Author Archives: Russ

Only in Government Can the Lender and Borrower be the Same

When I read this, I did a double take. From the New York Times: Gov. David A. Paterson and legislative leaders have tentatively agreed to allow the state and municipalities to borrow nearly $6 billion to help them make their … Continue reading

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Mandatory IRS eFiling Is Coming

If you’re a tax preparer, get ready to efile. Mandatory efiling is coming to the IRS. For the 2010 tax year (the next tax season, in 2011), if you prepare 100 or more returns you must efile; for the 2011 … Continue reading

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Taxes and Online Gambling: General Presentation on June 15th

I’ll be presenting a one-hour continuing education talk on Taxes and Online Gambling at the monthly meeting of the Orange County Chapter of the California Society of Enrolled Agents next Tuesday, June 15th. If you’re near the Phoenix Club (1340 … Continue reading

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2011 Doesn’t Look Bright

Arthur Laffer, the noted economist, penned an op-ed in the Wall Street Journal. An excerpt: But at the tax boundary of Jan. 1, 1983 the economy took off like a rocket, with average real growth reaching 7.5% in 1983 and … Continue reading

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Election Day

Today is primary election day in California, Nevada, and Arkansas. While Californians don’t have many tax-related propositions to vote on today, there are numerous individuals running for office in the primary: Every state Assemblyman, half of the State Senate, one … Continue reading

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The Sky Is Not Falling (Yet)

For online gamblers, yesterday was the day that banking regulations relating to the Unlawful Internet Gambling Enforcement Act (UIGEA) of 2006 went into effect. The legislation itself passed in 2006 (it was attached to the Safe Ports Act). Kay Bell … Continue reading

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Your Tax Return May Cost More

Something that all economists know is that all tax increases on businesses are passed on to consumers. All of them. There is no such thing as a free lunch. The Tax Extenders Bill, HR 4213, would impose a new tax … Continue reading

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Impure

A couple of weeks ago I wrote about the coming crackdown on nightclubs, taxi drivers, and doormen in Las Vegas. One nightclub chain, Pure, yesterday took what they hope will be preventative action. Pure implemented a compliance program. Of course, … Continue reading

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Pop, Pop, Fizz, Fizz; Oh What a Relief It Isn’t!

Only in California would Democrats in the Legislature get the “brilliant” idea of borrowing money from the deposits consumers make on plastic and glass soda bottles to balance the budget. The Democrats also want to increase oil taxes. Of course, … Continue reading

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AB32 (California Cap & Trade) Is a Job Killer

That’s not me talking (well, it is too); rather, it’s the non-partisan California Legislative Analyst that has called it that. The Wall Street Journal reports on the LAO’s study of the measure, noting: “California’s economy at large will likely be … Continue reading

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