Author Archives: Russ

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 →

Posted in Gambling | Tagged , , | Comments Off on I’m Glad I Didn’t Say Which Christmas

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.

Posted in Taxable Talk | Comments Off on It’s Election Day

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 →

Posted in Gambling, International | Tagged | Comments Off on Bad News for German Poker Players

The Real Winner of the 2012 World Series of Poker

Posted on October 31, 2012 by Russ

Nine individuals came to Las Vegas early this week to compete for the championship at the World Series of Poker (WSOP). Who would be the lucky winner? And who really got to keep the money? This year’s World Series of … Continue reading →

Posted in Gambling | 4 Comments

New York Extends Tax Deadlines Because of Sandy; Expect the IRS, New Jersey, Pennsylvania and Others to Follow

Posted on October 29, 2012 by Russ

The New York State Department of Taxation and Finance announced that they have extended all tax deadlines falling from October 26 to November 14 to November 14th because of Hurricane Sandy. I expect similar actions to be taken by the … Continue reading →

Posted in IRS, New Jersey, New York, Pennsylvania | Tagged | 1 Comment

Bennett Gets 15 Months

Posted on October 28, 2012 by Russ

Michael Bennett, a former NFL player with the Minnesota Vikings and Oakland Raiders, received 15 months at ClubFed last week. Mr. Bennett got involved with a fraud scheme that was tangential to an identity theft/tax refund scheme. Mr. Bennett went … Continue reading →

Posted in Tax Fraud | Tagged | 1 Comment