Author Archives: Russ

Bozo Tax Tip #5: Procrastinate

Posted on April 7, 2014 by Russ

Today is April 8th. The tax deadline is just seven days away. What happens if you wake up and it’s April 15, 2013, and you can’t file your tax? File an extension. Download Form 4868, make an estimate of what … Continue reading →

Posted in Taxable Talk | Tagged | 1 Comment

Bozo Tax Tip #6: Just Don’t File

Posted on April 6, 2014 by Russ

We’re running some repeats, but there is some new Bozo material coming. It’s just that people keep trying the same things over and over again. It’s tough to avoid the tax system. There are currency transaction reports (cash transactions of … Continue reading →

Posted in Taxable Talk | Tagged | 1 Comment

Yes, Online Poker Players Must Pay Taxes

Posted on April 3, 2014 by Russ

The Las Vegas Review Journal has a short article on the fact that online poker players must pay taxes. The article notes that winning players must pay taxes; of course, both winners and losers are supposed to include their winning … Continue reading →

Posted in Gambling, Nevada | 1 Comment

Bozo Tax Tip #7: Ignoring California

Posted on April 3, 2014 by Russ

Yesterday I looked at the idea of forming a Nevada Corporation while in California and being able to avoid California taxes. It doesn’t work. Today’s focus is on something that comes up now and then and applies to trusts. Let’s … Continue reading →

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Bozo Tax Tip #8: Nevada Corporations

Posted on April 2, 2014 by Russ

A repeat follows, but it’s one again getting a lot of play due to business conditions in California. While I’m focusing on California and Nevada, the principle applies to any pair of states. Nevada is doing everything it can to … Continue reading →

Posted in California, Nevada | Tagged | 1 Comment

Bozo Tax Tip #9: 300 Million Witnesses Can’t be Right

Posted on March 26, 2014 by Russ

For tax bloggers like myself, Richard Hatch has been a godsend. His antics have been, well, remarkable. While he’s no longer at the top of my Bozo Tax Tips, his story is one that prospective tax offenders should learn. I … Continue reading →

Posted in Uncategorized | 2 Comments

IRS: Bitcoins Are Property

Posted on March 25, 2014 by Russ

The IRS finally released guidance on Bitcoins and other virtual currency today. The IRS’s notice states that Bitcoins should be treated as property. What does this mean? 1. Bitcoins held as investments are generally treated under capital gain rules. If … Continue reading →

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Bozo Tax Tip #10: Email Your Social Security Number

Posted on March 23, 2014 by Russ

It’s time for our annual rundown of Bozo Tax Tips, strategies that you really, really, really shouldn’t try. But somewhere, somehow, someone will try these. Don’t say I didn’t warn you! We’re starting a week early because I want to … Continue reading →

Posted in Tax Preparation | Tagged | 1 Comment

IRS Releases New Forms W-8BEN and W-8ECI

Posted on March 19, 2014 by Russ

The IRS released a new version of Form W-8BEN. The new version should be used by an individual responding to a withholding request from the US. It’s commonly used to note tax treaty benefits. There is a disclaimer on the … Continue reading →

Posted in International, IRS | 1 Comment

The Flavor of the Season

Posted on March 16, 2014 by Russ

Every tax season is a bit different. The last couple have been late seasons. Very few of my client could file until the end of March; everyone was waiting for paperwork. This year is different: Many of my clients have … Continue reading →

Posted in Taxable Talk | 1 Comment