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Author Archives: Russ
Bozo Tax Tip #4: Use a Bozo Accountant
Here’s another Bozo Tax Tip that keeps coming around. The problem is, the Bozos don’t change their stripes. In any case, here are some signs your accountant might be a Bozo: – He’s never met a deduction that doesn’t fit … Continue reading
Bozo Tax Tip #5: Procrastinate!
Today is April 7th. The tax deadline is just eight days away. What happens if you wake up and it’s April 15, 2025, and you can’t file your tax? File an extension. Download Form 4868, make an estimate of what … Continue reading
Bozo Tax Tip #6: Declare More Income Than You Earned!
Why in the world would anyone of sound mind and body declare more income than they actually earned? He or she would owe more tax, so there’s no reason to do this, right? No, there are actually two reasons people … Continue reading
Posted in IRS
Tagged BozoTaxTips
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Bozo Tax Tip #7: Honey, You Don’t Exist!
Last week, I finished the tax return of a long-time client (call him John Smith). We were on the phone reviewing his return and he mentioned his wife. He was filing his 2024 tax return as “Single.” After I congratulated … Continue reading
Bozo Tax Tip #8: Publicize Your Tax Crimes on Social Media!
Social media is really, really big these days. You can follow me on X (Twitter). I may even update my Facebook page one of these days. Of course, I’m not a tax criminal, and my posts hopefully add knowledge for … Continue reading
Posted in Tax Fraud
Tagged BozoTaxTips
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Bozo Tax Tip #9: Only Income Earned Outside the United States Is Taxable
A few days ago I was explaining to a client the basics of the US Tax Code: All income is taxable unless Congress exempts it; nothing is deducible unless Congress allows it. That’s the basics. My office is in Las … Continue reading
Posted in International
Tagged BozoTaxTips
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Bozo Tax Tip #10: Email You Social Security Number, ITIN, or EIN!
It’s time for our annual rundown of Bozo Tax Tips, strategies that you really, really, really shouldn’t try. But somewhere, somehow, someone will try these. Don’t say I didn’t warn you! This is a repeat for the twelfth year in … Continue reading
Posted in IRS
Tagged BozoTaxTips
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Bye, Bye, BOI
It’s now official: Beneficial Ownership Information (BOI) reporting per the Corporate Transparency Act (CTA) is dead for almost all entities. Late yesterday, FinCEN announced an interim final rule that effectively killed BOI reporting. As noted in the announcement: In that … Continue reading
That May 30th Tax Deadline (BE-10)
What, you’re saying? What tax deadline falls on May 30th? It’s one that impacts a small number of businesses—generally, larger businesses. It’s the BE-10 Survey: A U.S. person or business enterprise is required by law to submit the BE-10 survey … Continue reading
Posted in BEA, International
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