Monthly Archives: September 2016

Another Incorrect IRS CP2000 Notice

Posted on September 28, 2016 by Russ

One of my clients received an IRS CP2000 notice today alleging he did not include $1000 of ordinary dividend income. And the IRS was correct: She forgot to provide me the 1099-DIV. Yet the IRS, in the same notice, states … Continue reading →

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As The Caesars Turns, Episode 2

Posted on September 27, 2016 by Russ

Caesars Entertainment Operating Company (CEOC) today announced that they reached a restructuring agreement with its major creditors. The deal will likely allow CEOC to emerge from bankruptcy early in 2017. The settlement must be finalized and will require approval of … Continue reading →

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California Cities Eye Netflix as a Revenue Source

Posted on September 25, 2016 by Russ

“Don’t tax you, don’t tax me. Tax that fellow behind the tree.” — Russell B. Long The city of Pasadena, California (home of the Rose Bowl and annual Rose Parade) voted to expand their telecommunications tax to include streaming video … Continue reading →

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As the Caesars Turns

Posted on September 22, 2016 by Russ

There have been more developments in the Caesars bankruptcy. First, Caesars Entertainment said it is offering an additional $1.6 billion for junior creditors of Caesars Entertainment Operating Company (CEOC) in the contentious bankruptcy. The stock market reacted favorably to the … Continue reading →

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A New Scam: Mailed “IRS” Notices

Posted on September 20, 2016 by Russ

Something else to be wary of: Imitation IRS notices. Today I saw an “IRS” notice that looked almost real. The notice had the normal headers, and the terminology was just about right. The notice was supposedly from the Austin Service … Continue reading →

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The Tax King Goes to Prison

Posted on September 14, 2016 by Russ

The Tax King—at least, the St. Louis version thereof—is heading to ClubFed. Eyob Tilahun owned the Tax King tax preparation firm in the St. Louis area. He wasn’t charging low prices; his typical fee was $400 to $650. And he … Continue reading →

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Extension Deadline for Business Entities; 3rd Quarter Estimated Tax Payment Deadline

Posted on September 14, 2016 by Russ

Thursday, September 15th is the filing deadline for business returns on extension: C-Corporations (Form 1120), S-Corporations (Form 1120S), partnerships and LLCs that file as partnerships (Form 1065), and trusts (Form 1041). You can either electronically file or mail your returns … Continue reading →

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The Time for Procrastination Is Over

Posted on September 6, 2016 by Russ

Labor Day, the unofficial end of summer, has come and gone. It even felt like Autumn this morning here in Las Vegas (it was below 70). For those who filed an extension and have waited to prepare their tax returns, … Continue reading →

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Once Bitten, Twice Not Shy

Posted on September 5, 2016 by Russ

Back in 2013, Cedric K. Oliphant was convicted of falsifying a tax return. Specifically, during his plea hearing today [August 30, 2013], Oliphant admitted he knowingly and willfully included materially false deductions for gifts to charity and for unreimbursed business … Continue reading →

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