Author Archives: Russ

$15 Million in Allegedly Phony Refund Claims

Posted on March 17, 2010 by Russ

I’ve seen returns requesting large tax refunds, but I haven’t personally seen one requesting $2.5 million. However, that’s what Alexander Adams and his son Garrett, of nearby Huntington Beach, requested from the IRS. There’s just a few problems with the … Continue reading →

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What May Really be Behind the 4¢ Fiasco

Posted on March 17, 2010 by Russ

Last night I listened to a presenter from the IRS at the monthly meeting of the Orange County chapter of the California Society of Enrolled Agents. He knew all about the 4¢ fiasco. It appears that there might be a … Continue reading →

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IRS’ Dirty Dozen Tax Scams

Posted on March 17, 2010 by Russ

The IRS released the dirty dozen tax scams today. Joe Kristan has more, and a dirty dozen of bad tax policies.

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Deadline Day: Corporations and S-Corps

Posted on March 15, 2010 by Russ

We’ve hit the first tax filing deadline for 2009 returns. Today’s the day that calendar year corporation and S-corporation tax returns are due. Since almost all S-Corps are calendar year, that means a whole bunch of returns are due today. … Continue reading →

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Getting Their 2¢ Worth…Twice

Posted on March 13, 2010 by Russ

Let’s head to Sacramento, where one place to get your car washed is Harv’s Metro Car Wash. The IRS decided that Harv’s needed more publicity. Last Wednesday, two IRS agents drove to Harv’s and demanded that the owner pay up … Continue reading →

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Spring Ahead…

Posted on March 13, 2010 by Russ

Tonight is not the favorite night for tax professionals: we lose an hour of sleep. Daylight Savings Time begins at 2am; before you head to bed move your clocks up one hour.

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FUBAR Update: The Use Tax Letters Begin to Arrive

Posted on March 10, 2010 by Russ

Yesterday, my first client received his Use Tax Enrollment Letter. At least this client managed to ask me if they had to do anything with it. The letter, dated March 1st, arrived on March 9th. The deadline for filing 2007 … Continue reading →

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M Is for Mistake, But the IRS Has a Cure

Posted on March 8, 2010 by Russ

This year two brand new schedules appeared on federal tax returns: Schedules L and M. Schedule L is for the Standard Deduction for certain individuals, and hasn’t been a problem for most individuals or preparers. The same can’t be said … Continue reading →

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California to Conform to Haitian Earthquake Charitable Contributions

Posted on March 8, 2010 by Russ

AB347 which will conform California law to the federal election to deduct 2010 cash contribution to Haitian earthquake relief on 2009 returns, is waiting for Governor Schwarzenegger’s signature. He will sign the measure in the next couple of days; when … Continue reading →

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Best Structuring In a Supporting Role…

Posted on March 7, 2010 by Russ

With the Academy Awards being broadcast this evening, it’s appropriate to look at a case from the movies. Cindy Ondracek and her husband owned a drive-in movie theater in Port Orchard, Washington; they also owned another cinema in Bremerton, Washington. … Continue reading →

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