Author Archives: Russ

California Starts the Year $6 Billion in the Hole

Posted on November 15, 2010 by Russ

California’s Budget Analyst announced that the state is already $6 billion in the hole, and that the state faces a $25 billion deficit for 2011. Personally, I think that’s understating the problem: I suspect the deficit will rise to $30 … Continue reading →

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So I Won a Free Trip to the Bahamas. Now, How do I Report It on my Tax Return?

Posted on November 12, 2010 by Russ

Well, luck, skill, or a roll of the die was with me: I did win that free trip to the Bahamas. Come early January I’ll be winging my way 2,492 miles to Nassau and then on to the Atlantis Resort … Continue reading →

Posted in Gambling, Taxable Talk | 4 Comments

No Gold at the End of the Rainbow

Posted on November 11, 2010 by Russ

Yesterday, the Tax Court ruled in Au v. Commissioner. The Aus, husband and wife from California, gambled during 2006 but lost money. Indeed, they lost over $40,000. They took those gambling losses as a miscellaneous itemized deduction. Unfortunately, the Tax … Continue reading →

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The Real Winners at The World Series of Poker (2010)

Posted on November 9, 2010 by Russ

Nine individuals came to Las Vegas this past weekend to compete for the championship at the World Series of Poker. Who would be the lucky winner? And who really got to keep the money? This year’s World Series of Poker … Continue reading →

Posted in Gambling | 1 Comment

If I Win a Free Trip to the Bahamas (Part 3)

Posted on November 9, 2010 by Russ

Well, I made the finals so I have a chance of winning a free trip to the Bahamas. You can vote here to send me to the Bahamas (vote for Russ Fox – Binglaha). If you’ve never registered at Two … Continue reading →

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Triple Your Pleasure, Triple Your Trouble with the Triple-Trust

Posted on November 9, 2010 by Russ

As I’ve said on numerous occasions, if it sounds too good to be true it usually is. Still, the gullible keep flocking to the schemes that cause income to magically disappear. Steven Allen, an attorney, and Allen Goodmansen, a CPA, … Continue reading →

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Franchise Tax Board Implements New “MyFTB Account”

Posted on November 9, 2010 by Russ

The Franchise Tax Board has implemented a new “MyFTB Account.” This replaces the old “My Account” on the FTB’s website. Back in September I saw a demonstration of the new website and I was impressed. The system shows withholding, estimated … Continue reading →

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Son of FBAR

Posted on November 9, 2010 by Russ

Coming in 2010 is Form 8938, Statement of Foreign Financial Assets. The draft of the form, which the IRS is soliciting public comment on, is now available. It may remind you of Form TD F 90-22.1 (FBAR). Phil Hodgen (who … Continue reading →

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To C Or Not To C, That Is The Question

Posted on November 9, 2010 by Russ

Robert Flach announced his newsletter, The Schedule C Letter. Robert notes, THE SCHEDULE C LETTER is a bi-weekly newsletter that provides tax planning and preparation advice, information, and resources for sole proprietors and one-person LLCs who report their business activity … Continue reading →

Posted in Entity Formation | 4 Comments

If I Win a Free Trip to the Bahamas (Part 2)

Posted on November 8, 2010 by Russ

For those who care, I made the semi-final round of the contest that could send me to the Bahamas. For the readers who commented and want to vote in the semi-finals, you can do so at this link (choose Russ … Continue reading →

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