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Author Archives: Russ
Should I Violate Federal Law or State Law?
Suppose you have a federal license to perform your occupation in your state of residence. That license allowed you to do [whatever it is you do] anywhere in the United States. Now, further suppose your state legislature passed a law … Continue reading
Posted in Legislation, Nevada
Tagged NAEA, NVSEA
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We’re Not Gonna Take It
The IRS issued proposed regulations today on charitable contributions as it relates to state and local tax credits. Here’s a hint to politicians in Connecticut, New Jersey, and New York. The IRS is telling you: Here’s an excerpt from the … Continue reading
Posted in Connecticut, IRS, Legislation, New Jersey, New York
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One Giant Step Forward for Security (Maybe), One Huge Step Backward for Representation
If you are a tax professional who does any representation work, do I have news for you…and it’s not good. Yesterday, the IRS made an announcement about redacting information on transcripts. Here’s an excerpt of the announcement: Moving to better … Continue reading
Posted in IRS
Tagged IRS.eServices
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When It’s Too Good to be True (Tax Shelter Edition)
When reading Tax Court decisions, always be on the lookout for the word “scheme.” It’s usually a heads-up that what you’re reading isn’t going to cut it (from a tax perspective). So when the decision begins, These consolidated cases involve … Continue reading
Posted in Tax Court
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Can You Spin Garbage Into Gold?
I guess I’ll spoil the post: Rumpelstiltskin could spin straw into gold. Rumpelstiltskin, Inc. thought it could do the same for garbage, spinning it into tax credits. The Commissioner of the Internal Revenue Service disagreed. So did the Tax Court. … Continue reading
Posted in IRS
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Return to Sender
A client was selected for a correspondence audit; the IRS asked the client to submit all the documentation regarding a tax credit taken on a recent return. The client had all the documentation, made his photocopies, and mailed off the … Continue reading
Posted in IRS
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We’re Not Gonna Take It…
You may have heard that earlier this week four states sued to stop parts of the new tax law from going into effect. The states–New York, New Jersey, Connecticut, and Maryland–don’t like the new $10,000 cap on deducting state and … Continue reading
Posted in Connecticut, Legislation, Maryland, New Jersey, New York
Tagged TaxReform2017
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The Real Winners of the 2018 World Series of Poker
Over the past two weeks 7,874 competitors (myself included) paid $10,000 to enter the main event of the World Series of Poker. Who would win the money? And how much of the winnings would they actually get to keep? One … Continue reading
The Amazing, Incredible, Expanding Postcard!
When I was a child, people used postcards to save on postage. Postage for postcards ran a nickel. That was less than a phone call. Today, with the emergence of cellphones, the only postcards I receive are advertisements. But the … Continue reading