Author Archives: Russ

Relief for Non-Profits

Posted on July 27, 2010 by Russ

I don’t do much work for non-profits, but there was a deadline just weeks ago and important news today. All non-profits are now required to file a version of Form 990. The deadline was May 17th, and non-profits that ignored … Continue reading →

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Trading a Cellphone to a Porsche

Posted on July 25, 2010 by Russ

Recently, I saw a short blurb on the local news regarding a teenager who bartered his way from a cellphone to a Porsche. There’s an issue with this, of course, taxes. When you barter goods, you’re supposed to send a … Continue reading →

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Government to Snipes: It’s Time to Head to ClubFed

Posted on July 25, 2010 by Russ

With the recent ruling from the Court of Appeals denying Wesley Snipes’ appeal of his three misdemeanor tax convictions, the US Department of Justice has asked that Snipes head to ClubFed now. Mr. Snipes’ attorneys plan on responding to this … Continue reading →

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$50 Here, $50 There: $50 From Me and Every Other EA, CPA, and Tax Preparer

Posted on July 23, 2010 by Russ

I received an email yesterday from my local IRS liaison: IRS Issues Proposed Rules Setting Fee for Tax Preparers to Get Unique ID Numbers By Diane Freda The Internal Revenue Service July 21 issued proposed rules (REG-139343-08) establishing a new … Continue reading →

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WordPress 3, Russ 0

Posted on July 23, 2010 by Russ

A ton of stuff has happened over the past week…but I’ve been unable to post.  You see, WordPress “upgraded” to Version 3.0 and locked me out of the blog.  Now, that wasn’t supposed to happen but it did. Unplanned ‘vacations’ … Continue reading →

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Snipes Loses Appeal; ClubFed Is on the Horizon

Posted on July 16, 2010 by Russ

Remember Wesley Snipes? The actor was convicted of three misdemeanor tax charges but has been free on bail while waiting for the 11th Circuit Court of Appeals to decide his appeal. Bad news for Mr. Snipes: “After thorough review, we … Continue reading →

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Ohio Adds Gambling Loss Deduction…In 2013

Posted on July 14, 2010 by Russ

The Ohio legislature recently passed HB 519. The measure creates the Ohio Casino Commission to run Ohio’s soon-to-exist casinos. There’s a bit of good news for Ohioans buried in the measure. Beginning with tax year 2013, Ohio residents will be … Continue reading →

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The Not So Great Park

Posted on July 11, 2010 by Russ

I live in Irvine, a relatively affluent community in Orange County, California. The city boast a large network of parks; back in 2002, the Great Park plan was approved by Orange County voters. To date, the park’s Board has spent … Continue reading →

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Companions to ClubFed

Posted on July 11, 2010 by Russ

After a hectic Sunday, there’s nothing like that old standby, the Escort Service, to lighten an evening. I reported on Companions earlier this year. The owners of this Salt Lake City club did quite well but somehow forgot to report … Continue reading →

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Must a Practitioner Audit a Client’s Financials?

Posted on July 6, 2010 by Russ

The IRS today released IR-2010-82 noting the disbarment of CPA Tim Kaskey for, “finding, among other things, that Kaskey failed to exercise due diligence in preparing tax returns for a corporation and its husband and wife shareholders.” Here’s the key … Continue reading →

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