Author Archives: Russ

What’s $2 Trillion Among Friends

Posted on January 9, 2010 by Russ

From the Financial Times comes word that there are $2 Trillion worth of unfunded pensions at just the state and local level in the United States. The Financial Times article relies on a study by Orin Kramer of New Jersey’s … Continue reading →

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More on Tax Preparer Licensing

Posted on January 6, 2010 by Russ

I was at an audit this afternoon at the Laguna Niguel IRS office. The return (prepared by an unenrolled preparer) had gross errors. Frankly, any competent preparer should have caught these errors. Unfortunately, the individual who prepared the original return … Continue reading →

Posted in IRS, Tax Preparation | Tagged | 1 Comment

Licensing of Tax Preparers Is Coming

Posted on January 4, 2010 by Russ

The IRS announced this morning that it will soon require registration and exams for most tax preparers who are not regulated. The report in the Wall Street Journal notes that the changes “will take several years to implement and will … Continue reading →

Posted in IRS, Tax Preparation | Tagged | 2 Comments

Can You Lend a Hand? And a Few Billion Dollars?

Posted on January 3, 2010 by Russ

California remains in financial trouble. The state faces a $21 billion deficit. Meanwhile, the economic news doesn’t appear particularly good. First, a judge in Alameda County (Oakland) rejected some of the furloughs implemented by Governor Schwarzenegger. The ruling impacts about … Continue reading →

Posted in California | Tagged | 1 Comment

1099 Time

Posted on January 3, 2010 by Russ

It’s time for businesses to send out their annual information returns. These are the Form 1099s that are sent to to vendors when required. Let’s look first at who does not have to receive 1099s: Corporations (except attorneys) Entities you … Continue reading →

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2009 Tax Offender of the Year

Posted on December 31, 2009 by Russ

There were, as usual, several deserving individuals for the 2009 Tax Offender of the Year. To be considered for the Tax Offender of the Year award, you must do more than cheat on your taxes. It has to be special; … Continue reading →

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What’s Good for the Goose Is Good for the Gander

Posted on December 30, 2009 by Russ

If you move and don’t notify the IRS, bad things can happen. The IRS can send to your last known address a Notice of Deficiency. Even if you don’t receive it, it will be considered received if it was sent … Continue reading →

Posted in IRS, Tax Court | Tagged | 1 Comment

That’s Entertainment!

Posted on December 30, 2009 by Russ

When I last wrote about James Traficant, the former Congressman who went to ClubFed after being convicted on ten counts of tax evasion, bribery, racketeering, and obstruction of justice, Mr. Traficant was debating whether or not to run for Congress … Continue reading →

Posted in Ohio | Tagged | 1 Comment

A Loss for the Taxpayer but a Win for Gamblers

Posted on December 28, 2009 by Russ

The Tax Court today looked at the case of a couple who gambled in their local casino, won, but didn’t include the income on their tax return. That they had taxable income is a given, but there’s a very interesting … Continue reading →

Posted in Gambling | 1 Comment

Worse than Michigan: Gary, Indiana

Posted on December 28, 2009 by Russ

I was sent a link this morning to the Report of the Fiscal Monitor for Gary, Indiana. This suburb of Chicago located along Lake Michigan has, “…a proud history, tremendous physical assets and human resources. Today, however, the City’s future … Continue reading →

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