Author Archives: Russ

Tax Implications of Full Tilt Poker Remission

Posted on September 17, 2013 by Russ

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 →

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IRS Scandal: Lerner, Others Re-Enter Spotlight

Posted on September 17, 2013 by Russ

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 →

Posted in IRS | Tagged | 2 Comments

California Won’t Conform with Mortgage Debt Forgiveness for 2013

Posted on September 17, 2013 by Russ

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 →

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California Is #1…For Highest Marginal Tax Rates for S-Corps

Posted on September 15, 2013 by Russ

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

Posted on September 15, 2013 by Russ

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 →

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Two QSB Relief Bills on Governor Brown’s Desk

Posted on September 15, 2013 by Russ

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 →

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Business and Trust Tax Filing Deadline is Monday

Posted on September 14, 2013 by Russ

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 →

Posted in IRS | 1 Comment

Bankruptcy Trumps a Deemed Sale

Posted on September 12, 2013 by Russ

The Wilshire Courtyard is a 1-million square foot office complex in Los Angeles’s “Miracle Mile” district. The complex’s mortgage debt was acquired through bankruptcy by a consortium led by McCarthy Cook, Blackstone Real Estate Advisors, and Merrill Lynch. California’s Franchise … Continue reading →

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Did IRS Give Black Nonprofits Preferential Treatment?

Posted on September 8, 2013 by Russ

Investors Business Daily reported in an editorial that the IRS “selectively advised black churches and other Democrat nonprofits on how far they can go in campaigning for President Obama and other Democrats” during the 2012 campaign. IBD reported that Attorney … Continue reading →

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The Apprentice, IRS Style

Posted on September 8, 2013 by Russ

The IRS made videos parodying Star Trek and Gilligan’s Island. It’s time for another: The Apprentice, IRS Style: On the bright side, this video only cost us taxpayers $10,000; the Star Trek and Gilligan’s Island parodies cost a reported $60,000 … Continue reading →

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