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Author Archives: Russ
Leisure Suit Larry Goes to Tax Court
I vaguely remember a video game with the character Leisure Suit Larry. I’ve never played video games (well, perhaps some online poker) so my knowledge of the games is minimal. From Wikipedia, we find that Larry is, …though still somewhat … Continue reading
What Can Go Wrong? Nevada Democrats Want to Give Tax Breaks to Movie Industry
The Nevada Democratic Party proposed a tax increase on entertainment venues. (It’s doomed, as both Republican Governor Brian Sandoval and Republicans in the state legislature are opposed to it.) To balance it out, Democrats in Carson City are now proposing … Continue reading
IRAs and Owning a Business Through an IRA
Every so often a client asks me, “Can I fund/purchase/own my business through an IRA.” My general answer is don’t do this! You may be able to do it legally, but there are so many gotchas that it’s rarely worth … Continue reading
IRS Targeted Tea Party Groups Beginning in 2011: Scandal Gets Worse (for the IRS)
Yesterday I wrote about the scandal with tax exempt organizations at the IRS. Basically, “low-level employees” according to Lois Lerner of the IRS independently decided to target tax exempt groups with “Tea Party,” “Conservative,” or “Patriot” in their names. Of … Continue reading
Posted in IRS
Tagged IRS.Scandal
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Sometimes the Cynics Are Right (The IRS Targeted Conservative Groups During the 2012 Campaign)
Last year, tea party and conservative groups complained that the IRS was blocking their ability to become tax-exempt organizations. Some organizations complained that the IRS was asking for lists of donors. Last year, then IRS Commissioner Douglas Shulman denied that … Continue reading
Posted in IRS
Tagged IRS.Scandal
Comments Off on Sometimes the Cynics Are Right (The IRS Targeted Conservative Groups During the 2012 Campaign)
How Long Should You Keep Your Tax Returns For?
A question I’m asked every year is how long should I keep my tax returns? And how long should I keep the backup documentation for the returns? The first question is easy to answer; the second one isn’t. (James Maule’s … Continue reading
California Leads the Way (as Worst State for Business)
If anyone wonders why I left the Bronze Golden State, yet another survey has come out regarding places to do business. Chief Executive Magazine rated all 50 states from top to bottom. Before focusing on the dismal state of California’s … Continue reading
Reversing Two Penalties That Should Never Have Been Charged
When are tax returns due? For most individuals, its April 15th. However, if you are outside of the United States on April 15th for purposes of employment or self-employment you get an extra two months (until June 15th) to file … Continue reading
How Not to Deduct 85,491 Miles
Having resided in Southern California, I know you can put a lot of miles on your car in that area. One engineering teacher learned the hard way from Tax Court that a written mileage log is essential if you want … Continue reading
1700 Miles and a 7% Difference
One of the most difficult things to explain to a non-tax practitioner is the tax concept of domicile. For most individuals, your domicile is your residence. I reside in Las Vegas, Nevada. It’s my only home. In my case, my … Continue reading
Posted in Florida, Minnesota
3 Comments