Author Archives: Russ

Bozo Tax Tip #5: Procrastinate!

Posted on April 11, 2022 by Russ

Today is April 11th. The tax deadline is just seven days away. What happens if you wake up and it’s April 18, 2022, and you can’t file your tax? File an extension. Download Form 4868, make an estimate of what … Continue reading →

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Bozo Tax Tip #6: The $0.58 Solution

Posted on April 8, 2022 by Russ

With Tax Day fast approaching it’s time to examine yet another Bozo method of courting disaster. And it doesn’t, on the surface, seem to be a Bozo method. After all, this organization has the motto, Neither rain nor snow nor … Continue reading →

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Bozo Tax Tip #7: Only Income Earned Outside the United States Is Taxable

Posted on April 7, 2022 by Russ

A few days ago I was explaining to a client the basics of the US Tax Code: All income is taxable unless Congress exempts it; nothing is deducible unless Congress allows it. That’s the basics. My office is in Las … Continue reading →

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Bozo Tax Tip #8: Nevada Corporations (or LLCs)

Posted on April 6, 2022 by Russ

As we continue with our Bozo Tax Tips–things you absolutely, positively shouldn’t do but somewhere someone will try anyway–it’s time for an old favorite. Given the business and regulatory climate in California, lots of businesses are trying to escape taxes … Continue reading →

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Bozo Tax Tip #9: Move Without Moving!

Posted on April 5, 2022 by Russ

Over ten years ago, we moved from Irvine, California to Las Vegas. The home in Irvine was sold, a home was purchased in Las Vegas, and the belongings went from the Golden State to the Silver State. Cars were re-registered, … Continue reading →

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Bozo Tax Tip #10: Email Your Social Security Number (or EIN)!

Posted on April 4, 2022 by Russ

It’s time for our annual rundown of Bozo Tax Tips, strategies that you really, really, really shouldn’t try. But somewhere, somehow, someone will try these. Don’t say I didn’t warn you! This is a repeat for the ninth year in … Continue reading →

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The IRS Is Broken, Example #786

Posted on March 29, 2022 by Russ

We received a letter for a client from the IRS on the 2016 tax year in yesterday’s mail: We made an error and sent you an interim letter for the tax period listed above.  Please disregard the letter 2645C that … Continue reading →

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Why Has Posting Been Light?

Posted on March 17, 2022 by Russ

A friend asked me why I’ve posted so little this year.  The answer is simple: the real world intruded.  Family issues have definitely impacted my time, and the workload of my business has increased dramatically.  My clients deserve me spending … Continue reading →

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Online Gambling and Cryptocurrency Addresses for 2022

Posted on February 22, 2022 by Russ

[This listing has been replaced by the 2023 listing.] If you have one or more foreign financial accounts and you have $10,000 aggregate in those account(s) at any time during 2019, you must file the Report of Foreign Bank and … Continue reading →

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IRS: On Third Thought, Let’s Grant “Relief” That Isn’t

Posted on February 17, 2022 by Russ

Yesterday, I wrote a post stating the IRS was giving relief on the new Schedules K-2 and K-3.  I did that because I believed what the IRS wrote.  The IRS stated: Coming relief from certain Schedule K-2 and K-3 reporting: … Continue reading →

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