Author Archives: Russ

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

The Other March 17th Deadline: Form 1042s

Posted on March 16, 2014 by Russ

There’s another tax deadline today: Form 1042s. The form 1042 series (1042, 1042-S, and 1042-T) is used to report annual withholding for US-source income of foreigners. Again, this is a postmark deadline (for paper-filed returns). There is no extra time … Continue reading →

Posted in IRS | Tagged | 1 Comment

Corporate Tax Deadline Is Here

Posted on March 16, 2014 by Russ

March 15th is the deadline to file calendar year corporate tax returns (Forms 1120 and 1120S). Because that fell on a Saturday, Monday, March 17th is the deadline. If you’re not ready to file, file an extension. Download Form 7004 … Continue reading →

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A Second Bite at the Apple? Yes, When You Don’t Read the Fine Print

Posted on March 13, 2014 by Russ

I previously wrote about betonsports.com, a former Internet sports betting website. One of its executive, David Carruthers, made the mistake of changing planes at DFW. Unbeknownst to him, he had been indicted. His two-hour layover got extended…to 33 months at … Continue reading →

Posted in Gambling, Tax Court | Tagged | Comments Off on A Second Bite at the Apple? Yes, When You Don’t Read the Fine Print

The IRS Needs Volunteers for the Taxpayer Advocacy Panel

Posted on March 12, 2014 by Russ

The IRS is looking for a few good men and women. The IRS is looking for volunteers to serve on the Taxpayer Advocacy Panel (TAP), a federal advisory committee that listens to taxpayers, and help identify concerns and make recommendations … Continue reading →

Posted in IRS | Tagged | 1 Comment

An Update on the BOE’s Fixer-Upper

Posted on March 12, 2014 by Russ

When I last wrote about the home of California’s Board of Equalization–one of two tax collecting agencies in California–I called it a fixer-upper. That might have been kind. It does have a good location (right in downtown Sacramento). It is … Continue reading →

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The Moral Climate may have Changed but the Law Hasn’t

Posted on March 11, 2014 by Russ

Another professional gambler went to Tax Court seeking to stop Section 165(d) of the Tax Code–the section that stops a gambler from deducting losses in excess of wins. This ended up being a full decision of the Tax Court, so … Continue reading →

Posted in Gambling, Tax Court | 1 Comment

False Checks, Trusts, and Ignoring Taxes Lead to Real Prison

Posted on March 9, 2014 by Russ

Perhaps Michael Williams subconsciously wanted to go to ClubFed. He sure did just about everything he could to make sure he did. Let’s run down the list of things he did. First, have a business that makes money and not … Continue reading →

Posted in Tax Fraud | 1 Comment