Author Archives: Russ

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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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 →

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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 →

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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).

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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 →

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Lots of Fraud Before Your Turkeys

Posted on November 23, 2008 by Russ

With Thanksgiving coming this week many look forward to a short work-week. We do need to remember all the things that we should be thankful for—our families, our friends, our health, and our country. Here are some stories about individuals … Continue reading →

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On the Bozo Side of Things…

Posted on November 23, 2008 by Russ

Lots of fraud this weekend. Let’s start with the Bozo side of tax fraud, with yet another Bozo preparer. DaJuan Jackson was one of two preparers at a branch office of American Tax Associates in District Heights, Maryland. His methods … Continue reading →

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Omozee Sentenced

Posted on November 23, 2008 by Russ

In August we wrote about Bozo accountant Henry Omozee. Mr. Omozee underreported his own income on his tax returns. Patrick Brown of the IRS emailed me to let me know that Mr. Omozee was sentenced to 27 months at ClubFed, … Continue reading →

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