Author Archives: Russ

Casualty Losses, Constructive Receipt and Full Tilt Poker

Posted on December 21, 2011 by Russ

I’ve been asked numerous times over the past few weeks one question by poker players: “Can I take a casualty loss on the money I have tied up on Full Tilt Poker?” The answer is a definite maybe, but even … Continue reading →

Posted in Gambling, IRS | Tagged | 8 Comments

Psychic Help Wasn’t Good for Clients, but Was Great for the Psychic…Until Caught

Posted on December 18, 2011 by Russ

I’ve been told that a psychic is supposed to know and foretell the future. Nancy Marks was a psychic in Lafayette, Colorado. She had a unique–and quite illegal–method of obtaining income. She warned her clients that there was evil lurking … Continue reading →

Posted in Colorado, Tax Evasion | 1 Comment

We’re Back, But Will the Sales Tax Deduction Come Back in 2012?

Posted on December 18, 2011 by Russ

I’ve moved into my new office, and everything is more-or-less running correctly in my new office in Las Vegas. There’s a new fax number (yes, there’s a real fax machine in my office) for those who need to send me … Continue reading →

Posted in Nevada, Sales Tax | Comments Off on We’re Back, But Will the Sales Tax Deduction Come Back in 2012?

Only $16,788 Per Phony Child

Posted on December 6, 2011 by Russ

The saga of the woman who did not give birth to nondecuplets is complete. Via Joe Kristan comes word that Norma Coronel made a plea deal and was ordered to repay the IRS $302,186. Though the linked story states she … Continue reading →

Posted in Tax Fraud | Comments Off on Only $16,788 Per Phony Child

California Has Lost Over 720,000 Taxpayers & $48 Billion of AGI From US Migration From 1993-2008

Posted on December 6, 2011 by Russ

My move to the Silver State has gotten some comments from two other tax bloggers, Joe Kristan (Roth Tax Updates) and Paul Caron (TaxProf Blog). In the TaxProf Blog post, there’s a link to statistics on migration from within the … Continue reading →

Posted in California | 1 Comment

When Silver Is Better than Gold

Posted on December 2, 2011 by Russ

Today’s closing price for silver is $32.72 an ounce. Meanwhile, Gold is $1,749.35 an ounce. So how can silver be better than gold? If you’ve been a reader of this blog, you’ve seen me write numerous times about California’s tax … Continue reading →

Posted in California, Nevada, Taxable Talk | 12 Comments

Real Housewife Tax Cheats in my Backyard

Posted on December 2, 2011 by Russ

I’m a resident of Orange County (well, if you read the next post I write…), and I missed the Real Housewife Tax Cheats in Orange County. Luckily, Joe Kristan caught it. The Orange County Premium Fraud Task Force, a collaboration … Continue reading →

Posted in Orange County, Tax Fraud | Comments Off on Real Housewife Tax Cheats in my Backyard

Illinois Couples in Civil Unions Will File Married Returns in 2011

Posted on December 1, 2011 by Russ

Illinois couple who are in civil unions will file married returns for 2011. They will, for state tax purposes only, file either married filing jointly or married filing separately. Note that they will still file single returns for their federal … Continue reading →

Posted in Illinois | Tagged | Comments Off on Illinois Couples in Civil Unions Will File Married Returns in 2011

California Ranks High Again…And That’s Not a Good Thing

Posted on December 1, 2011 by Russ

Another survey of business, and another set of results that’s anything but golden for California. Claremont McKenna College’s Rose Institute of State & Local Government today released the 17th annual Kosmont-Rose Institute Cost of Doing Business Survey. The Rose Institute, … Continue reading →

Posted in California | Tagged | 1 Comment

If You Fail Four Times, the Fifth Time Won’t be the Charm

Posted on November 23, 2011 by Russ

As I’ve said, there is an income tax and you do need to pay it. Today’s petitioner in Tax Court didn’t like that idea and filed case after case in Tax Court citing frivolous arguments. In 2006, the petitioner received … Continue reading →

Posted in Tax Court | Comments Off on If You Fail Four Times, the Fifth Time Won’t be the Charm