Author Archives: Russ

Where’s the Refund

Posted on March 23, 2009 by Russ

A good barometer of when others will receive their California tax refunds is when I will receive mine. My return was filed on February 15th. The Franchise Tax Board has a webpage to check on the status of your refund. … Continue reading →

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Not Pressed for Time Any More

Posted on March 22, 2009 by Russ

We’ve got some lowlights from the tax fraud world. A dentist and a doctor from West Virginia are in trouble. And we’ll take a look at what could happen if your 1031 Exchange uses a dishonest Qualified Intermediary. First, let’s … Continue reading →

Posted in Tax Evasion, Tax Fraud | 1 Comment

Three More Questions from the Mailbag

Posted on March 22, 2009 by Russ

Three more questions from the mailbag this week. We’ll take a look at pensions, extensions, and putting money aside for 2009 taxes. First, a Californian asks: If I retire with a government pension (Calpers) from California, will I have to … Continue reading →

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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 →

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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 →

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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 →

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