Author Archives: Russ

When Cash Isn’t King

Posted on December 7, 2008 by Russ

I’ve heard many times that cash is king. Well, that’s not always the case as Leroy Felt, Jr. discovered. Mr. Felt was the owner of Woody’s Construction in Margate, Florida. He decided to pay his employees in cash. That’s absolutely … Continue reading →

Posted in Payroll Taxes | Comments Off on When Cash Isn’t King

Ishtar Comes to Sacramento

Posted on December 7, 2008 by Russ

Do you remember Ishtar? It was one of Hollywood’s bigger flops. The Wall Street Journal is now comparing Governor Schwarzenegger’s budget policies to that failed film. Is the Journal correct? Absolutely. Governor Schwarzenegger is proposing raising the sales tax (which … Continue reading →

Posted in California | Comments Off on Ishtar Comes to Sacramento

December 16th Talk on Tax Law Changes

Posted on December 2, 2008 by Russ

Every year I give a talk to the Exchange Club of Irvine on changes in the tax law. This year I’ll be speaking on Tuesday, December 16th. The talk focuses on changes to both federal and California taxes in 2008 … Continue reading →

Posted in Taxable Talk | Comments Off on December 16th Talk on Tax Law Changes

When You Have to Report a Gift

Posted on December 2, 2008 by Russ

One question that I’m often asked are about gifts. I’ve just received a large gift or inheritance; must I pay tax on it? The good news is that gifts aren’t taxable to the recipient (if the gift is interest bearing, … Continue reading →

Posted in Gift Tax | Comments Off on When You Have to Report a Gift

It’s Not a Good Idea to Tell Officers That You Don’t Pay Taxes

Posted on December 2, 2008 by Russ

A man is accused of stalking. The police investigate, and arrest the man. He consents to a search of his apartment. The officers discover cash and electronics, and the man tells the officers that “…As to the large sums of … Continue reading →

Posted in Tax Evasion | Comments Off on It’s Not a Good Idea to Tell Officers That You Don’t Pay Taxes

Bozo Preparers Running Rampant in New York

Posted on December 1, 2008 by Russ

There are good tax preparers and bad ones. There appear to be plenty of the latter in the Empire State. The New York Department of Taxation and Finance sent some undercover inspectors to various tax professionals in New York. What … Continue reading →

Posted in New York, Tax Fraud, Tax Preparation | Tagged | Comments Off on Bozo Preparers Running Rampant in New York

Be Thankful

Posted on November 30, 2008 by Russ

At the end of the four-day Thanksgiving weekend we should ponder who we should give thanks to. Perhaps the following individuals—mainly from overseas—who have less to be thankful for. We’ll start in Lucerne, Switzerland. I haven’t been keeping close tabs … Continue reading →

Posted in Tax Evasion | Comments Off on Be Thankful

Blinders Here, Blinders There

Posted on November 26, 2008 by Russ

The dysfunctional California legislature was unable to resolve the budget fiasco yesterday. Democrats proposed a plan that would have tripled the car tax and made a few symbolic budget cuts; Republicans refused to vote for it because they want a … Continue reading →

Posted in California, Michigan, Nevada, New Jersey | Comments Off on Blinders Here, Blinders There

2009 Mileage Rates

Posted on November 25, 2008 by Russ

The IRS released the 2009 standard mileage rates today: $0.55/mile for business $0.24/mile for medical/moving $0.14/mile for charity Note that you should keep a written mileage log. The current business mileage rate is $0.585/mile (it was $0.505/mile through June).

Posted in IRS | Comments Off on 2009 Mileage Rates

Tax Payment Relief for Fire Victims

Posted on November 23, 2008 by Russ

If you are a victim of the recent fires in Southern California, both the IRS and the Franchise Tax Board have given you an extension on tax payments. Both agencies said that impacted taxpayers who were required to make payments, … Continue reading →

Posted in California | Comments Off on Tax Payment Relief for Fire Victims