Monthly Archives: January 2011

Why EFTPS Is Necessary for Companies that Outsource their Payroll

Posted on January 26, 2011 by Russ

An executive at a San Antonio outsourcing company took the money and ran. “An employee leasing services executive was arrested Monday in one of San Antonio’s largest-ever tax fraud cases, accused of keeping $66 million in payroll taxes that should … Continue reading →

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A Galloping Win for Gamblers in Tax Court (With a Loss on the Side)

Posted on January 25, 2011 by Russ

The Tax Court looked today at the case of a professional gambler who lost money both on his wagers and his expenses in 2001. The petitioner tried to deduct his gambling losses in excess of his wins and his business … Continue reading →

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And I Thought Denmark Had High Taxes for Gamblers…

Posted on January 25, 2011 by Russ

The name “Isildur” may mean nothing to you. Perhaps you remember Isildur as a character in J.R.R. Tolkien’s classic The Lord of the Rings. For those who follow online poker, the name Isildur means screenname Isildur1. Isildur1 played high-stakes poker … Continue reading →

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Same Old Song and Dance

Posted on January 24, 2011 by Russ

Let’s assume you are the President of Acme, a business that makes all sorts of things. Your major customer suffers a financial reversal, and your sales are going to go down by 40%. Do you continue to spend at the … Continue reading →

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Online Gambling Addresses (Updated for 2011)

Posted on January 21, 2011 by Russ

The IRS and Department of the Treasury stated in January 2009 that online gambling websites are considered to be foreign financial accounts. If you have $10,000 or more in one or more foreign bank and/or financial accounts, you must report … Continue reading →

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IRS Street Addresses

Posted on January 21, 2011 by Russ

Most taxpayers use the Postal Service to send their returns to the IRS. However, you can use Federal Express or UPS. The problem is the IRS hides the street addresses of their service centers on their website if you need … Continue reading →

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Valentine Love from the IRS

Posted on January 20, 2011 by Russ

The IRS has announced that the date that taxpayers with itemized deductions, education expenses, or any of the other impacted forms (forms that were not being processed due to the need to reprogram the IRS’ computers) will be able to … Continue reading →

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A Fake Rabbi Commits Real Tax Fraud

Posted on January 18, 2011 by Russ

I guess I’m now beginning to be impacted by jet lag. I see a headline titled, “Fake rabbi admits million-dollar tax fraud,” and just go on. It hits me a few moments later, though, that this is real. The US … Continue reading →

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2010 California Use Tax Returns Due on January 31st

Posted on January 18, 2011 by Russ

If you own a business in California (including a sole proprietorship, an LLC, or a corporation) and you have had $100,000 of gross receipts or more in a year from 2008 through 2010 and do not otherwise have to file … Continue reading →

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Last Estimated Payment for 2010 Due

Posted on January 18, 2011 by Russ

No more R&R for me — back to the real world rather than a beach in the Caribbean. And nothing brings you back to reality like a little estimated tax. The fourth quarter 2010 payment is due on January 18th. … Continue reading →

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