Author Archives: Russ

The Walking Dead Come Back

Posted on January 16, 2013 by Russ

No, this isn’t a post on the next zombie movie. Yes, Las Vegas does have a Zombie Apocalypse Store (humorously, near one of my clients). But I digress…. Instead, we’re going to focus on a CPA from Northridge, California (in … Continue reading →

Posted in Tax Fraud | Tagged | 1 Comment

California Supreme Court Takes Gillette Case

Posted on January 16, 2013 by Russ

As expected, the California Supreme Court has accepted Gillette vs. Franchise Tax Board. While no date has been announced for the arguments, I’d expect the case to be heard this Spring or Summer, with a decision sometime before year-end. The … Continue reading →

Posted in California | Tagged | 1 Comment

Is A Simplified Home Office Deduction Better?

Posted on January 15, 2013 by Russ

Today the IRS announced a simplified option for claiming the home office deduction (Form 8829). The deduction will allow some to take $5 per square foot of home office (up to a maximum of 300 square feet). This new “simplified” … Continue reading →

Posted in IRS | Tagged | 1 Comment

Entrepreneur Rant on FTB’s Retroactive QSB Ruling

Posted on January 15, 2013 by Russ

Back in December, I reported on how the Franchise Tax Board (California’s income tax agency) would interpret the Cutter decision. I didn’t spend much time on it, as the subject of Qualified Small Business stock (QSB) doesn’t impact many of … Continue reading →

Posted in California | Tagged , , | Comments Off on Entrepreneur Rant on FTB’s Retroactive QSB Ruling

What $4.95 Buys These Days

Posted on January 15, 2013 by Russ

Living in Las Vegas gives me, at times, a very jaded perspective on life. I see individuals who otherwise pinch pennies spend $100 on bottle service at a club (or $4.95 for a thimble-sized amount of alcohol). You can still … Continue reading →

Posted in New Jersey, Tax Preparation | Tagged | Comments Off on What $4.95 Buys These Days

Estimated Tax Payment Deadline Is January 15th

Posted on January 14, 2013 by Russ

Tomorrow, Tuesday, January 15th is the deadline for making your fourth quarter 2012 estimated tax payments. This is a postmark deadline, so if you are mailing your estimated payments, go to the post office and spend the few dollars to … Continue reading →

Posted in IRS | Tagged | 1 Comment

“The IRS Has Failed to Provide Effective and Timely Assistance to Victims of Identity Theft”

Posted on January 9, 2013 by Russ

That’s not just my opinion, it’s the opinion of the National Taxpayer Advocate, Nina Olson. Most tax professionals who have run into identity theft can relate horror stories. Jason Dinesen, an Enrolled Agent in Iowa, has been dealing with an … Continue reading →

Posted in IRS | Tagged , , , | 1 Comment

IRS Announces Tax Season to Start on January 30th

Posted on January 8, 2013 by Russ

The IRS announced today in an email that tax filing season will begin on Wednesday, January 30th. That’s a delay of about two weeks and is caused by Congress’s delay in enacting the “fiscal cliff” tax extender legislation (including the … Continue reading →

Posted in IRS | Tagged | 1 Comment

The Problem with PEOs

Posted on January 7, 2013 by Russ

Sometimes I have the right idea but don’t consider the full spectrum of issues. That’s the definition of a blind spot, and with my post on the $7 million tax fraud yesterday, I had a big blind spot. Thankfully, some … Continue reading →

Posted in Payroll Taxes | 2 Comments

What’s $7 Million Among Freinds?

Posted on January 6, 2013 by Russ

Arthur Weiss had a successful business running various professional employer organizations (PEOs). For a fee, his business would pay employees, remit taxes to the IRS and states, file tax returns, and provide workers compensation insurance. It turns out his fee … Continue reading →

Posted in Payroll Taxes, Tax Fraud | 2 Comments