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Author Archives: Russ
No Loving for Dead Horses in DC Court of Appeals
While I was enjoying Texas, the DC Circuit Court of Appeals heard the IRS’s appeal of Loving v. IRS. This is the case that stopped the IRS from regulating tax preparers. The IRS argued that the circuit court got the … Continue reading
A Tale of Two Audits
Yesterday and today I represented two taxpayers in examinations (audits). I took a day trip to Texas yesterday, and today spent some time in downtown Las Vegas. One thing is certain: The IRS has far nicer quarters here in Las … Continue reading
The Affordable Care Act and Gamblers: A Bad Bet
The Affordable Care Act (aka ObamaCare) is a complex law. For those who gamble, both professionally and as amateurs, there will be a multitude of impacts. The law includes twenty new taxes. Let’s take a look at how these will … Continue reading
Tax Implications of Full Tilt Poker Remission
I did an interview with CardPlayer Media on the tax impact of the Full Tilt Poker remission. (That remission process formally begins tomorrow, September 18th. More information on that is available at the claims website run by the Garden City … Continue reading
Posted in Gambling
Tagged FullTiltPoker
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IRS Scandal: Lerner, Others Re-Enter Spotlight
The IRS scandal hasn’t gone away. More documents have been released, and they’re not flattering towards Lois Lerner. Government Executive has this: In a June 2012 email responding to an NPR story discussing the Democratic Senatorial Campaign Committee complaint with … Continue reading
California Won’t Conform with Mortgage Debt Forgiveness for 2013
If you have a short sale or a foreclosure and have cancelled debt, tax law treats that as income. However, Congress passed laws excluding most such debt from a short sale or foreclosure related to your principal residence from federal … Continue reading
Posted in California
Tagged cancelled.debt
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California Is #1…For Highest Marginal Tax Rates for S-Corps
The S-Corporation is a business structure that’s well liked by entrepreneurs. It allows for a flow-through entity, corporate protection, and (generally) favorable taxation. Of course, there are exceptions–in tax, there are always exceptions. The Tax Foundation has this wonderful map … Continue reading
Posted in California, Nevada
2 Comments
Two Cases of Tax Return Preparers Committing Identity Theft
From the Bozo tax preparation front come two stories of preparers committing identity theft and preparing false tax returns. First, from Durham, North Carolina comes the case of Leslie Brewster. She’ll get to spend 70 months (nearly six years) at … Continue reading
Posted in Tax Fraud
Tagged BozoTaxPreparer
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Two QSB Relief Bills on Governor Brown’s Desk
The California legislature heard from business owners, and the business owners were angry. Their anger had to do with how California’s Franchise Tax Board decided to implement a court decision on Qualified Small Business Stock. The FTB decided that the … Continue reading
Business and Trust Tax Filing Deadline is Monday
If you haven’t yet filed your corporation tax return (Form 1120 or Form 1120S), partnership tax return (Form 1065), or fiduciary (trust) tax return (Form 1041) that’s been on extension, the deadline for filing those forms is Monday, September 16th. … Continue reading