Author Archives: Russ

Daylight Savings Time Ends

Posted on November 6, 2010 by Russ

It’s time to turn your clocks back an hour. Late tonight (2 am), clocks will be reset to end daylight savings time and return to standard time. So enjoy your extra hour of sleep.

Posted in Taxable Talk | 1 Comment

If I Win a Free Trip to the Bahamas, Do I Have to Pay Tax On It?

Posted on November 5, 2010 by Russ

About ten days ago, I noticed that a poker website was running a contest. Submit a fun poker game that can be run as a poker tournament; if your game is chosen we’ll send you the Bahamas. There were over … Continue reading →

Posted in Gambling, Taxable Talk | Tagged | 1 Comment

We Want It All But Don’t Tax Us To Get It

Posted on November 3, 2010 by Russ

Californians demonstrated their usual inimitable politics yesterday. Democrats won nearly every statewide office. The next Governor is Jerry Brown. Mr. Brown promised that there would be no tax increases without a vote of the people. (Barbara Boxer was reelected to … Continue reading →

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We Won’t Have Jim Traficant to Kick Around

Posted on November 3, 2010 by Russ

Well, Election Day has come and gone. Congressional races generally went to Republicans, and the GOP will be the majority party in the House next January. That means that John Boehner of Ohio will be the next Speaker. Mr. Boehner … Continue reading →

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You Will eFile in New York

Posted on October 31, 2010 by Russ

I have a few clients in New York (about 20). I have one client who strongly dislikes efiling. It appears he won’t have a choice for his 2010 tax return if I prepare his return. New York has implemented mandatory … Continue reading →

Posted in New York | 7 Comments

Taxes Are For The Other Party

Posted on October 30, 2010 by Russ

The Democratic National Committee has a private club (the National Democratic Club) in Washington, DC. I guess that’s not surprising–with so many politicians in Washington, a club makes sense. But even political parties (and their clubs) must pay their taxes. … Continue reading →

Posted in Property Taxes | 1 Comment

Proposition 26: Fees Require 2/3 Vote

Posted on October 29, 2010 by Russ

Proposition 26 on the California ballot would require many state and local fees to be approved by a 2/3 vote. Proponents of the measure argue that there are numerous hidden fees (taxes, in their view) that have been approved by … Continue reading →

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Proposition 25: Majority Budget Instead of 2/3 Vote

Posted on October 28, 2010 by Russ

Current law requires California to have a two-thirds vote in order to pass a budget. Proposition 25 would eliminate the two-thirds requirement and would allow the budget to be approved by a simple majority vote. Wow, it seems fair to … Continue reading →

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Proposition 24: Business NOLs and Multi-State Taxes

Posted on October 28, 2010 by Russ

Proposition 24 on the California ballot would eliminate the ability of businesses to take Net Operating Losses (NOLs) as federal tax law allows. Additionally, the measure would continue the usage of a three-factor system for taxation of multi-state entities by … Continue reading →

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Proposition 23: Suspension of AB32 (Global Warming Tax)

Posted on October 28, 2010 by Russ

Back in 2006, the California legislature passed AB32. This measure, which was signed by Governor Schwarzenegger, allows the state to regulate greenhouse gases such as carbon dioxide (CO2). The goal of AB32 is to reduce such gas emissions by 2020. … Continue reading →

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