Blog

Yogi Berra on Taxes

Last month, one of the most truly American lives came to an end at age 90. Baseball legend Lawrence “Yogi” Berra was a superstar both on and off the field. As a player, he won 10 World Series rings and made the All-Star team 18 times in 19 seasons. He was American League MVP five […]

Don’t Bogart That Deduction, My Friend

Imagine you’re a hardworking pot dealer just trying to operate an honest shop in the newly legal marijuana industry. You get audited, and the examiner hits you with a $290,000 bill. He then asks to talk “off the record,” and tells you he was lenient with your examination. The real bill, he says, should have […]

Share a Coke with the IRS

Coca Cola has earned a lot of headlines for their “Share a Coke with . . . ” marketing campaign, printing bottles and cans with 1,000 of the most popular names in the country, along with nicknames like “Mom,” “Dad,” Soulmate,” and “BFF.” You can even go online to customize your own bottle for just […]

Alibaba and the Forty Percent

Turn on the financial news and you’ll hear all sorts of explanations for the stock market’s ups and downs. Oh no, the Fed’s going to raise rates! Oh no, they’re not! Who knows what the real answer is? But last week, the IRS moved the market — when they casually signaled they wouldn’t be greenlighting Yahoo’s […]

Ready or Not, Here We Come!

Campaign 2016 is here! Last Thursday, 10 Republican presidential candidates squared off against each other in Cleveland’s Quicken Loans Arena, tackling such crucial topics as hugs, pimps, and Rosie O’Donnell. That same day, the Democratic National Committee announced their schedule of six debates to begin on October 13 in early-primary state Nevada. Sooner rather than later, we’ll […]

2015: A Tax Odyssey

On July 23, NASA announced the discovery of Kepler-452b, the first potentially Earth-like planet within the “habitable zone” of a star like our Sun. Kepler-452b is 1,400 light-years away, meaning the New Horizons space probe that just passed Pluto should get there in another 26 million years. (Mom, are we there yet?) It’s 60% bigger […]

Toxic Deductible Sludge

Back in 2010, British Petroleum’s Deepwater Horizon drilling rig exploded and spilled millions of barrels of oil off the Louisiana coast. Countless small business owners, including fishermen, hotel operators, restaurants, rental companies, and seafood processors, suffered and went bankrupt. State and local governments lost billions more in tax revenue. Lawyers, who may be some of […]

Click!

Nina Olson is the most important person you’ve never heard of at the IRS. She’s the “National Taxpayer Advocate,” and she heads up an organization created to cut through the red tape when the Service can’t get the job done itself. If you’re stuck between cogs in the IRS machine, Olson and her staff of […]

Forensic Filings

We tend to think of the Internal Revenue Service mainly as Uncle Sam’s “collections department.” But it’s also a true law enforcement agency. Special agents from the Criminal Investigations unit take on obvious crimes like tax evasion and tax preparer fraud. They also partner with local police, the FBI, the DEA, and even foreign governments […]

A Tax in a Pineapple Under the Sea

You know what’s even worse than paying tax on money you make? Try taking a loss on money you lose. Make $100, pay a 40% tax, and you’ve still got $60 left. But lose $100, take a tax loss, and you’re still out your $100. Yeah, you can deduct it against future income. But it’s kind of like […]