Author Archives: Russ

IRS Issues Priority Guidance Plan; Targets Include Poker Tournaments

Posted on August 17, 2005 by Russ

The IRS and the US Department of the Treasury issued their “Priority Guidance Plan”. A total of 254 projects are mentioned. The ones that the IRS has highlighted are: —Additional legal requirements for tax shelters; —Guidance on how to report … Continue reading →

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Deadline Day 2

Posted on August 15, 2005 by Russ

Today, August 15th, is the deadline for individuals who filed extensions to actually file their 2004 Federal tax returns. A second extension is available (until October 17th), but you need to have a reason (and have the IRS accept the … Continue reading →

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Taxes and Online Gambling, Part I

Posted on August 11, 2005 by Russ

I’m a poker player. I’ve been playing competitive poker, including tournaments, for several years, quite successfully. And yes, I claim my winnings on my tax return. I’m also co-author of a poker book. I’ve had a natural fascination with gambling … Continue reading →

Posted in Gambling | 4 Comments

“Doctored Receipts and Implausible Testimony”

Posted on August 11, 2005 by Russ

It’s not a good thing for you when the Tax Court begins its opinion with “…[the petitioner] seeks to deduct expenses by relying mostly — if not quite entirely — on doctored receipts and implausible testimony.” The opinion includes such … Continue reading →

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Vacation

Posted on July 29, 2005 by Russ

I’ll be, in general, out of the office until August 9th, enjoying some time away from the office. While I’m away, take a look at some of the other excellent tax blogs noted in the blogroll on the right.

Posted in Taxable Talk | 1 Comment

Pork or Pork?

Posted on July 29, 2005 by Russ

As a member of the National Association of Enrolled Agents, every Friday I get an email with a summary of tax news. Today, I received the Ways & Means Committee’s Version of the new Highway Bill. You can find this … Continue reading →

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Porn Website Tax?

Posted on July 28, 2005 by Russ

According to a wire service story, Senator Blanche Lincoln (D-AR) plans on introducing legislation this week that would add a 25% federal excise tax on pornography and additional requirements on adult websites. Lincoln’s spokesman wouldn’t comment on the bill’s provisions, … Continue reading →

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IRS Help Centers: How Valuable?

Posted on July 27, 2005 by Russ

The Orange County Register reports today (one time subscriprtion required) that the IRS cannot tell whether its 400 help centers help taxpayers. The report, from independent auditor J. Russell George, the Treasury Department’s Inspector General for Tax Administration, was disputed … Continue reading →

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Technical Corrections Act

Posted on July 27, 2005 by Russ

Today’s Wall Street Journal also reports that Senators Grassley (R-IA) and Baucus (D-MT) have introduced a “technical corrections act” to fix errors in last year’s tax law and other recent legislation. The Tax Technical Corrections Act of 2005 was also … Continue reading →

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New Rules on Tax Shelters for Accounting Firms

Posted on July 27, 2005 by Russ

The Public Company Accounting Oversight Board announced new standards for tax shelters yesterday. The Wall Street Journal reported on this in today’s editions. The rules, which must be approved by the SEC, state that firms will be prohibited from auditing … Continue reading →

Posted in IRS | 2 Comments