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Author Archives: Russ
A Planted Question, Targeting, and Early Knowledge
Some news came out of the first of what will be many Congressional hearings on the IRS scandal. First, the question that occurred just one week ago and started the controversy–yes, it’s only been one week–was planted. The question came … Continue reading
“We Were Just Following Orders”
In a story that has not yet been picked up nationally, Fox19 News in Cincinnati reported that the four IRS workers at the supposed core of the story, “simply did what their bosses ordered.” Here’s the video from Fox19: This … Continue reading
The Cynics Were Right (The IRS Scandal Gets Official Confirmation)
The Treasury Inspector General for Tax Administration’s (TIGTA) report on the targeting of Tea Party and other conservative groups was released late today. If you were to step back in time to May 1st, you would have said that everything … Continue reading
Drip, Drip, Drip: The IRS Scandal Continues to Grow
The scandal involving the targeting of conservative groups continues to grow with new revelations. ABC obtained a timeline (purportedly from the soon to be released TIGTA report) which shows that the targeting began in 2010, not as Ms. Lerner of … Continue reading
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