Author Archives: Russ

Six Month Vacation Leads to Four and Eight Years at ClubFed

Posted on December 13, 2015 by Russ

Everyone likes vacations. Last year, I went to New Zealand and Australia. Unfortunately, this year’s vacation wasn’t anything like that trip. An Oregon couple has learned that some vacations are better off not taken. As I previously wrote, Ronald and … Continue reading →

Posted in Oregon, Tax Evasion | 1 Comment

NY Judge Rules Against DFS Sites

Posted on December 11, 2015 by Russ

New York Judge Manuel Mendez granted the New York State Attorney General a preliminary injunction that bans DraftKings and FanDuel from operating in New York. Both sites will appeal, but for now daily fantasy sports (DFS) is gone from the … Continue reading →

Posted in Gambling | Tagged | Comments Off on NY Judge Rules Against DFS Sites

Yet Another Reason Why Requiring Tax Professionals to Obtain a License Won’t Stop Tax Professionals from Behaving Badly

Posted on December 6, 2015 by Russ

In California, everyone who prepares a tax return for money must have a license. Individuals must either be an Enrolled Agent, a CPA, an attorney, or obtain a license from the California Tax Education Council. Of course, that means that … Continue reading →

Posted in Tax Fraud | 1 Comment

Third Party Transcript Requests Reportedly Will No Longer be Processed by the IRS

Posted on December 2, 2015 by Russ

Form 4506-T allows a third-party to obtain a transcript with your signed permission. One use of the form has been to obtain a tax return transcript when obtaining a mortgage. There have been reports that some individuals who completed this … Continue reading →

Posted in IRS, Oklahoma | Tagged | 1 Comment

My Love/Hate Relationship with the FTB

Posted on December 1, 2015 by Russ

For those who don’t know, I used to reside in California. I prepare more California tax returns than any other state’s returns (though it is no longer a majority–or even close to a majority–of my clients). I have a lot … Continue reading →

Posted in California | Tagged | 1 Comment

Nominations Due for 2015 Tax Offender of the Year

Posted on November 30, 2015 by Russ

With just about one month left in 2015, it’s time for a reminder to submit nominations for the 2015 Tax Offender of the Year. To be considered for the Tax Offender of the Year award, the individual (or organization) must … Continue reading →

Posted in Taxable Talk | Tagged | 1 Comment

De Minimis Rule Change Is Better than I First Thought

Posted on November 29, 2015 by Russ

My flight home last night was delayed, so I got the chance to read the IRS’s new de minimis rule for small businesses allowing expensing of items costing $2,500 or less. Normally when you read something that’s from the IRS, … Continue reading →

Posted in IRS | Tagged | 2 Comments

The 14th Time Wasn’t the Charm

Posted on November 24, 2015 by Russ

For most of us the saying “If you don’t succeed at first, try, try again,” is good advice. However, it’s not good to try to deduct personal expenses as business expenses on your tax return. It’s an especially bad idea … Continue reading →

Posted in Tax Court | Comments Off on The 14th Time Wasn’t the Charm

IRS Increases De Minimis Expense Threshold to $2,500 from $500 for 2016 Onward

Posted on November 24, 2015 by Russ

The IRS today announced that the de minimis expense threshhold for small taxpayers (which is the vast majority of all taxpayers) to $2,500 from $500 for tax years 2016 onward. Note that this does not apply for 2015 returns filed … Continue reading →

Posted in IRS | Tagged | 1 Comment

The Turf Monster Striketh

Posted on November 20, 2015 by Russ

Every so often the turf monster trips a player in a football or baseball game. Here’s one example: This post deals with a very different kind of turf monster. Back in September I wrote about Southern California’s Metropolitan Water District … Continue reading →

Posted in California | 1 Comment