Author Archives: Russ

Oops

Posted on February 16, 2015 by Russ

This past weekend I saw my first Form 1095-A. That’s the form that individuals covered by health insurance through a plan form an exchange will receive. In California, 800,000 of these were mailed. Unfortunately, 100,000 of these were wrong. Oops. … Continue reading →

Posted in IRS | 2 Comments

IRS Announces Small Business Relief for Form 3115 (Property Regulation Issue)

Posted on February 13, 2015 by Russ

The IRS apparently figured out that under a literal reading of the new property/capitalization/depreciation regulations, every business would have to submit a Form 3115. The IRS determined that being buried under a tsunami of paper wasn’t a great idea. Today, … Continue reading →

Posted in IRS | Tagged | 3 Comments

A Bipartisan Tax Bill? I’ll Drink to That!

Posted on February 11, 2015 by Russ

There hasn’t been much bipartisanship on Capitol Hill recently. But there is a piece of legislation that is being proposed by both Democrats and Republicans. It’s to end age discrimination against bourbon and whiskey. You didn’t know that there was … Continue reading →

Posted in Kentucky, Legislation, Tennessee | 2 Comments

10

Posted on February 9, 2015 by Russ

Today is the tenth anniversary of this blog. My very first post stated, After reading Hugh Hewitt’s Blog, starting a blog for Clayton Financial and Tax became a necessity, not a project for “tomorrow” (whenever that is). There are already … Continue reading →

Posted in Taxable Talk | 1 Comment

Harassing IRS Agents Isn’t a Bright Idea

Posted on February 8, 2015 by Russ

Speaking of ways to get in trouble with the IRS, one is to harass an IRS agent. They don’t like it (and it’s a crime). Scott Bodley of Silver City, New Mexico apparently didn’t care. Back in 2003 Mr. Bodley … Continue reading →

Posted in Tax Evasion | 1 Comment

Former NFL Player Alleged to Have Fumbled His Sales Tax Returns

Posted on February 8, 2015 by Russ

I’ve said repeatedly that if you want to get in trouble with the IRS, one of the easiest ways to do so is to collect payroll taxes but not remit them. Less frequently I’ve commented about state tax agencies and … Continue reading →

Posted in Sales Tax, Tax Evasion, Washington State | Comments Off on Former NFL Player Alleged to Have Fumbled His Sales Tax Returns

We’re Moving (Blog Hosting)

Posted on February 5, 2015 by Russ

On Friday night we’ll be changing hosting companies for this blog. It can take up to 48 hours for this to cascade through the tubes of the Internet name servers of the Internet (though it usually takes about ten minutes). … Continue reading →

Posted in Taxable Talk | Comments Off on We’re Moving (Blog Hosting)

IRS Launches Directory of Tax Professionals

Posted on February 5, 2015 by Russ

This morning I received an email noting that the IRS has released an online directory of tax professionals. The system lists EAs, CPAs, attorneys, and participants in the IRS’s Annual Filing Season Program. The first time I tried to use … Continue reading →

Posted in IRS | Tagged | Comments Off on IRS Launches Directory of Tax Professionals

Fake Interest Income, Fake Withholding, Real Fraud at the Tax Court

Posted on February 2, 2015 by Russ

One of the more popular tax fraud schemes is the OID scheme. The idea is that there’s a “secret account” held by the US government and you can obtain a refund from that account. All you have to do is … Continue reading →

Posted in Uncategorized | 1 Comment

This Never Works…

Posted on February 1, 2015 by Russ

If you want to go to prison for tax evasion, there’s an easy method: Withhold payroll taxes and don’t remit them to the IRS or your state tax agency. The government investigates all such actions (or should I say inactions). … Continue reading →

Posted in Payroll Taxes, Tax Evasion | 1 Comment