Author Archives: Russ

California Dreaming

Posted on June 26, 2009 by Russ

On Wednesday the California legislature rejected a proposed budget with $11 billion of cuts. California faces a $24 billion deficit. Democrats say they won’t vote for a budget which “cuts the safety net.” Republicans won’t vote for a budget with … Continue reading →

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Foreign Financial Account Reporting Due

Posted on June 24, 2009 by Russ

If you have a foreign financial account, or have signature authority over such an account, you must file Form TD F 90-22.1. That form is due on June 30th. Unlike every other IRS deadline, this one is a receipt deadline. … Continue reading →

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On the Other Hand….

Posted on June 21, 2009 by Russ

Earlier today I posted my mixed opinion on regulating tax professionals. Joe Kristan has noted there are plenty of laws already on the books that tax preparers must comply with. But the Bozos are out there. Take Georgia Gaines of … Continue reading →

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No Liberty

Posted on June 21, 2009 by Russ

Liberty Tax Service is America’s third largest tax preparation chain. Back in 2007, Liberty advertised that they could have your refund to you in one day. Sounds great, but there’s a problem with that: You can’t get refunds that fast. … Continue reading →

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Should Tax Preparers be Regulated?

Posted on June 21, 2009 by Russ

A debate is heating up among tax bloggers on whether or not tax preparers should be regulated. Some bloggers, such as Peter Pappas, think they should be. Others, including Joe Kristan, think they shouldn’t be. I happen to practice in … Continue reading →

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New Hampshire Gambling Tax Moving Forward

Posted on June 21, 2009 by Russ

It appears likely, but not certain, that New Hampshire will soon have a 10% tax on gambling winnings. The state legislature tentatively approved a new budget that contains the tax. It still must be approved by each house of the … Continue reading →

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Are The Democrats Deaf and Blind?

Posted on June 18, 2009 by Russ

See no evil, hear no evil, speak no evil is how one cliche goes. Well, in Sacramento it can be changed to don’t cut programs, increase taxes, and who cares what the voters, the Governor, or the Republicans say. Democrats … Continue reading →

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California Democrats to Voters: We Don’t Care What You Think

Posted on June 17, 2009 by Russ

The headline says it all. Democrats in the state legislature are telling California voters that it doesn’t matter that you turned down the budget initiatives last May, we know better and the solution must include tax increases. That’s the only … Continue reading →

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Same Old Song and Dance

Posted on June 16, 2009 by Russ

Today is June 16th. The California budget still hasn’t passed. Of course, this isn’t a surprise. Democrats in the Legislature are looking at tax increases. Specifically, an oil extraction tax and an increase in the tobacco tax. Wait, Russ, wasn’t … Continue reading →

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2nd Quarter Estimated Taxes / Out of Country Deadline

Posted on June 15, 2009 by Russ

Today (Monday) marks two deadlines. Second quarter estimated payments must be made by today in order to be considered timely. Additionally, taxpayers who were out of the country on April 15th have until today, June 15th, to either file their … Continue reading →

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