Author Archives: Russ

To Boldly Go Where No IRS Employee Has Gone Before…

Posted on March 24, 2013 by Russ

I’m not a huge fan of Star Trek. I may have met Wil Wheaton (Wesley Crusher on the sequel, Star Trek: The Next Generation), but I just don’t watch much television. Apparently, someone (or several someones) at the IRS are … Continue reading →

Posted in IRS | Tagged , , | 1 Comment

Annual Blog Hiatus

Posted on March 22, 2013 by Russ

With just about three weeks left before Tax Day, it’s time for our annual blog hiatus. We’ve written our annual top ten Bozo Tax Tips (they’ll start appearing on April 1st), but between now and April 15th our clients are … Continue reading →

Posted in Taxable Talk | Comments Off on Annual Blog Hiatus

Beavers Convicted: Loans Require Payback

Posted on March 21, 2013 by Russ

I’m shocked, just shocked to find out that there’s corruption in Chicago. Actually, I’m not. I’m just surprised to find out that gambling led to the downfall of a cog in the Democrats’ machine politics in the Windy City. Commissioner … Continue reading →

Posted in Illinois, Tax Evasion | Tagged | 1 Comment

When a W-2G (or Other Information Return) Is Wrong

Posted on March 20, 2013 by Russ

Let’s say you’re self-employed, and you get a 1099-MISC from a customer. He notes he paid you $1,200. However, he really paid you $900. What do you do? First, you contact the customer and attempt for him to correct the … Continue reading →

Posted in Gambling, Indiana, Iowa | Tagged , , | 7 Comments

Saying You’ve Never Paid Taxes in your Life on National TV After Earning Lots of Money Isn’t Brilliant

Posted on March 17, 2013 by Russ

An acquaintance of mine is a mixed martial arts (MMA) fighter. I’ve known him for many years; he’s smart, driven, and is definitely not the individual who I’m writing about. He’s smart enough to know that he has to pay … Continue reading →

Posted in Tax Evasion | Tagged , | 1 Comment

If You Want a World Series of Poker Bracelet…

Posted on March 12, 2013 by Russ

…You can get one at auction in Sacramento on April 4th. Jerry Yang, the winner of the Main Event of the 2007 World Series of Poker, is in tax trouble with both the IRS and California’s Franchise Tax Board. Back … Continue reading →

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If You’re a Sole Proprietor, Get an EIN…Now!

Posted on March 10, 2013 by Russ

Most business entities have an Employer Identification Number (EIN) that they use. An EIN is for a business what a social security number is for an individual: It’s their taxpayer identification number. Some sole proprietors must have EINs (if they … Continue reading →

Posted in IRS | Tagged | 1 Comment

When the IRS Changes the Rules Midstream in a Legal Matter…

Posted on March 7, 2013 by Russ

Janet Novack has an interesting post in Forbes. It revolves around the Offshore Voluntary Disclosure Program. The idea behind the OVDP is that a taxpayer who the IRS doesn’t know about who has (for example) secreted away funds in a … Continue reading →

Posted in IRS | Tagged , | 1 Comment

Who Knew? Iowa Has a $50 Loss Limit on Fantasy Sports

Posted on March 7, 2013 by Russ

As I end a very long work day, I notice that Jason Dinesen sent out a tweet that an Iowa legislator is attempting to increase the daily fantasy sports betting, er, skill, well gambling (in Iowa) limit from $50 to … Continue reading →

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Did the IRS Write Law?

Posted on March 5, 2013 by Russ

I received a special e-news for tax professionals. It states the following: Federal budget sequestration has resulted in required cuts to certain credits and awards, effective March 1. These required cuts include a reduction to the refundable portion of the … Continue reading →

Posted in IRS | 1 Comment