Author Archives: Russ

Tax Foundation Releases State & Local Tax Burdens

Posted on October 24, 2012 by Russ

The Tax Foundation released its annual State-Local Tax Burden Ranking. In what won’t be shocking to most readers, New York came in first…and that’s not a good thing. Here are the ten worst states: 1. New York 12.8% 2. New … Continue reading →

Posted in New York | Tagged | 1 Comment

Bad States for Gamblers

Posted on October 22, 2012 by Russ

It’s been a while since I’ve listed out the bad states for gamblers. Here’s an updated list. Make sure you read the notes because while all of these states have tax systems that are problematic for gamblers, some impact amateurs … Continue reading →

Posted in Connecticut, Gambling, Hawaii, Illinois, Indiana, Massachusetts, Michigan, Minnesota, Mississippi, New York, Ohio, Washington State, West Virginia, Wisconsin | 1 Comment

Thoughts on the Reid/Kyl Online Poker Bill

Posted on October 21, 2012 by Russ

On Friday, copies of the purported Internet Gambling Prohibition, Poker Consumer Protections, and Strengthening UIGEA Act of 2012 appeared. The draft of the legislation is just that: a draft. The actual legislation that might pass Congress in the lame duck … Continue reading →

Posted in Gambling | Tagged , , , | 2 Comments

L.A. County Assessor Arrested in Corruption Probe

Posted on October 18, 2012 by Russ

John Noguez, Los Angeles County Assessor, Ramin Salari, a property tax consultant, and Mark McNeil, an aide to Mr. Noguez, were all arrested on charges of conspiracy and misappropriation of public funds. The allegation is that Mr. Salari paid (bribed) … Continue reading →

Posted in California | Tagged | 1 Comment

Why the 2013 Tax Season May Give Me Lots More Gray Hair

Posted on October 18, 2012 by Russ

The closing days of a tax season are always hectic; such was the case for us this year. Yet I may look back fondly at this past tax season next year. The reason has to do with the election. If … Continue reading →

Posted in IRS | Tagged | 2 Comments

FTB and BOE Release List of 500 Biggest Tax Delinquents

Posted on October 18, 2012 by Russ

California’s Franchise Tax Board released its list of the 500 largest income tax delinquents on Tuesday. New to the list is a notation of whether or not the individuals have state licenses. I’m amazed at how many attorneys are on … Continue reading →

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FICA Limit Up 2.8%; Social Security COL Up

Posted on October 18, 2012 by Russ

The Social Security Administration announced that the maximum earnings subject to the full 6.2% FICA tax will be $113,700 in 2013, up 2.8% from the $110,100 in 2012. Note that the FICA tax itself had been reduced temporarily to 4.2% … Continue reading →

Posted in Self Employment Tax | 2 Comments

I am not a Crook

Posted on October 16, 2012 by Russ

A friend sent me a link to a news story; she headlined it in her email, “Russell Fox caught as tax evader; must repay 200,000.” And then I took a look at the story: A fish and chip shop owner … Continue reading →

Posted in Tax Evasion | 1 Comment

On Death, Taxes, and Estate Planning

Posted on October 16, 2012 by Russ

Today is October 16th. I just had a client fax me his signature documents, hoping that a day late isn’t a dollar behind. He’s getting a refund, so it won’t be that big of a deal. October 15th and 16th … Continue reading →

Posted in Estate Tax | Comments Off on On Death, Taxes, and Estate Planning

The End of Procrastination Season Is Upon Us

Posted on October 13, 2012 by Russ

Monday is October 15th. Individual tax returns on extension are due. What do you do if you haven’t done anything except procrastinate? It’s time to file your return. The IRS website has all the forms. Dig up all of your … Continue reading →

Posted in IRS | Tagged , | 1 Comment