Author Archives: Russ

California to Require Annual Reporting of Like-Kind Exchanges for Out-of-State Property

Posted on September 8, 2013 by Russ

Section 1031 exchanges are a popular means of deferring taxation on commercial property. Suppose in 1970 you purchased a commercial property in Los Angeles for $500,000. You decide to sell it, and discover that it’s now worth $2.5 million. One … Continue reading →

Posted in California | Tagged | 1 Comment

IRS Interest Rates Unchanged for the Fourth Quarter

Posted on September 5, 2013 by Russ

The IRS announced today that interest rates for the fourth quarter (beginning October 1, 2013) will be unchanged: 3% for overpayments (2% for corporate overpayments); 3% for underpayments; 5% for large corporate underpayments; and 0.5% for corporate overpayments exceeding $10,000. … Continue reading →

Posted in IRS | Tagged | 1 Comment

IRS Is Big Hindrance in Social Security’s Matching of Social Security Numbers and Names

Posted on September 1, 2013 by Russ

I am on the distribution list for TIGTA (the Treasury Inspector General for Tax Administration) audit reports. These reports (which generally review IRS operations) are quite useful. I don’t read all of the other federal agencies’ Inspector General reports. There … Continue reading →

Posted in IRS | Tagged | 1 Comment

All Legal Same-Sex Marriages Will be Recognized for Federal Tax Purposes

Posted on September 1, 2013 by Russ

The Department of the Treasury and the IRS announced last week that all same-sex marriages will be recognized for federal tax purposes. That means that if you are in a legal same-sex marriage, you must file as married filing jointly … Continue reading →

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IRS Targeting Apparently Continues

Posted on September 1, 2013 by Russ

If the IRS and the Obama Administration was hoping the IRS crisis would blow over, it’s just not going to happen…and the IRS continues to ensure that’s the case. Reports have surfaced that the IRS is requiring the American Legion … Continue reading →

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There Are Better Methods of Paying Off the IRS than Bungling a Burglary

Posted on September 1, 2013 by Russ

Let’s assume you owe the IRS $10,000 in back taxes. What would you do? Perhaps obtain a payment plan? Maybe you can negotiate an Offer in Compromise? Or maybe you have so little funds on hand than you can go … Continue reading →

Posted in IRS, New York | 1 Comment

Good Bye, Disclosure Authorization

Posted on August 30, 2013 by Russ

A couple of months ago the IRS announced that they were “retiring” Disclosure Authorization from IRS e-Services. For the laypeople who read this blog, this means that if you come to my office and we need to print a transcript … Continue reading →

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The Third Time Wasn’t the Charm

Posted on August 27, 2013 by Russ

The cliche goes, if you don’t succeed at first, try, try again. Of course, where you and I would never go, the Bozo side of the tax world loves to venture. The Tax Court today got the chance to look … Continue reading →

Posted in Tax Court | 5 Comments

I’m Interviewed

Posted on August 27, 2013 by Russ

I was recently interviewed by April Brewster Smythe for a series for “Masters in Accounting.” If you’d like to learn a bit more about my background–it’s quite different from most in the accounting profession–you can read the interview. You can … Continue reading →

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Have I Got a Fixer-Upper for You

Posted on August 25, 2013 by Russ

If you want to rent a building in Sacramento (California’s state capital), I have one that’s perfect…for your enemies, that is. It does have some advantages: It’s a 24-story building right in the heart of downtown Sacramento. It’s owned by … Continue reading →

Posted in California | Tagged | 2 Comments