Author Archives: Russ

California Single-Payer Health Plan Shelved

Posted on June 25, 2017 by Russ

As Samuel Johnson said, “Whatever you have, spend less.” Apparently some Democrats in the California legislature have realized the virtue of this quote. Assembly Speaker Anthony Rendon shelved the single-payer measure, calling it “woefully incomplete.” The California Senate Appropriations Committee … Continue reading →

Posted in California | Comments Off on California Single-Payer Health Plan Shelved

“celebritytaxguy” Soon to be at ClubFed

Posted on June 18, 2017 by Russ

Michael Joseph Calalang Cabuhat had been living the good life. He had a nice house in the Hollywood Hills (of Los Angeles) and drove a Ferrari 360 Spider. Mr. Cabuhat owned a tax practice in Glendale (near Los Angeles) and … Continue reading →

Posted in Tax Fraud | Tagged | 1 Comment

Office Closed on June 16th

Posted on June 16, 2017 by Russ

Two idiot drivers raced down Jones Blvd in front of our office this morning driving an estimated 80mph in a 35 zone. They hit an innocent SUV which flipped, caught on fire, and landed on top of a transformer. The … Continue reading →

Posted in Taxable Talk | Comments Off on Office Closed on June 16th

IRS Not Moving e-Services to a New Platform this Week

Posted on June 12, 2017 by Russ

The IRS had planned on moving e-Services to a new platform on Thursday, June 15th. However, today I received an email stating it has been postponed until later this summer: The planned move of IRS e-Services to a different platform … Continue reading →

Posted in IRS | Tagged | Comments Off on IRS Not Moving e-Services to a New Platform this Week

IRS Interest Rates Unchanged for Third Quarter 2017

Posted on June 9, 2017 by Russ

The IRS announced today that third quarter interest rates will remain unchanged: The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning July 1, 2017. The rates will be: • four (4) … Continue reading →

Posted in IRS | Tagged | Comments Off on IRS Interest Rates Unchanged for Third Quarter 2017

I See $25,000 In Your Future

Posted on June 8, 2017 by Russ

When I start reading a Tax Court decision and see the sentence, “Petitioner and her husband derived considerable income from peddling this scheme to gullible individuals,” you know it’s not going to be a good day for petitioners. But I’m … Continue reading →

Posted in Tax Court | Comments Off on I See $25,000 In Your Future

Court Rules IRS Cannot Charge for PTINs

Posted on June 2, 2017 by Russ

Back in 2010 to 2011 the IRS ordered all tax professionals to obtain a PTIN–a Preparer Tax Identification Number. The IRS stated this was necessary to track tax professionals, and would help in regulating the tax professional community. There is … Continue reading →

Posted in IRS, Tax Preparation | Tagged , | 2 Comments

Thank You, Joe Kristan

Posted on May 27, 2017 by Russ

Most mornings I begin my day by reading a few tax blogs. This has helped me learn what’s happening in the tax world. After all, there’s one of me so the more sets of eyes, the better. Joe Kristan had … Continue reading →

Posted in Taxable Talk | Tagged | 1 Comment

Illinois and California Race for the Bottom

Posted on May 27, 2017 by Russ

It appears that Illinois and California are in a race to see which can impose the worst tax policies. The Illinois legislature is debating a “Privilege Tax;” California is debating single-payer health care. Neighboring states to each are likely envisioning … Continue reading →

Posted in California, Illinois | Comments Off on Illinois and California Race for the Bottom

Exchanging One Cryptocurrency for Another Is a Taxable Event

Posted on May 27, 2017 by Russ

Let’s assume I own some Bitcoins and you own some Ethereum; these are two cryptocurrencies. We think they’re each worth $5,000 and we agree to swap them. Do we have a taxable event? The IRS consideres cryptocurrencies to be akin … Continue reading →

Posted in Cryptocurrencies, IRS | Tagged | Comments Off on Exchanging One Cryptocurrency for Another Is a Taxable Event