Author Archives: Russ

2009 Required Distribution Relief

Posted on December 13, 2008 by Russ

Congress yesterday passed a law (and President Bush is expected to soon sign the law) which will give relief for Required Minimum Distributions (RMDs) in 2009. As Joe Kristan noted, this isn’t much relief. RMDs are required for tax deferred … Continue reading →

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China Goes Where No Man Has Gone Before

Posted on December 11, 2008 by Russ

Two years ago I wrote about the idea of taxing virtual transactions. As I mentioned then the IRS’ view on this is, “That’s so weird.” However, one country looked at this and decided that while it might be weird it’s … Continue reading →

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Rangel’s Troubles Worsen

Posted on December 9, 2008 by Russ

The tax troubles of Congressman Charles Rangel (D-NY), the chair of the House Ways and Means Committee (the committee that writes tax legislation), have worsened. The House Ethics Committee had already been looking into his property tax troubles; the committee … Continue reading →

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Property Tax Payment Due on Wednesday

Posted on December 7, 2008 by Russ

If you’re a Californian who owns real estate, remember that your first property tax payment is due this Wednesday, December 10th. The payment can be made at your county’s tax collector office, by mail (US postmark deadline of Wednesday), or … Continue reading →

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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 →

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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 →

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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 →

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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 →

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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 →

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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 →

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