Author Archives: Russ

I’m Envious

Posted on September 3, 2012 by Russ

Two stories related to one of my favorite topics appeared over the weekend. The first comes out of Michigan, where the state legislature passed a law to ban “tax zappers.” The only zappers I ever heard of were these: That’s … Continue reading →

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Joseph Pleads Guilty

Posted on September 3, 2012 by Russ

Back in May I wrote about William Joseph, the former NFL player caught in an identity theft ring that was broken through an FBI sting. Mr. Joseph pleaded guilty last week to tax fraud. Mr. Joseph’s attorney, Roderick Vereen, told … Continue reading →

Posted in Tax Fraud | Tagged | 1 Comment

Illinois Debt Downgraded

Posted on August 30, 2012 by Russ

S&P cut the rating of Illinois debt by one level yesterday. From the news story: “The downgrade reflects the state’s weak pension funding levels and lack of action on reform measures intended to improve funding levels and diminish cost pressures … Continue reading →

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Court Rules that California Can’t Discriminate on Small Business Stock Tax Deferrals

Posted on August 30, 2012 by Russ

If you sell stock in a small business (one with $50 million of assets or less), and then take the proceeds and reinvest them within 60 days in another small business, you can defer the gain. California law has a … Continue reading →

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IRS Upgrade This Weekend; Many Services Unavaiable Until Tuesday

Posted on August 29, 2012 by Russ

Every year over Labor Day weekend the IRS upgrades their computer and electrical systems. Beginning later this evening, the IRS will be taking systems down. Here’s a partial list of what will be going down: – The ability to apply … Continue reading →

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Math Is Hard

Posted on August 29, 2012 by Russ

Here’s a math question: What’s 15 +13? It’s 28, of course. Unfortunately, the Santa Clara Valley Water District (near San Jose, California) didn’t check their work. They added 15 years to 2013 and got 2029, not 2028. Oops. It’s a … Continue reading →

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Illinois Casino Expansion Bill Vetoed

Posted on August 28, 2012 by Russ

Governor Pat Quinn (D) vetoed a casino expansion bill that would have added five casinos, including one in Chicago. His veto message stated that the biggest problem with the bill, “[I]s the absence of strict ethical standards and comprehensive regulatory … Continue reading →

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Ohio Gamblers: Don’t Forget Your City Income Tax

Posted on August 26, 2012 by Russ

Ohio has (or will soon have) four casinos: one in each of Cincinnati, Cleveland, Columbus, and Toledo. The good news for Ohio gamblers is that beginning in 2013 Ohioans can deduct gambling losses on their state income taxes. The bad … Continue reading →

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A Story of Identity Theft; Why Is the Death Master File Still Available?

Posted on August 26, 2012 by Russ

My father died almost six years ago. It’s something that’s inevitable for all of us. My mother was lucky in one respect: No one stole my father’s identity at death. Unfortunately, such identity thefts are becoming far more common. Jason … Continue reading →

Posted in IRS | Tagged , , | 2 Comments

MTA (MCTMT) Tax Ruled Unconstitutional; Appeal Certain

Posted on August 26, 2012 by Russ

I prepare a number of New York tax returns for self-employed individuals. One of the more annoying tax returns is the Metropolitan Commuter Transportation Mobility Tax in the New York City metropolitan area. It’s not a large tax by any … Continue reading →

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