Monthly Archives: November 2010

Son of FBAR

Posted on November 9, 2010 by Russ

Coming in 2010 is Form 8938, Statement of Foreign Financial Assets. The draft of the form, which the IRS is soliciting public comment on, is now available. It may remind you of Form TD F 90-22.1 (FBAR). Phil Hodgen (who … Continue reading →

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To C Or Not To C, That Is The Question

Posted on November 9, 2010 by Russ

Robert Flach announced his newsletter, The Schedule C Letter. Robert notes, THE SCHEDULE C LETTER is a bi-weekly newsletter that provides tax planning and preparation advice, information, and resources for sole proprietors and one-person LLCs who report their business activity … Continue reading →

Posted in Entity Formation | 4 Comments

If I Win a Free Trip to the Bahamas (Part 2)

Posted on November 8, 2010 by Russ

For those who care, I made the semi-final round of the contest that could send me to the Bahamas. For the readers who commented and want to vote in the semi-finals, you can do so at this link (choose Russ … Continue reading →

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When Winning by 0.5% Is a Mandate

Posted on November 8, 2010 by Russ

Illinois is broke. While other states (such as California) have higher budget deficits, on a per capita basis Illinois leads the way. Illinois has a $13 billion deficit and some vendors haven’t been paid in nearly seven months. In last … Continue reading →

Posted in Illinois | 1 Comment

Wellek Pleads Guilty, Admits Tax Evasions

Posted on November 8, 2010 by Russ

In October I noted that Michael Wellek, the owner of three strip clubs in the Chicago area, would soon plead guilty to tax evasion. He did so last week. Mr. Wellek admitted he didn’t file a tax return for years … Continue reading →

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Kritt Wins One

Posted on November 8, 2010 by Russ

Earlier this year I reported on Attorney Ira Kritt, and that he has been charged in a tax fraud case in South Dakota. I had noted that Mr. Kritt had also been charged in a West Virginia case. Mr. Kritt, … Continue reading →

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Daylight Savings Time Ends

Posted on November 6, 2010 by Russ

It’s time to turn your clocks back an hour. Late tonight (2 am), clocks will be reset to end daylight savings time and return to standard time. So enjoy your extra hour of sleep.

Posted in Taxable Talk | 1 Comment

If I Win a Free Trip to the Bahamas, Do I Have to Pay Tax On It?

Posted on November 5, 2010 by Russ

About ten days ago, I noticed that a poker website was running a contest. Submit a fun poker game that can be run as a poker tournament; if your game is chosen we’ll send you the Bahamas. There were over … Continue reading →

Posted in Gambling, Taxable Talk | Tagged | 1 Comment

We Want It All But Don’t Tax Us To Get It

Posted on November 3, 2010 by Russ

Californians demonstrated their usual inimitable politics yesterday. Democrats won nearly every statewide office. The next Governor is Jerry Brown. Mr. Brown promised that there would be no tax increases without a vote of the people. (Barbara Boxer was reelected to … Continue reading →

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We Won’t Have Jim Traficant to Kick Around

Posted on November 3, 2010 by Russ

Well, Election Day has come and gone. Congressional races generally went to Republicans, and the GOP will be the majority party in the House next January. That means that John Boehner of Ohio will be the next Speaker. Mr. Boehner … Continue reading →

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