Author Archives: Russ

Sweden Goes After Poker Players…For Real

Posted on November 21, 2012 by Russ

The Swedish tax agency, Skatteverket, sent police into some poker players’ homes across Sweden on Tuesday. Under Swedish law gambling winnings within the European Economic Area are not taxed; however, gambling winnings from outside the European Economic Area are taxable. … Continue reading →

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IRS Announces 2013 Standard Mileage Rates

Posted on November 21, 2012 by Russ

This morning the IRS announced the 2013 standard mileage rates. The rates are up one cent per mile from 2012 (except for charitable mileage, which is set by a statute). The new mileage rates are: $0.565 per mile for business … Continue reading →

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Squeezy and Illinois

Posted on November 19, 2012 by Russ

Sometimes you can’t make this stuff up. The video (below) is a real video from Governor Quinn of Illinois: Governor Quinn gives an excellent history of pensions but I notice there’s something missing from the video: solutions. Perhaps it’s because … Continue reading →

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Phoenix Woos California Businesses

Posted on November 18, 2012 by Russ

“For every action, there is an equal and opposite reaction.” That’s Sir Isaac Newton’s Third Law of Motion, something I learned in physics years ago. It’s also true about what happens when taxes increase. Options that businesses would rather not … Continue reading →

Posted in Arizona, California | 1 Comment

I’m Glad I Didn’t Say Which Christmas

Posted on November 14, 2012 by Russ

Back at the end of July came news that the US Department of Justice had settled with PokerStars and Full Tilt Poker on civil claims, and that players would be paid back. I wrote, When will players be repaid? If … Continue reading →

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FTB Appeals Gillette Decision

Posted on November 14, 2012 by Russ

As expected, California’s Franchise Tax Board has appealed the Gillette decision to the California Supreme Court. (The FTB’s Tax Practitioner Liaison sent an email notifying tax professionals of the appeal.) The California Supreme Court does not have to take the … Continue reading →

Posted in California | Tagged | 1 Comment

If It’s In Cash It Doesn’t Count, Right?

Posted on November 11, 2012 by Russ

Three owners of a charter bus company in San Jose, California apparently had the idea that if it’s in cash, it’s not income. As readers of this blog know, that’s definitely not the case. This likely won’t turn out well … Continue reading →

Posted in Tax Fraud | Tagged | 1 Comment

California Raises Taxes; Will Businesses Flee?

Posted on November 9, 2012 by Russ

Elections have consequences. California approved Proposition 30 last week, raising state income taxes “temporarily” by a minimum of 1% (from 9.3% to 10.3%); the top rate is now 13.3%. That is not a typo: If you make $1 million or … Continue reading →

Posted in California | 1 Comment

It’s Election Day

Posted on November 6, 2012 by Russ

No matter if you support Republican Mitt Romney, Democrat Barack Obama, or someone else, today is election day. Make sure your voice is heard and vote.

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Bad News for German Poker Players

Posted on November 2, 2012 by Russ

Is poker a game of skill or chance? Personally, I believe it is a skill game where there is an element of chance. For German poker players, this is more than an interesting debate; it’s a vital question that impacts … Continue reading →

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