Author Archives: Russ

How Not to Commit Tax Evasion

Posted on July 7, 2013 by Russ

Let’s assume I come up with a good idea: I’m going to buy diabetes test supplies at wholesale, and sell them to distribution companies. I find that there’s a market for this, and I’m suddenly making around $800,000 in sales … Continue reading →

Posted in Tax Evasion | 1 Comment

I Haven’t Filed my FBAR. What Should I Do?

Posted on July 7, 2013 by Russ

It’s July 7th, and you suddenly realize that you haven’t filed your FBAR. You print it up, and have a letter of explanation, but: You can’t file an FBAR using paper (it must be electronically filed using the BSA efile … Continue reading →

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No More Tax Credits for Strip Clubs in California

Posted on July 7, 2013 by Russ

The California legislature banned strip clubs from obtaining hiring tax credits. The legislation, which passed the state legislature last week, is expected to be signed into law by Governor Jerry Brown in the next few days. The specific legislation banned … Continue reading →

Posted in California | Tagged | 1 Comment

Who Gets the Charitable Donation for the WSOP’s One Drop Events?

Posted on July 1, 2013 by Russ

At this year’s World Series of Poker, there are two events where money is donated to the One Drop Foundation: the high rollers event with a $111,111 buy-in (won by Tony Gregg for $4.8 million over the weekend), and the … Continue reading →

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Licensing Stops All Tax Preparer Fraud…Well, No

Posted on June 30, 2013 by Russ

As I mentioned, National Taxpayer Advocate Nina Olson believes that if the IRS licensed all tax preparers, tax preparer fraud would evaporate. Unfortunately, that’s definitely not the case. This past week, the US Department of Justice indicted Teresa Marty, Rebecca … Continue reading →

Posted in Tax Fraud | Tagged | 1 Comment

National Taxpayer Advocate Report: Identity Theft, OVDP, and ITINs Among the Major Issues

Posted on June 30, 2013 by Russ

Nina Olson, the National Taxpayer Advocate, issued her annual report to Congress this past week. She also included a special report on “Political Activity and the Rights of Applicants for Tax-Exempt Status.” Here are some of the other issue she … Continue reading →

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IRS Scandal Update: Washington & Austin

Posted on June 30, 2013 by Russ

The more that comes out of Washington, the more I’m beginning to think that IRS management is deliberately dragging their feet in revealing information. We still don’t know what happened, but there have been developments this week. Liberals attempted to … Continue reading →

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RIP Google Reader

Posted on June 30, 2013 by Russ

I was a Google Reader user for the last few years. It worked exceptionally well. However, effective July 1st Google is retiring Google Reader. I’d love to tell you what the reason is for that decision…but I can’t. I’ve switched … Continue reading →

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Mandatory efiling of FBARs Effective July 1st

Posted on June 28, 2013 by Russ

Effective July 1st, all FBARs–Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts–must be efiled. You must use the BSA efile system to efile FBARs. This includes amended FBARs. (One exception would appear to be individuals coming into … Continue reading →

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DOMA Done, But Don’t File that Joint Return Just Yet

Posted on June 26, 2013 by Russ

The US Supreme Court ruled today that the federal Defense of Marriage Act (DOMA) was unconstitutional. That makes it appear that same-sex couples should be able to file joint tax returns. There’s only one problem: The IRS computers likely would … Continue reading →

Posted in IRS | Tagged | 2 Comments