Author Archives: Russ

Math Is Hard (Tax Court Edition)

Posted on November 3, 2014 by Russ

One of my favorite sayings at the poker table is, “Math is hard.” Yesterday, the Tax Court explained some basic math to a petitioner who almost completely struck out. Eugene Kernan didn’t file tax returns since sometime before 2000. Eventually … Continue reading →

Posted in Tax Court | 1 Comment

Perhaps She’ll Cover the Guilty Plea in the Second Edition

Posted on November 2, 2014 by Russ

Perhaps we should have known this was going to happen. Her book, The Prosperity Principles: Secrets to Developing and Maintaining Generational Wealth, notes that business should be run, “…where everything you can do can be deducted from your reportable income … Continue reading →

Posted in Arizona, Tax Evasion | 1 Comment

Happy Nevada Day, Especially If You’re a Performer at a Gentleman’s Club

Posted on October 31, 2014 by Russ

Today is Nevada Day! Exactly 150 years ago Nevada was admitted as a state. The Nevada Supreme Court yesterday ruled on a case that may make this day more celebratory for workers at adult entertainment facilities (strip clubs). Several performers … Continue reading →

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The 2015 State Business Tax Climate Index: Not Much Has Changed

Posted on October 28, 2014 by Russ

I guess I could have called this, “Bring me the usual suspects,” but I’ve been using that phrase over and over. Yet not much has changed, so the usual suspects have good tax climates and the usual suspects have bad … Continue reading →

Posted in California, Legislation, Nevada, New York | Tagged | 1 Comment

AICPA Lawsuit Against IRS Dismissed Over Standing

Posted on October 28, 2014 by Russ

Earlier this year the IRS announced its new “Annual Filing Season Program,” a voluntary program for tax preparers to register with the IRS. The American Institute of Certified Public Accountants (AICPA) filed a lawsuit asking for the program to be … Continue reading →

Posted in IRS | Tagged , | 1 Comment

SARs Leading to Forfeiture: The IRS Oversteps

Posted on October 26, 2014 by Russ

There have been plenty of stories on civil forfeiture recently. Two poker players had their cash seized in Iowa while driving home from a poker tournament in Illinois. They had their funds returned, but have now filed a lawsuit against … Continue reading →

Posted in IRS | Tagged , | 2 Comments

Copying Steven Martinez’s Idea Is Not a Good Choice

Posted on October 19, 2014 by Russ

I’m on the road this weekend, but a story from the San Francisco Bay Area caught my eye. Charles Waldo was already in jail. He was arrested on a 50-count indictment for insurance fraud, tax evasion, felony vandalism, and a … Continue reading →

Posted in California, Tax Evasion | Tagged | 2 Comments

You Filed That Extension, And Only Now Are Realizing the Deadline is Wednesday…

Posted on October 12, 2014 by Russ

Yes, only three days are left until the extension deadline. If you file on October 16th, it’s as if you never filed that extension (you will owe a 22.5% late filing penalty). So what should you do if you’re just … Continue reading →

Posted in IRS | Tagged | 1 Comment

It’s Not As If Anything Is Happening Right After This…

Posted on October 7, 2014 by Russ

Of course, after reporting good news from the IRS there must be bad news to balance it out. And there is. For reasons that only the bureaucrats at the IRS can fathom, every year over Columbus Day weekend the IRS … Continue reading →

Posted in IRS | 3 Comments

IRS Simplifies Reporting for RRSPs and RRIFs

Posted on October 7, 2014 by Russ

In a piece of good news, the IRS announced today that US taxpayers will automatically be treated as deferring income from Canadian Registered Retirement Savings Plans (RRSPs) and Canadian Registered Retirement Income Funds (RRIFs). In other words, the treatment will … Continue reading →

Posted in IRS | Tagged | 1 Comment