Author Archives: Russ

No Sniping at the Supreme Court

The Supreme Court denied Wesley Snipes’ appeal today. Wesley Snipes will likely remain in prison until 2013 on his failure to file tax return charges. The Supreme Court rarely hears tax charges, and there really wasn’t either some novel issue … Continue reading

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Tax Amenesty in Colorado this Fall

Colorado Governor John Hickenlooper signed a bill authorizing a tax amnesty in Colorado. The amnesty period will be from October 1st to November 15th. It applies to any tax debt owed as of December 31, 2010. Additionally, if the Colorado … Continue reading

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You Mean I Have to Pay Tax on my Embezzlement Proceeds?

Yes, illegal income is just as taxable as legal income. If you embezzle funds you have to report that income as “Other Income” on line 21 of Form 1040. Eugene Ceriello discovered this reality. Mr. Ceriello ran the back-office operation … Continue reading

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When You’re Frivolous, Reconsidering the Frivolity Can be Expensive

Every so often I report on a frivolous case at the Tax Court. You know, the people who claim that only income earned outside of the US is subject to tax, or that I’m a citizen of California, not the … Continue reading

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New Circular 230 Released: Welcome RTRPs!

Ah, the acronym. In the world of tax preparation there are Enrolled Agents (EAs), Certified Public Accountants (CPAs), Attorneys (the acronym fails me here), and the new Registered Tax Return Preparers (RTRPs). The IRS regulates tax professionals who practice before … Continue reading

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FBAR Delayed for Some Corporate Signers

I, along with other tax professionals, liken the FBAR to going after jaywalkers with shotguns. Well, a few fewer jaywalkers need worry about the FBAR for this year. The IRS announced today that individuals in two categories will not need … Continue reading

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Just Say No, Sacramento Style

It’s been a while since I’ve reported on the California budget situation, but it seem apropos given that June is right around the corner and with it the constitutional deadline for California to have a balanced budget. Democratic Governor Jerry … Continue reading

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Staking and the WSOP: 2011 Update

Back in 2007, I wrote this post regarding staking and the World Series of Poker. Generally, nothing has changed. Caesar’s (formerly Harrah’s) still runs the WSOP and still refuses to obey IRS rules regarding Form 5754. That means that a … Continue reading

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How May We Not Serve You Today?

This post has nothing to do with taxes, but everything to do with customer mis-service. You’re forewarned. On Tuesday, May 10th, I logged on to my blog and attempted to write a post. I was unable to save the post … Continue reading

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We’re Almost Back to Normal

If you can see this post, you’re seeing Taxable Talk hosted by my new hosting company.  New posts are coming tomorrow (Thursday), along with a rather scathing review of a certain hosting company. That post could be titled, “Indian Customer … Continue reading

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