Author Archives: Russ

2017 Mailbag #1: The 1099 Doesn’t Show Up, So I Don’t Have to Report It, Right?

Posted on January 26, 2017 by Russ

It’s time for this year’s mailbag, and we’ll start with a common question: What happens if you’re expecting a 1099 and it doesn’t show up? There’s a twist as you will soon see: I did contract work for a company … Continue reading →

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Train to Nowhere is Significantly Overbudget

Posted on January 14, 2017 by Russ

The Los Angeles Times has a report today that California’s bullet train may cost 50% more than initially thought…and that’s in the “easy” section to build (in California’s flat Central Valley). It’s now estimated to cost somewhere between $9.5 to … Continue reading →

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Swart Wins Appeal; Not Liable for California Minimum Tax

Posted on January 12, 2017 by Russ

Good news for non-California businesses that are passive investors in an investment that invests in a California entity. The Franchise Tax Board (California’s income tax agency) has been ruling that business entities that have no active business in California but … Continue reading →

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Please Don’t Do This!

Posted on January 10, 2017 by Russ

Joe Kristan tweeted the following last weekend: When a taxpayer emails his IP-PIN letter as an unencrypted attachment after his ID has been stolen… pic.twitter.com/oZIdYMZGnE — Joe Kristan (@joebwan) January 8, 2017 As I was going through my emails this … Continue reading →

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It’s 1099 Time

Posted on January 3, 2017 by Russ

It’s time for businesses to send out their annual information returns. These are the Form 1099s that are sent to to vendors when required. Let’s look first at who does not have to receive 1099s: Corporations (except attorneys) Entities you … Continue reading →

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Start Your 2017 Mileage Log Now

Posted on January 2, 2017 by Russ

I’m going to start the new year with a few reposts of essential information. Yes, you do need to keep a mileage log: Tuesday is the first business day of the new year for many. You may have resolved to … Continue reading →

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The 2016 Tax Offender of the Year

Posted on December 27, 2016 by Russ

Every year I hope that I won’t find any deserving individuals of the Tax Offender of the Year Award. To win this award, you need to do more than cheat on your taxes; it has to be a Bozo-like action … Continue reading →

Posted in Tax Evasion, Taxable Talk | Tagged | 3 Comments

FINCEN Announces Due Dates for 2016 FBARs

Posted on December 19, 2016 by Russ

The Financial Crimes Enforcement Network (FINCEN) announced the due dates for 2016 Report of Foreign Bank and Financial Accounts (FBAR, Form 114). The FBAR will now be due on the same day as tax returns with an automatic extension for … Continue reading →

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My E-Services Follies

Posted on December 15, 2016 by Russ

The IRS is trying to become a bit more security conscious. As part of their efforts, the IRS is having all e-Services account users who use the IRS’s “Transcript Delivery Service” re-validate their identities. Letters are being sent to impacted … Continue reading →

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How to Go to Jail

Posted on December 14, 2016 by Russ

A few years ago, Steven Martinez won the coveted (not really) Tax Offender of the Year Award. His scheme was to tell clients that they had an amount due to the IRS and California. He then prepared a second set … Continue reading →

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