Author Archives: Russ

When a Gambler Loses…

Posted on March 22, 2009 by Russ

The Tax Code is anything but fair towards gamblers. This is especially true for professional gamblers; they’re in one of the few professions where you can’t lose. Section 165(d) states that losses from wagering (gambling) transactions are only allowable up … Continue reading →

Posted in IRS | Comments Off on When a Gambler Loses…

Budgeting 101, Sacramento Democrat Style

Posted on March 18, 2009 by Russ

You’re facing yet another $4 – $8 billion deficit. You’re in the middle of a recession. So do you cut back on spending, or do you propose billions more in new programs which would have to be funded through even … Continue reading →

Posted in California | 1 Comment

Good News from the IRS on Madoff and NOLs

Posted on March 18, 2009 by Russ

This week the IRS handed some beleaguered taxpayers good news. First, the IRS announced that the new NOL provision (a five-year carryback) can be used for 2008 returns. This new NOL provision applies to certain partnerships and S Corporations. And, … Continue reading →

Posted in IRS | 1 Comment

My New Website

Posted on March 16, 2009 by Russ

My new website, http://www.claytontax.com/, is finally up. Believe it or not this has been in progress for several months, and everything is now working. It’s still, to a degree, a work in progress. I’ll be adding some links to articles … Continue reading →

Posted in Taxable Talk | Comments Off on My New Website

Two From the Bozo Tax Preparer Front

Posted on March 15, 2009 by Russ

Suppose you’re a tax “professional” and a client comes in who needs to file back tax returns. He presents his record of income for those years. You look at it and realize your client is going to owe a lot … Continue reading →

Posted in Tax Fraud, Tax Preparation | Tagged | 1 Comment

You Can’t Get Off the Mailing List

Posted on March 15, 2009 by Russ

I remember an old Peanuts where Snoopy asks to get off the IRS’ mailing list. It just doesn’t happen, and Barry Lusk of Easley, South Carolina may have learned his lesson. This story begins back in 2000. Mr. Lusk was … Continue reading →

Posted in Tax Evasion | 1 Comment

Swamplands Looking at a Tax Hike?

Posted on March 15, 2009 by Russ

California isn’t the only state that’s looking to raise taxes during a recession. The swamplands (aka New Jersey) are also looking at this tactic. Governor Jon Corzine (a Democrat), who coincidentally is up for reelection this fall, is proposing a … Continue reading →

Posted in New Jersey | Comments Off on Swamplands Looking at a Tax Hike?

Weekend Mailbag

Posted on March 15, 2009 by Russ

Three questions of interest this weekend. The first deals with moving to Nevada, the second with the requirement to report foreign financial accounts, and the third deals with deducting clothing. First, a reader asks: I want to move to Nevada. … Continue reading →

Posted in California, Gambling, IRS, Nevada | Tagged | Comments Off on Weekend Mailbag

That’s a Strange God to Pray For

Posted on March 11, 2009 by Russ

There are many religions in this world. But one you won’t see is the Church of the IRS. Somehow, that just doesn’t seem right. Well, from Oklahoma comes the antithesis of this. Lindsey Springer and Oscar Stilley formed the Bondage … Continue reading →

Posted in Tax Fraud | 3 Comments

Online Gambling Addresses

Posted on March 10, 2009 by Russ

The IRS and Department of the Treasury recently stated that online gambling sites are foreign bank accounts that must be reported. There’s a problem, though. Most of these entities don’t broadcast their addresses. Some individuals sent email inquiries to one … Continue reading →

Posted in Gambling | Comments Off on Online Gambling Addresses