Author Archives: Russ

The Goal of Profit Making Businesses Is to Make Profits

Posted on February 21, 2013 by Russ

I resisted the urge this morning to make another pun; besides, Tony Nitti already did with his headline, “Former NFL Tough Guy Bill Romanowski Gets Laid Out By Tax Court.” Yesterday, the Tax Court decided two cases related to horse … Continue reading →

Posted in Tax Court | Tagged , | 1 Comment

Israeli Film Mogul Charged with Tax Evasion

Posted on February 20, 2013 by Russ

Yoram Globus is perhaps best known for being behind Cannon Films. With his cousin Menahem Golan, Cannon produced such films as American Ninja, Superman IV, Delta Force One, and a long, long list of others in the 1980s. Now, Mr. … Continue reading →

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A Lowe Blow

Posted on February 20, 2013 by Russ

I know the headline is a bad pun, but I couldn’t resist. Former NBA star and current Utah Jazz assistant coach Sidney Lowe was arrested on Monday on state tax evasion charges. Lowe is accused of not filing North Carolina … Continue reading →

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Could Tax Accountants Have Caused California’s Revenue Surge?

Posted on February 20, 2013 by Russ

California budget officials couldn’t figure out where the extra $5 billion in tax revenue came from in January. As this Los Angeles Times article asks, was this an accounting anomaly? Governor Jerry Brown’s administration now believes it was a timing … Continue reading →

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Jackson’s Fall Includes Tax Charge

Posted on February 17, 2013 by Russ

I was going to put in a line in this post, “Will the first Chicago politician who is honest, forthright, and not corrupt please stand up?” However, I realized that there must be some politician in the Windy City who … Continue reading →

Posted in Illinois, Tax Evasion | Tagged , | 1 Comment

Eight Years and Counting

Posted on February 17, 2013 by Russ

I’ve been writing this blog now for eight years. A lot has changed in tax since I started, some for the good and some for the bad. I’ve had fun writing this, and my goals remain the same for the … Continue reading →

Posted in Taxable Talk | 1 Comment

“There Is No Income Tax” Fails Again to Win in Court

Posted on February 17, 2013 by Russ

Charlie Brown, move over; we have a new “winner” for trying the same thing over and over again and expecting different results. Randy Barker doesn’t think that tax laws are constitutional. He claimed a refund on his 2008 taxes of … Continue reading →

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Nevada Looks to Tax Online Poker Tournaments

Posted on February 14, 2013 by Russ

A brief story in the Las Vegas Review-Journal noted that the chairman of the Nevada Gaming Control Board, A.G. Burnett, proposed that online poker tournaments be subject to tax (on the net profit of the tournament). This bill, Senate Bill … Continue reading →

Posted in Gambling, Nevada | 1 Comment

IRS to Accept Returns with Depreciation Sunday; Valentine’s Love for Education Credits

Posted on February 8, 2013 by Russ

The IRS announced today that they will begin accepting returns with depreciation (Form 4562) on Sunday, February 10th. This means that most business returns and many sole proprietor’s returns that have been on hold will be able to be filed … Continue reading →

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What “Out of Pocket” Means

Posted on February 8, 2013 by Russ

About ten years ago, I enjoyed one night at the hospital. The bill was only $17,000 (before discounts). My share of the bill was $0, so my medical expenses from that hospitalization were zero. If you don’t spend the money, … Continue reading →

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