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Author Archives: Russ
When Gambling Isn’t A Business
A CPA likes to gamble, and shows his gambling activity as a second business (his other business activity is his accounting practice). The IRS challenges this, claiming that he’s really an amateur gambler. The Tax Court has to decide who … Continue reading
Posted in Gambling
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If You Sell $6.5 Million of Property, Someone May Notice
When you sell your home (assuming it’s your principle residence), you get to exclude the first $250,000 of income ($500,000 if you’re married and filing a joint return). That’s a nice tax break. But if you sell investment property, you … Continue reading
Posted in Tax Evasion
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AB1546: Eliminating Taxpayer Rights
The California Legislature is currently looking at AB1546. The initial goal of this legislation was to make the LLC “fee” (tax) legal. This fee is based on gross receipts. As I wrote last year, courts ruled twice last year that … Continue reading
Posted in California
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Conduit or Right of Claim?
The Tax Court decided an interesting case today. An individual receives gambling income, but has given the payee a Form 5754, stating that the income belongs to another individual. However, the other individual doesn’t claim the income. The IRS goes … Continue reading
If You Embezzle, Don’t Forget to Pay Your Taxes
In the United States, almost all income is taxable—including illegal income. Yes, if your a thief, you are supposed to report your ill-gotten gains on your tax returns. If you don’t, your guilty of tax evasion. Yes, it’s entirely possible … Continue reading
Posted in Tax Evasion
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Hail! Hail! to Michigan!
The Michigan Wolverines football team hasn’t done very well this year, losing their first two games to Appalachian State and Oregon, both at home. There are probably a lot of angry Wolverines fans. While the University of Michigan struggles, the … Continue reading
Posted in Michigan
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Tennessee Crack Tax Ruled Unconstitutional
Lawmakers in Tennessee had an interesting idea a couple of years ago. Why not tax illegal drugs? So legislators in the Volunteer State required sellers of illegal drugs to get a tax stamp on their merchandise. If sellers were caught … Continue reading
It’s Not Racial, It’s That Your Famous
Joe Kristan of Roth Tax Updates has an update on the Wesley Snipes case. For those of you who don’t remember, Wesley Snipes is accused of asking for a fraudulent refund of $12 million. Snipes used tax the argument that … Continue reading
Your Name in Lights!
Last year, a law was passed by the California Legislature requiring past due taxpayers’ names to be posted on the Internet. Earlier this year, the Board of Equalization listed their biggest debtors. Next month, 250 lucky taxpayers may find their … Continue reading
Posted in California
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Into the Swamplands…Again
It happens every year. No, I’m not talking about school starting (here in Irvine, today is the first day of school), or the leaves changing colors. I’m talking about the corruption arrests in New Jersey. Various elected officials in New … Continue reading
Posted in New Jersey
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