Author Archives: Russ

A Break in my Hiatus: Poker Chips and Tax Evasion

Posted on March 22, 2015 by Russ

When my friend Steve Evans posted a link to a story about Chipco’s president being arrested on tax evasion, that got my attention. Chipco was a Maine-based company that made high-quality poker chips. Many of the local casino here in … Continue reading →

Posted in Tax Evasion | 2 Comments

Annual Blog Hiatus

Posted on March 16, 2015 by Russ

It’s been a busy Tax Season already, and it shows no signs of letting up. That means it’s time for my annual blog hiatus. You needn’t worry if you’re waiting for my annual Bozo Tax Tips; they’ve already been written … Continue reading →

Posted in Taxable Talk | 1 Comment

Foreign Earned Income Exclusion Gets a Vegas Preparer in Hot Water

Posted on March 15, 2015 by Russ

I prepare quite a few returns with the Foreign Earned Income Exclusion. The Exclusion allows bona fide residents of a foreign country or individuals who are outside of the United States for 330 days out of a 365-consecutive day period … Continue reading →

Posted in Tax Fraud | 2 Comments

Gilbert Hyatt Loses in Federal Court

Posted on March 15, 2015 by Russ

A federal court in Sacramento ruled against inventor Gilbert Hyatt last week. Mr. Hyatt is involved in a 22-year old battle with California’s Franchise Tax Board (the state’s income tax agency). This all stems over when Mr. Hyatt moved to … Continue reading →

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Form 1042 Filing Deadline is Monday, March 16th

Posted on March 12, 2015 by Russ

Most people are aware of Form 1099; that’s the form you send individuals in the US to report various kinds of income. There’s a similar form used when you’re sending paperwork to non-Americans: It’s Form 1042-S. These forms must be … Continue reading →

Posted in IRS | Tagged | 1 Comment

Corporate Tax Deadline is Monday, March 16th

Posted on March 12, 2015 by Russ

The deadline for calendar year corporations (both C-corporations and S-corporations) to file their 2014 tax returns is Monday, March 16th. If you’re not ready to file, simply file an extension. This can be done electronically, or download Form 7004 and … Continue reading →

Posted in IRS | Tagged | 1 Comment

“Give us a tax code that is simple enough for taxpayers to comply with and simple enough for the IRS to administer, and you’ll dramatically reduce fraud.”

Posted on March 12, 2015 by Russ

It’s not brain surgery. Tom Giovanetti hits the nail squarely on the head in his op-ed in The Hill. Mr. Giovanetti notes that keeping the voters happy is why fraud prevention hasn’t been a big issue. But it is now, … Continue reading →

Posted in IRS, Tax Fraud | Tagged | Comments Off on “Give us a tax code that is simple enough for taxpayers to comply with and simple enough for the IRS to administer, and you’ll dramatically reduce fraud.”

You Have to Have an Unreimbursed Loss to Claim a Casualty Loss

Posted on March 8, 2015 by Russ

On Monday, February 23rd it was raining as I left for the gym. As I got to the gym, the road felt funny–slicker than in a normal rain. I realized that it was snowing. Now, our “blizzard” wasn’t crippling or … Continue reading →

Posted in IRS | Tagged | 1 Comment

Upon Further Review…

Posted on March 8, 2015 by Russ

Remember Rashia Wilson? How could anyone forget someone who brilliantly wrote on her Facebook page: “I’m Rashia, the queen of IRS tax fraud,” Wilson said May 22 on her Facebook page, according to investigators. “I’m a millionaire for the record. … Continue reading →

Posted in Uncategorized | 1 Comment

I’m Sure This Will Endear Him To The Judge

Posted on March 8, 2015 by Russ

You’re about to be sentenced on 20 felony convictions. You wouldn’t just flee the country, would you? Well Alan Rodrigues tried to do just that. Mr. Rodrigues was convicted last May on charges that he led a national scheme to … Continue reading →

Posted in Tax Fraud | Comments Off on I’m Sure This Will Endear Him To The Judge