Author Archives: Russ

More on Section 199

Posted on December 13, 2005 by Russ

Thanks to Joe Kristan of Roth Tax Updates, here is some more information on the Domestic Production Activities Deduction, aka the Deduction from Hell. The draft form is available online here. A much more technical introduction to the proposed regulations, … Continue reading →

Posted in IRS | Tagged | Comments Off on More on Section 199

The Deduction From Hell (Corporate Taxes)

Posted on December 12, 2005 by Russ

Not many small businesses do their own tax returns. If they do, they’re likely to “enjoy” Form 8903, “Domestic Production Activities Deduction.” By the way, this form is not yet on the IRS’ website. The draft version of the form … Continue reading →

Posted in IRS | Tagged | 4 Comments

One Down, Two (at least) To Go

Posted on December 7, 2005 by Russ

Yesterday John Campbell (R-Irvine) won the race to replace Christopher Cox as Congressman for the 48th Congressional District. Chris Cox is now the head of the SEC. As mentioned previously, voters in the same area of Orange County now face … Continue reading →

Posted in California | Comments Off on One Down, Two (at least) To Go

If You Fail 3 Times…The Fourth Time Won’t be the Charm

Posted on December 6, 2005 by Russ

The joy of frivolity. Having fun at the expense of others (playing practical jokes, for example) can give yourself a good laugh. However, it is not a good idea to do it in Tax Court. As noted in Roth Tax … Continue reading →

Posted in Tax Court | Comments Off on If You Fail 3 Times…The Fourth Time Won’t be the Charm

Where Paper Filing is Simpler than Electronic Filing

Posted on December 4, 2005 by Russ

Come late January or early February, you may have to file your 1099s with the IRS. If you are in California, you likely believe that filing with the IRS satisfies your California filing requirement. If you paper file, that’s true. … Continue reading →

Posted in Tax Preparation | Tagged | Comments Off on Where Paper Filing is Simpler than Electronic Filing

Another Election on Tuesday

Posted on December 4, 2005 by Russ

If you, like me, live in Orange County’s 48th Congressional District, don’t forget to vote this Tuesday for Chris Cox’s replacement. If you don’t know where your precinct will vote (and many polling places have been moved), you can find … Continue reading →

Posted in California | Comments Off on Another Election on Tuesday

Money Machine Undone

Posted on December 4, 2005 by Russ

Wade Cook, author of books such as Wall Street Money Machine was indicted on eight counts of tax fraud, obstruction of justice and conspiracy. Cook, and his wife (who was also charged), created a phony tax exempt entity but allegedly … Continue reading →

Posted in Tax Fraud | Comments Off on Money Machine Undone

Document, Document, Document….

Posted on November 30, 2005 by Russ

We’ve said it before, and we’ll continue to say it: Save your paperwork, receipts, etc. If you’re ever audited by the IRS, you need documentation. If you have it, things (usually) will go well; if not, expect a battle. Yesterday … Continue reading →

Posted in Tax Court | Comments Off on Document, Document, Document….

Bribery & Tax Evasion for a Congressman

Posted on November 28, 2005 by Russ

Congressman Randy “Duke” Cunningham (R-CA) pled guilty today to charges of conspiracy to commit mail fraud and wire fraud and tax evasion. The charges stem from Cunningham “selling” his house for an inflated price; the new owner then immediately re-sold … Continue reading →

Posted in Tax Evasion | Comments Off on Bribery & Tax Evasion for a Congressman

No Good Deed Goes Unpunished

Posted on November 22, 2005 by Russ

Is a “Contract for Deed” deductible when used to satisfy alimony obligations? The Tax Court today said no. Contract for Deed’s are financing arrangements that allow buyers to purchase property from sellers by borrowing the money from the sellers. The … Continue reading →

Posted in Tax Court | Comments Off on No Good Deed Goes Unpunished