Author Archives: Russ

Gamblers, Keep Those Logs

Posted on December 26, 2007 by Russ

The Tax Court looked at another gambler’s attempt to write off substantial gambling losses. She claimed a losing year, but the IRS felt otherwise. Did she really have gambling losses, or were they a mirage? Gamblers, both professional or amateur, … Continue reading →

Posted in Gambling | Comments Off on Gamblers, Keep Those Logs

Lumps of Coal for Christmas Tax Evaders

Posted on December 25, 2007 by Russ

There’s been lots of fraud over the past few days. People seem to be forgetting that cash sales are just as taxable as other sales. Let’s start in New York City. The New York Yankees may be one of baseball’s … Continue reading →

Posted in Tax Evasion | Comments Off on Lumps of Coal for Christmas Tax Evaders

Wash Sales Go To IRAs, Too

Posted on December 25, 2007 by Russ

Last week the IRS announced in Revenue Rule 2008-05 that wash sale rules impact transactions into an IRA. This could have a major impact to the unaware. A “wash sale” is when you sell shares of stock at a loss, … Continue reading →

Posted in Tax Preparation | Tagged | Comments Off on Wash Sales Go To IRAs, Too

California Not So Golden For Residents

Posted on December 25, 2007 by Russ

In California’s last fiscal year (July 1, 2006 to June 30, 2007), 89,000 more people moved out of California than moved into the state. This is according to the annual report of the California Department of Finance. The state still … Continue reading →

Posted in California | Comments Off on California Not So Golden For Residents

70 Pages of Non-Frivolity

Posted on December 23, 2007 by Russ

Heading into Christmas, I hope you’ve completed your shopping. The IRS gave out its list on Friday: A list debunking some of the most popular of the frivolous arguments used by tax protesters. For example, some have contended that only … Continue reading →

Posted in IRS | 1 Comment

Domecq Gets 10 Years

Posted on December 19, 2007 by Russ

When we last saw Michael Domecq, former president and co-owner of Domecq Importers, he had just pleaded guilty to tax fraud and knew he would spend 10 years at ClubFed. However, he had to prepare 17 years of revised, accurate … Continue reading →

Posted in Tax Fraud | Comments Off on Domecq Gets 10 Years

Wednesday the Rabbi Was Arrested

Posted on December 19, 2007 by Russ

Back in the 1960s Harry Kemelman began writing books about Rabbi David Small, including several bestsellers such as Friday the Rabbi Slept Late and Saturday the Rabbi Went Hungry. They’re cozy mysteries, and are worth your perusal. However, that’s not … Continue reading →

Posted in Tax Fraud | 1 Comment

AMT Bill Passes; Tax Season to Start on February 29th?

Posted on December 19, 2007 by Russ

In the no surprise department, the House passed the AMT patch bill that did not contain any offsets. It now goes to President Bush who will likely sign it tomorrow or Friday. The IRS previously said that it would take … Continue reading →

Posted in IRS, Legislation | Comments Off on AMT Bill Passes; Tax Season to Start on February 29th?

AMT Bill to Likely Pass the House Today

Posted on December 19, 2007 by Russ

News reports state that the House will consider an AMT patch bill that has already passed the Senate. The Senate version of the AMT bill does not contain any tax offsets (or “paygo”) provisions. Earlier, the House had passed an … Continue reading →

Posted in IRS, Legislation | Comments Off on AMT Bill to Likely Pass the House Today

Tax Myths for the Poker Player

Posted on December 18, 2007 by Russ

I have had several individuals request that I repost an article that originally appeared on TwoPlusTwo.com’s Internet Magazine. Without further ado, here is the article that first appeared in the February 2007 TwoPlusTwo Internet Magazine. TAX MYTHS FOR THE POKER … Continue reading →

Posted in Gambling | 1 Comment