Author Archives: Russ

Homebuyer’s Credit Extended; NOL Loss Changes

Posted on November 9, 2009 by Russ

The Senate passed an extension of the Homebuyer’s credit unanimously, and the House passed it nearly unanimously. So the credit (up to $8,000) has been extended on home purchases until April 30, 2010. There are some changes in the legislation. … Continue reading →

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Traveling Again

Posted on November 4, 2009 by Russ

I’ll be traveling over the next several days. Posting will be light until late next week.

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Why Gamblers Should Dislike PelosiCare

Posted on November 4, 2009 by Russ

Suppose you’re an amateur gambler. Say you’re a college student. You net $45,000 playing poker tournaments. When you determine your annual wins and losses you find that your gross winnings are $800,000 and your gross losses are $755,000. You take … Continue reading →

Posted in Gambling, Legislation | Tagged | 3 Comments

House Health Care Bill Adds Taxes for All and Work for Tax Preparers

Posted on November 1, 2009 by Russ

The 1990-page health care bill that the House will consider has numerous tax provisions. Americans for Tax Reform published a list of some of the changes: – Employer Mandate Excise Tax of 0 to 8% of wages (depends on size … Continue reading →

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Do Businesses Base Decisions on Taxes?

Posted on November 1, 2009 by Russ

The answer to this question should be obvious, but many liberals believe that taxes can be hiked, and hiked, and hiked some more, and businesses won’t do a thing but verbally complain. That’s wrong. Businesses will locate will locate their … Continue reading →

Posted in South Carolina | Tagged , | 1 Comment

Definitely not a Treat for California Wage Earners

Posted on October 30, 2009 by Russ

The latest gimmick of the legislature goes into effect on Monday, November 2nd for California wage earners. California income tax withholding has been increased by 10%. The goal of the increase is to have more money coming into state coffers. … Continue reading →

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Just Like the Last Time…

Posted on October 28, 2009 by Russ

When the first paragraph of a Tax Court decision ends, “Mr. Oropeza’s position is, in a word, “frivolous.” Just like we held it was the last time he was in Tax Court,” it’s likely the case is worth reading—if only … Continue reading →

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“The Producers” Doesn’t Work in Real Life

Posted on October 26, 2009 by Russ

One of my favorite movies of all time is Mel Brooks’ The Producers with Zero Mostel as Max Bialystock and Gene Wilder as accountant Leo Bloom. They decide to produce the worst possible Broadway play–Springtime for Hitler–and sell several hundred … Continue reading →

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The Responsibilities of a Tax Preparer

Posted on October 25, 2009 by Russ

Robert Flach has published two excellent posts on the responsibilities of a preparer (post 1, post 2). In general, I agree with everything that Mr. Flach states. Some excerpts: “In order to make sure that you pay the absolute least … Continue reading →

Posted in Tax Preparation | Tagged | 1 Comment

Beat It, or It’s Human Nature to Evade

Posted on October 25, 2009 by Russ

Eugene Cappello owns Connecticut Marketing and Consulting. The company sells Chinese made Michael Jackson memorabilia to the exclusive rightsowner of Michael Jackson products, Bravado. Given the untimely passing of Michael Jackson earlier this year, I’d expect that Mr. Cappello’s business … Continue reading →

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