Monthly Archives: September 2011

Canada Fights Back

Posted on September 19, 2011 by Russ

Jim Flaherty is the Finance Minister in Canada. Mr. Flaherty (along with many Canadians) is not happy about FATCA and FBAR. FATCA will impose requirements on Canadian banks (and other financial institutions throughout the world) to report transactions to the … Continue reading →

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Once Again, Telling that Prospective Purchaser About the “True Profit” of the Business Backfires

Posted on September 16, 2011 by Russ

One method of increasing profit that’s been practiced since the first books and records have been kept is to keep two sets of books. One set shows the true profit and loss while the other presents a bleaker picture that’s … Continue reading →

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Will Chicago Get a New Casino?

Posted on September 15, 2011 by Russ

Illinois Governor Pat Quinn is not happy about proposed legislation that would add five casinos in Illinois. One of these would be in Chicago. Among his complaints are that it would harm education, increase corruption, lower oversight, and add to … Continue reading →

Posted in Gambling, Illinois | 1 Comment

It’s Official: Cellphones Mostly Nontaxable to Employees

Posted on September 15, 2011 by Russ

In the wonderful world of fixed assets, there are some assets that are more fixed than others. No, I’m not talking about huge machines; rather, I’m talking about listed equipment. These are items that Congress has decided must always be … Continue reading →

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Third Quarter Estimated Tax Payments Due Today

Posted on September 15, 2011 by Russ

Third quarter estimated tax payments are due on September 15th. If you make estimated tax payments, make sure you have either mailed your payment in today (using certified mail, return receipt requested) or by paying electronically using EFTPS or your … Continue reading →

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Calendar Year Corporation, Partnership, and Fiduciary Returns Due on the 15th

Posted on September 15, 2011 by Russ

September 15th is the first of the extension deadlines: Today, calendar year corporation, partnership, and fiduciary tax returns are due. Make sure you mail them today (use certified mail, return receipt requested) or electronically file the returns.

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Eight Days a Month Not Enough

Posted on September 15, 2011 by Russ

As I’ve said in the past, there are several states where being an amateur gambler is not a great thing. Wisconsin is one of those states. Yet another amateur gambler found that out the hard way. Carol Kubsch reported $473,075 … Continue reading →

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Tax Increase to Pay for Tax Cuts? Yeah, That’s Gonna Fly…

Posted on September 14, 2011 by Russ

President Obama released his jobs bill on Monday. You needn’t read it; it has no chance of passing the House. Back in July, President Obama stated he’s all for compromising. Either way, I’ve told leaders of both parties that they … Continue reading →

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2010 Estate Tax Returns Now Due Later

Posted on September 14, 2011 by Russ

As I continue to wait for the IRS to release Form 8939, the IRS continues to postpone deadlines: WASHINGTON — The Internal Revenue Service announced today that large estates of people who died in 2010 will have until early next … Continue reading →

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Dear John, er, California

Posted on September 12, 2011 by Russ

Back when California passed the Amazon tax, I noted: Additionally, it’s likely that large affiliates may relocate out of California to another state so that they can maintain their status. That will exacerbate the hit to California. Well, while the … Continue reading →

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