Posted in California | 1 Comment

Update on the Future of Daily Fantasy Sports

Posted on November 19, 2015 by Russ

So far, I’ve been accurate on my predictions. Back in February 2014 I wrote, Unfortunately, many states look at just an element of chance to determine if something is gambling. And there’s no doubt that daily fantasy sports have such … Continue reading →

Posted in Gambling, Massachusetts, New York | Tagged | 2 Comments

Yo No Hablo Ni Leo Español

Posted on November 18, 2015 by Russ

Yes, Spanish is not one of my languages. Luckily for me, computer translators exist. Unluckily for one of my clients, he received an IRS notice in Spanish…when he doesn’t read or speak Spanish. This is more humorous than anything else … Continue reading →

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IRSAC Report Has Hits and Errors

Posted on November 18, 2015 by Russ

The Internal Revenue Service Advisory Council (IRSAC) issued its annual report today. I agree with some of the recommendations but strongly disagree with others. IRSAC laments IRS funding. While I agree it would be nice to have the IRS fully … Continue reading →

Posted in IRS | Tagged | 1 Comment

Yes, Two States Rank Lower than California

Posted on November 17, 2015 by Russ

It’s not all bad news in the Tax Foundation’s 2016 State Business Tax Climate Index for California. You could always be in New York or New Jersey. Still, it’s better to be elsewhere. Two excerpts from the article note why … Continue reading →

Posted in California, Nevada, New Jersey, New York | 1 Comment

Wrong Font Size Costs 30 Employees Their Jobs in Chico, California

Posted on November 17, 2015 by Russ

I had never heard of Woof & Poof. The company makes handcrafted baby products, but apparently not for long in their home of Chico, California. According to this news story, the company is stopping production. Why? The CEO, Roger Hart, … Continue reading →

Posted in California | Comments Off on Wrong Font Size Costs 30 Employees Their Jobs in Chico, California