Author Archives: Russ

California Cap and Tax Hits a Snag

Posted on February 7, 2011 by Russ

Last November, California voters refused to overturn AB32. That misguided legislation imposed climate change as gospel and gave the California Air Resources Board a mandate to stop ‘global warming.’ Coincidentally, last fall CARB implemented a ‘cap and trade’ system for … Continue reading →

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California Disclosure Obligations

Posted on February 5, 2011 by Russ

There are rules regarding reporting a reportable transaction (including a listed transaction) to the IRS. The Franchise Tax Board wants to get the word out that there are rules about reporting such items to the FTB, too. This impacts both … Continue reading →

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How to be a Receptionist Without Trying at All

Posted on February 4, 2011 by Russ

I’m happy doing what I do. As my brother says, someone’s got to enjoy preparing tax returns. One thing that I’m not, though, is a receptionist. Neither is one Bakersfield woman. However, Bakersfield tax preparer Bertha Vaughn listed her as … Continue reading →

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ObamaCare Unconstitutional; Impact on Taxes?

Posted on February 1, 2011 by Russ

As most of you know, a second federal court judge has ruled the Health Care Law that passed last year is unconstitutional. Judge Rodger Vinson didn’t just rule that the mandate that health insurance must be bought is stricken; rather, … Continue reading →

Posted in Legislation | Tagged , | 2 Comments

Carpet Owner Gets a Year at ClubFed

Posted on February 1, 2011 by Russ

Leif Rozin is a former owner of Buddy’s Carpet in Cincinnati. Back in 2008 he was convicted on tax fraud charges. It took a while but he was finally sentenced last Friday; he received one year at ClubFed and must … Continue reading →

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Why EFTPS Is Necessary for Companies that Outsource their Payroll

Posted on January 26, 2011 by Russ

An executive at a San Antonio outsourcing company took the money and ran. “An employee leasing services executive was arrested Monday in one of San Antonio’s largest-ever tax fraud cases, accused of keeping $66 million in payroll taxes that should … Continue reading →

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A Galloping Win for Gamblers in Tax Court (With a Loss on the Side)

Posted on January 25, 2011 by Russ

The Tax Court looked today at the case of a professional gambler who lost money both on his wagers and his expenses in 2001. The petitioner tried to deduct his gambling losses in excess of his wins and his business … Continue reading →

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And I Thought Denmark Had High Taxes for Gamblers…

Posted on January 25, 2011 by Russ

The name “Isildur” may mean nothing to you. Perhaps you remember Isildur as a character in J.R.R. Tolkien’s classic The Lord of the Rings. For those who follow online poker, the name Isildur means screenname Isildur1. Isildur1 played high-stakes poker … Continue reading →

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Same Old Song and Dance

Posted on January 24, 2011 by Russ

Let’s assume you are the President of Acme, a business that makes all sorts of things. Your major customer suffers a financial reversal, and your sales are going to go down by 40%. Do you continue to spend at the … Continue reading →

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Online Gambling Addresses (Updated for 2011)

Posted on January 21, 2011 by Russ

The IRS and Department of the Treasury stated in January 2009 that online gambling websites are considered to be foreign financial accounts. If you have $10,000 or more in one or more foreign bank and/or financial accounts, you must report … Continue reading →

Posted in Gambling | 4 Comments