Monthly Archives: July 2016

Vacation

Posted on July 31, 2016 by Russ

It’s time for my annual vacation. If something earth-shattering in the tax world happens while I’m relaxing, I’ll take time out to post on it. Otherwise, enjoy the fine bloggers listed in the blogroll on the right. I’ll be back … Continue reading →

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The California Pension Crisis

Posted on July 31, 2016 by Russ

Last week, the California Public Employees’ Retirement System (CALPERS) released its rate of return for the past year. CALPERS budgets based on a 7.5% return per year. In a “Missed it by that much” moment, they came in at 0.61%. … Continue reading →

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The 2016 Hom Decision: Do Online Gambling Sites Still Need to be Reported on the FBAR?

Posted on July 27, 2016 by Russ

The Ninth Circuit’s unpublished opinion in United States v. Hom is now up. It’s sort of a misnomer to use the word “published” for an unpublished opinion. Unpublished here means it cannot be cited as a precedent; the court doesn’t … Continue reading →

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Hom Decision Reversed

Posted on July 26, 2016 by Russ

Back in 2014 the US District Court for the Northern District of California held that online gambling accounts are reportable foreign financial accounts for the FBAR. Mr. Hom appealed that decision. Today, the Ninth Circuit Court of Appeals reversed the … Continue reading →

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Fail, Caesar! A July Update

Posted on July 23, 2016 by Russ

Since I last reported on the bankruptcy of Caesars Entertainment Operating Company (CEOC) there has been some news: 1. The junior creditors appear to be no closer to agreeing with the senior creditors on a restructuring of CEOC. The latest … Continue reading →

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Everything’s Back Up

Posted on July 23, 2016 by Russ

We’ve completed our move into our new larger office. While the telephone and Internet were quickly moved and are working just fine, the fax line didn’t make it. It has finally made it’s way to our new office so we … Continue reading →

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We’re Moving

Posted on July 17, 2016 by Russ

Clayton Financial and Tax’s offices are moving this week. It is likely that phone and Internet will be down on Wednesday (July 20th) and Thursday (July 21st) during the move. Our new address is: Clayton Financial and Tax 1919 S … Continue reading →

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Dotting the I’s and Crossing the T’s

Posted on July 17, 2016 by Russ

Assume there’s a California LLC filing its final tax return, and it is owed a refund of (say) $900. You timely file the return and are surprised when you receive a check for $100 rather than $900. What happened? Years … Continue reading →

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Is Cost of Goods Sold Included in the Calculation of the LLC Fee for a California LLC in Real Estate?

Posted on July 14, 2016 by Russ

The Franchise Tax Board, California’s income tax agency, today issued a legal opinion on how to calculate the Limited Liability Company (LLC) fee for a real estate company selling real property. This is an important issue because if Cost of … Continue reading →

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Can a Non-Tax Treaty Country Resident Obtain a Refund of Gambling Withholding from the IRS?

Posted on July 10, 2016 by Russ

Every year during the World Series of Poker (WSOP) I receive several inquiries like the following: I’m a resident of Brazil and I cashed in an event at the WSOP and won $100,000 (net). The Rio withheld 30% of that … Continue reading →

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