Author Archives: Russ

Still Time for NOLs

Posted on August 25, 2010 by Russ

There’s still time to claim your (up to) five-year carryback on a Net Operating Loss (NOL). You have until October 15th to claim this for losses from either 2008 or 2009. Joe Kristan has more.

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On the Whole, I’d Rather Not be in Philadelphia

Posted on August 23, 2010 by Russ

Suppose you are a blogger that accepts advertising, and you reside in Philadelphia. You make $10 a year from the small blog advertisements you accept. It’s not much, but it’s something…until you get the bill from the City of Philadelphia … Continue reading →

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Alabama Highest in Sales Tax Rates

Posted on August 23, 2010 by Russ

If you don’t want to pay sales tax, go to Delaware, Montana, New Hampshire, or Oregon. On the other hand, if you like high sales taxes, head to Alabama. That’s the crux of a report issued by the Tax Foundation. … Continue reading →

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Financial Advice from Zsa Zsa Gabor

Posted on August 23, 2010 by Russ

Zsa Zsa Gabor has led a long and interesting life. From the UK Telegraph, here are a couple of her one liners: I learned in school that money isn’t everything. It’s happiness that counts. So Momma sent me to a … Continue reading →

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The Answer: $64.25

Posted on August 19, 2010 by Russ

As part of the IRS announcement today on the new PTIN regulations, we now what it will cost tax professionals to either re-register their PTINs or to obtain a new PTIN: $64.25. Compensated tax return preparers would pay a $64.25 … Continue reading →

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PTINs and the SEE: Unintended Consequences

Posted on August 19, 2010 by Russ

The IRS announced today that as part of the new PTIN procedure the IRS will temporarily stop issuing new PTINs on Monday, August 23rd. No big deal, right? After all, in a month or two you will be able to … Continue reading →

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29 Years Ago

Posted on August 17, 2010 by Russ

Today’s Orange County Register reminded me of an occurrence 29 years ago. On August 13, 1981, President Ronald Reagan signed into law the Kemp-Roth Tax Cut (the Economic Recovery Act of 1981). At the time, the economy looked horrible: inflation … Continue reading →

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An Income Tax in Washington State?

Posted on August 16, 2010 by Russ

As I’ve often told friends and clients, Washington state has every tax known to man except an income tax. That may change this fall…and not in a good way. There will be a ballot measure to add an income tax … Continue reading →

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Did the Governator Go to Mars?

Posted on August 16, 2010 by Russ

Earlier this week Governor Schwarzenegger told an audience in Silicon Valley, “There’s a good shot that we will have a budget in the next two to three weeks.” The Democrats are proposing an increase in the income tax (and a … Continue reading →

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Another Untrustworthy Trust for a Doctor

Posted on August 16, 2010 by Russ

There’s nothing illegal about having a foreign (offshore) trust. However, if you use that trust to shelter (hide) income, and if you fail to disclose the trust, and if you lie to federal agents about the trust, you can find … Continue reading →

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