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Monthly Archives: October 2007
Internet Tax Ban Passes House
The House of Representatives passed legislation yesterday that would extend the current ban on taxes on the Internet for another four years. The vote was nearly unanimous–405 to 2. The legislation now heads to the Senate, where it likely will … Continue reading
Posted in Legislation
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LLC Fees: An Update
California’s Legislature approved AB198, and the Governor recently signed the legislation into law. The bill changes how California’s LLC fee is calculated. This legislation changes the LLC fee so that it is apportioned, in the same manner as the income … Continue reading
Posted in California
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Another List Not To Be On
The Franchise Tax Board (California’s Income Tax Agency) has published its list of the top 250 debtors to the FTB. You can find the list here. Rapid America Corporation heads the list, with a debt of $26.8 Million. The largest … Continue reading
Posted in California
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Why California Businesses Keep Moving to Nevada
In news that won’t shock anyone who does business in California, the Bronze Golden State now ranks 47th out of 50 states in a business tax climate survey done by the Tax Foundation. Meanwhile, Nevada ranks 3rd in the Nation. … Continue reading
Posted in California, Nevada
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Snipes Trial Delayed
The Hollywood Reporter is saying that Wesley Snipes’ tax evasion trial has been continued. Apparently Judge Terrell Hodges changes his mind after speaking with Mr. Snipes. It appears that the new trial date has not been set. More on the … Continue reading
Will Our Government Learn?
California is a great place to live. The climate in Orange County is wonderful. I like the people. But the taxes are high. I’m in Connecticut for the rest of the week (there won’t be many posts this week because … Continue reading
Posted in California
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IRS Helps With Late S Corp Elections
The IRS announced a new Revenue Procedure 2007-62 yesterday, which will allow an S Corporation to make a late election–later than the 2.5 months currently allowed. Indeed, you’ll be able to make the late S Corporation election with your first … Continue reading
Snipes Fires Attorneys, Doesn’t Get Extension
Wesley Snipes fired his attorneys for his upcoming tax evasion trial. The Ocala Star-Banner reports that Snipes new attorney, Robert G. Bernhoft, told Judge Terrell Hodges, “The scope and prejudicial effect of this pervasive ineffective assistance of counsel only recently … Continue reading
Poker Tournaments: No Withholding Likely
The Las Vegas Sun reports today that the American Gaming Association and the IRS reached agreement that for poker tournaments if a casino/cardroom issues W-2Gs, then withholding at 25% will not be required on wins above $5,000. >From the IRS’s … Continue reading
Posted in Gambling
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A Rather Large Case of Fraud
The bigger they come, the harder they fall. So goes the cliche, and so also go the owners of Circle Industries in Alpharetta, Georgia. Gerald Marchelletta, Sr., and Gerald Marchelletta, Jr., own Circle Industries. They specialize in drywall construction, and … Continue reading
Posted in Tax Fraud
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