Author Archives: Russ

Wash Sales Go To IRAs, Too

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

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California Not So Golden For Residents

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

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70 Pages of Non-Frivolity

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

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Domecq Gets 10 Years

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

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Wednesday the Rabbi Was Arrested

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

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

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

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AMT Bill to Likely Pass the House Today

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

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Tax Myths for the Poker Player

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

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When SNL Looks Sane…

When NBC’s Saturday Night Live looks saner than California’s legislature, there’s a problem. Today, California’s legislature will look at a new health insurance program, estimated to cost $14 billion. Interestingly enough, California’s budget deficit for this fiscal year is now … Continue reading

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Watch Your Wallets, Californians

California’s budget crisis keeps getting worse. Reports have surfaced that the Governator will declare a “fiscal emergency” in early January; the deficit for this fiscal year is now forecast as somewhere between $10 and $15 billion. That’s a lot of … Continue reading

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