Category Archives: IRS

Ohio Is Traded…Again

Posted on January 19, 2006 by Russ

Last year residents of Ohio who made estimated payments sent their payments in the second half of the year to San Francisco (the Fresno IRS Service Center). Well, Ohio has been moved (again), now to the Kansas City Service Center. … Continue reading →

Posted in IRS, Ohio | 1 Comment

Virtual Profits = Taxes?

Posted on January 10, 2006 by Russ

The TaxProf Blog links to an extremely interesting article by Julian Dibbell on whether virtual profits in online multi-player games are taxable under the Internal Revenue Code. There’s also a link to a second article on CNET titled “The Tax … Continue reading →

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A Brief Note on Business Information Returns/Filings

Posted on January 3, 2006 by Russ

Now that we’re in 2006, it’s time for me to go back to work. First on the agenda will be business information returns/filings, such as W-2s and 1099s. These forms must be distributed by January 31st, but do not have … Continue reading →

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The Last Days of ’05

Posted on December 31, 2005 by Russ

With just two days left in 2005, there are only a few things that you can do today or tomorrow that have tax impacts. You could have a baby. Or you could give to charity (if you use a credit … Continue reading →

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I’m Too Cynical: 2005 In Review

Posted on December 23, 2005 by Russ

…Or so I’ve been told. But as I continue to age (a phenomenon that I’ve been assured will continue) I have begun to wonder if Mark Twain was correct, when he said, “Suppose you were an idiot and suppose you … Continue reading →

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Remember The Maine?

Posted on December 14, 2005 by Russ

Do you remember the Maine? For those of you who don’t remember history, the battleship USS Maine blew up in the harbor at Havana, Cuba. Even today, the cause of the explosion is still a mystery. But one thing is … Continue reading →

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More on Section 199

Posted on December 13, 2005 by Russ

Thanks to Joe Kristan of Roth Tax Updates, here is some more information on the Domestic Production Activities Deduction, aka the Deduction from Hell. The draft form is available online here. A much more technical introduction to the proposed regulations, … Continue reading →

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The Deduction From Hell (Corporate Taxes)

Posted on December 12, 2005 by Russ

Not many small businesses do their own tax returns. If they do, they’re likely to “enjoy” Form 8903, “Domestic Production Activities Deduction.” By the way, this form is not yet on the IRS’ website. The draft version of the form … Continue reading →

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Berkshire Hathaway Wins One for the Big Guy

Posted on October 28, 2005 by Russ

Let’s say that your small corporation borrows some money. Let’s further suppose that you that that borrowed money and then purchased dividend paying stocks with that money. You can’t deduct those dividends. It’s considered a form of double-dipping, as you … Continue reading →

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PayPal Record Subpeoned

Posted on October 22, 2005 by Russ

The IRS is attempting to find some foreign credit card holders who used PayPal to evade taxes. According to this story in the San Jose Mercury News, the IRS wants to find tax evaders who are using PayPal to illegally … Continue reading →

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