Author Archives: Russ

A Two-Week Tax Season?

Posted on December 20, 2012 by Russ

Acting IRS Commissioner Steven Miller reiterated his warning of a very late opening to tax filing season. In a letter sent to Ranking Member Sander Levin of the House Ways and Means Committee (and sent to Chairman Dave Camp, and … Continue reading →

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Locking in Gains

Posted on December 20, 2012 by Russ

While the “fiscal cliff” negotiations continue at Washington’s normal pace (i.e. the speed of molasses rolling uphill), there are some certainties. Tax rates are going up next year. In most years, tax professionals advise clients at year-end to speed up … Continue reading →

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Spain Targeting Poker Players

Posted on December 19, 2012 by Russ

Governments are looking far and wide for revenue, and high-profile poker players are certainly a target. I’ve previously reported on efforts by Germany; it appears Spain is joining the action. The Spanish tax agency, La Agencia Tributaria, has reportedly looked … Continue reading →

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“Tax Guys” Get Taxing Result

Posted on December 19, 2012 by Russ

Sometimes you get a better result (tax-wise) if your income is higher. That’s because of refundable credits like the Earned Income Credit. Now, I can’t change a client’s income so that they will qualify for a credit; your income is … Continue reading →

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CAF System Maintenance from Christmas to New Years

Posted on December 17, 2012 by Russ

For tax professionals, be advised that the IRS Centralized Authorization File (CAF) System will be down from Christmas through New Years for routine maintenance. This means that tax professionals will be unable to pull transcripts or other information from 6:00am … Continue reading →

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Fiscal Cliff Deal Near?

Posted on December 17, 2012 by Russ

CBS News is reporting that a fiscal cliff deal may be reached by mid-week. Here is the report from Major Garrett of CBS: We shall see. Presumably, an AMT patch is part of the negotiations. Hat Tip: Hot Air

Posted in Legislation | 1 Comment

What Happens When Cigarette Taxes go Through the Roof?

Posted on December 16, 2012 by Russ

While Alan Greenspan noted, “Whatever you tax, you get less of,” the New York legislature seems to not understand. In one of the least shocking reports I’ve seen, the New York Association of Convenience Stores (NYACS) noted that the state … Continue reading →

Posted in Illinois, New York | Tagged | 1 Comment

Ref Fouls Out

Posted on December 12, 2012 by Russ

Last year I reported on the rather brazen scheme of some referees at New York’s Chelsea Piers. Instead of reporting their $40 income per game, they decided to commit identity theft and use false names for reporting their income. This … Continue reading →

Posted in New York, Tax Fraud | 1 Comment

What Didn’t They Understand About the Definition of “Uniform?”

Posted on December 10, 2012 by Russ

California law requires parcel taxes to be uniform for every parcel. That means a parcel of 0.1 acres and a parcel of 10 acres must be charged the same tax. It seems simple, right? Well, back in 2008 voters in … Continue reading →

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California Revenues Below Expectations

Posted on December 9, 2012 by Russ

California Governor Jerry Brown promised that the new taxes that have gone into effect will balance the budget. Well, in November California revenues were $842 million below expectations, and California is $802 million under budget for the fiscal year (which … Continue reading →

Posted in California | 1 Comment