Author Archives: Russ

Don’t Call Us Continues

Posted on April 22, 2015 by Russ

Back in the 1970s Saturday Night Live had this sketch of Lily Tomlin reprising her role as Ernestine the phone company operator (from Laugh-In): That’s how I feel about calling the IRS. I have three matters I need to get … Continue reading →

Posted in IRS | Tagged | 1 Comment

Of Deadlines and Taxes

Posted on April 21, 2015 by Russ

As I look back at April 15th I can draw some conclusions. First, thank goodness the IRS relented on the property regulations. There is no way tax professionals would have been able to prepare all of the required Change in … Continue reading →

Posted in Taxable Talk | Tagged | 1 Comment

Bozo Tax Tip #1: Let Your IRS Notice Age Like Fine Wine!

Posted on April 12, 2015 by Russ

My brother is a wine connoisseur. As all my friends know, I’m anything but a wine aficionado. But I have learned one difference between fine wine and a notice from the IRS: Wine can age very well but IRS notices … Continue reading →

Posted in IRS | Tagged | 1 Comment

Bozo Tax Tip #2: The Eternal Hobby Loss

Posted on April 9, 2015 by Russ

The goal of must businesses is to make money. There aren’t many businesses that can lose on each sale and make it up in volume. In fact, I don’t know of any. But I digress…. So let’s take Sam and … Continue reading →

Posted in IRS | Tagged | 1 Comment

Bozo Tax Tip #3: Just Don’t File

Posted on April 8, 2015 by Russ

We’re running some repeats, but there is some new Bozo material coming. It’s just that people keep trying the same things over and over again. It’s tough to avoid the tax system. There are currency transaction reports (cash transactions of … Continue reading →

Posted in IRS | Tagged | 1 Comment

Bozo Tax Tip #4: Procrastinate!

Posted on April 8, 2015 by Russ

Today is April 8th. The tax deadline is just seven days away. What happens if you wake up and it’s April 15, 2015, and you can’t file your tax? File an extension. Download Form 4868, make an estimate of what … Continue reading →

Posted in IRS | Tagged | 1 Comment

Bozo Tax Tip #5: Ignoring California

Posted on April 6, 2015 by Russ

Perhaps I should call this Bozo Tax Tip “Forming a California Trust.” Why? Let me explain. Let’s assume John and Jane, two California residents, form a trust to benefit their children, Ann and Bob. Ann lives in Florida; Bob resides … Continue reading →

Posted in California, Florida, Nevada | 1 Comment

Bozo Tax Tip #6: Nevada Corporations

Posted on April 5, 2015 by Russ

As we continue with our Bozo Tax Tips–things you absolutely, positively shouldn’t do but somewhere someone will try anyway–it’s time for an old favorite. Given the business and regulatory climate in California, lots of businesses are trying to escape taxes … Continue reading →

Posted in California, Nevada | 1 Comment

Bozo Tax Tip #7: Be Suspicious!

Posted on April 2, 2015 by Russ

As I write this (in March), I just got off the phone with one of my clients. He’s had a very good year, and has $100,000 in cash to deposit. He had been keeping the money as cash because he … Continue reading →

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IRS Website and Electronic Services Down

Posted on April 2, 2015 by Russ

I have been trying to get into two different IRS websites since midday yesterday but can’t. It appears that the IRS may be a victim of a DDOS (distributed denial of service) attack or there website simply has gone down. … Continue reading →

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