Author Archives: Russ

Pork

Posted on September 20, 2005 by Russ

With President Bush proposing (and Congress passing) extensive relief for Hurricane Katrina, and the possibility of perhaps another deadly strike by Hurricane Rita in Texas, one obvious question is how do we pay for this. I’ve seen estimates that the … Continue reading →

Posted in Legislation | 1 Comment

Did Your Estimated Payment End Up in the Bay?

Posted on September 19, 2005 by Russ

There are traffic accidents and then there are traffic accidents. A courier transporting approximately 30,000 1040-ES payments lost his load on the San Mateo Bridge…and the payments fell into the San Francisco Bay. The accident occurred on September 11th and … Continue reading →

Posted in IRS | 2 Comments

Hatch Pleads Not Guilty; Return Shopping?

Posted on September 19, 2005 by Russ

Survivor Richard Hatch pled not guilty today to charges that he didn’t report his $1 million in winnings from the reality television show, and charges of filing a false S-corporation tax return, mail fraud, wire fraud, and bank fraud. Hatch … Continue reading →

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Congress Passes Katrina Tax Relief

Posted on September 15, 2005 by Russ

The House and Senate passed tax relief measures aimed at helping victims of Katrina, according to this story. Among the items in this legislation are: – Waivers of penalties for victims who tap into their retirement accounts; – Increased earned … Continue reading →

Posted in Katrina | 3 Comments

All Knowing, All Seeing…

Posted on September 13, 2005 by Russ

…so does he know his fate in court? “Caryville Psychic Accused of Tax Evasion” screams the headline. Hat tip: Roth Tax Updates

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Bozo Tax Preparer Strikes Out

Posted on September 13, 2005 by Russ

After noting the previous Tax Court Decision, I was a bit surprised to find the final case reported yesterday to be a whopper. Consider a “professional” tax preparer who doesn’t prepare his own tax return. The IRS discovers that the … Continue reading →

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Dummy Returns or A Dummy?

Posted on September 13, 2005 by Russ

Sometimes one must only look in the mirror to see who is the bozo. Yesterday, a taxpayer who didn’t file claimed that the IRS “…prepared only “dummy returns” for 2000 and 2001, and that respondent’s determination of his deficiencies in … Continue reading →

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IRS Mileage Rate Increases

Posted on September 11, 2005 by Russ

IRS Commissioner Mark Everson announced on Friday that the standard mileage rate would increase to 48.5 cents/mile from 40.5 cents/mile, effective September 1st. Other mileage rates: Moving expenses: $0.22/mile, up from $0.15/mile Charitable work: $0.14/mile (set by statute). Hat tip: … Continue reading →

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Hatch Indicted

Posted on September 11, 2005 by Russ

Richard Hatch, the winner of the first Survivor television show, was indicted on ten counts of tax evasion and bank fraud. While his attorney calls the indictment “a publicity scheme,” Hatch could end up paying fines of over $1 million … Continue reading →

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Taxes and Online Gambling, Part 5: Poker Tournaments and Banking Issues

Posted on September 10, 2005 by Russ

This final article in the series begins with a discussion of withholding. This leads into a discussion of poker tournaments (in cardrooms and casinos). Lastly, we’ll examine banking regulations and how they impact online gambling. The IRS is mandated with … Continue reading →

Posted in Gambling | Comments Off on Taxes and Online Gambling, Part 5: Poker Tournaments and Banking Issues