I haven’t written anything recently, not because there has been a lack of interesting stuff, but a lack of time on my part. Tax Season hits our business and we ramp up hours, production, and stress. All the stories you hear about accountants working late hours in a mad frenzy are true! This last [...]
This case got my attention real quick. Probably had something to do with the 300# of Buffalo meat I brought home from Montana last month… A professional Body Builder claimed deductions for Buffalo Meat, Posing Body Oils, and Protein Shakes, all as business expenses. He ate three pounds of buffalo meat a day all [...]
Ok, that may not be quite what she had in mind at the time, but that was the effect. DN, a minor, received a distribution from his father’s 401(k) plan as a secondary beneficiary. He received the distribution because the primary beneficiary, his mother, was in prison for murdering the father. Under Oregon law [...]
Very rarely do we have a client ask us to fabricate a tax return. Most people, even if they were inclined to do that, know better than to even ask. I have had taxpayers after being asked for their deductions say something like “how much can I get away with?”, but that’s usually as [...]
I am rarely in a position to praise the IRS for a job well done. In fact, if you look back at all the previous blogs on the website, I’d be surprised if you found even one entry giving IRS any kind of complement. That’s about to change. Recently the IRS announced that a [...]
Last fall we saw Congress extend the Bush tax cuts through 2012. This extension provides for the same Capital Gains tax rates and ordinary income tax rates that we have used for the last several years and extends or maintains popular deductions and credits such as the deduction for teacher’s supplies, some college tuition [...]
As I’ve written previously, we defend a lot of people that have been selected by IRS for examination. Sometimes these exams go well, particularly if the taxpayer has tight records and good explanations, and other times it’s more difficult, such as when documentation is spotty, or the explanations defy logic. Our office is good [...]
By now you’ve probably seen the headlines and heard the political rhetoric about the new tax law that was enacted yesterday. While a complete discussion of all the aspects of the law is more than I can fit in here (and more than you want to read, no doubt), I want to clarify a [...]
I haven’t written anything tax related recently for two reasons. 1) I have been doing a bit of reconnecting with nature and have been spending a lot of my spare time in the eastern sierras, local mountains, and oh yeah, scuba diving. (Fall is my favorite time of year!) and 2) there hasn’t been [...]
Its now official: The state of California is stiffing everyone it owes tax refunds “until further notice” see http://www.ftb.ca.gov/refund_delay_2010.shtml. The good news is that they were forced to take this action just before the election, so everyone voting can see how dysfunctional our state legislature is. The situation must be dire or the incumbents [...]
