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Author Archives: Russ
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
Posted in IRS, Legislation
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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
Posted in IRS, Legislation
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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
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
Posted in California
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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
Posted in California
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Corruption and Tax Fraud in Illinois
Christopher Kelly, a former adviser to Illinois Governor Rod Blagojevich, has been indicted on federal charges of tax fraud. Mr. Kelly is accused of understating more than $1.3 million on his business and personal income tax returns. If found guilty … Continue reading
Posted in Illinois
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Important S Corp Health Insurance Update
Joe Kristan has the details on an IRS update on the correct procedure for S Corporation’s 2% (or greater) owners’ health insurance: “This new Notice is a slight liberalization of the rules. The IRS announced in 2006 that only premiums … Continue reading
Posted in IRS
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A $52 Million Mistake
Billionaire pays IRS $52 million in back taxes screams the headline in this morning’s Orange County Register. Igor Olenicoff, a member of the Forbes 400 (the 400 wealthiest Americans) and owner of Olen Properties, used offshore bank accounts to hide … Continue reading
A Minor Fix
I recently received notice that if you attempted to access this site by going to https://taxabletalk.com you’d get an error. I’ve fixed that through the help of a friend who showed me “A” records and the like. You should be … Continue reading
Posted in Taxable Talk
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States Don’t Like Trust Frund Tax Violators, Either
I used to work in Stockton. And I know that I have at least one reader who resides there (a former co-worker). He is probably already aware of the problems that the Sang family faces. Richard Sang, his wife Amber … Continue reading
Posted in Payroll Taxes, Tax Fraud
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