Author Archives: Russ

That’s A Lot of Roast Beef Sandwiches

Posted on December 15, 2015 by Russ

Nick’s Famous Roast Beef is in Beverly, Massachusetts. You can get a roast beef sandwich for $4.50 to $6.95, definitely a reasonable price. The Department of Justice is alleging that one reason the prices are low is that the owners … Continue reading →

Posted in Tax Evasion | 1 Comment

If a Professional Prepares Your Return, Are You Exempt from the Accuracy-Related Penalty?

Posted on December 14, 2015 by Russ

An attorney’s tax return had two major errors: $450,000 of gross receipts were left off the return and $505,417 of Contract Labor expenses were deducted as not only Contract Labor but also as Cost of Goods Sold. The return was … Continue reading →

Posted in Tax Court | 1 Comment

Not a Pigg or a Turkey of a Decision

Posted on December 14, 2015 by Russ

Clarence Leland is an attorney in Mississippi. However, he bought a farm in Turkey, Texas. He entered into a crop share agreement with a Mr. Pigg. The farm didn’t make money, and Mr. Leland claimed the losses on his 2009 … Continue reading →

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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 →

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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