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Author Archives: Russ
What Raising Taxes Accomplishes
I grew up just outside of Chicago in Lincolnwood, Illinois. Last year the Land of Lincoln passed a huge tax increase. Personal income taxes increased by 66% (from a 3% rate to 5%); the corporate tax rate was also dramatically … Continue reading
Posted in California, Illinois
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Accountant Who Solicited Hit Man Pleads Guilty
Back in March I reported on Steven Martinez. Mr. Martinez is a tax preparer who faced charges of stealing $11 million from clients. He decided that the best strategy to fight this charge wasn’t hiring a good attorney, nor was … Continue reading
What a Drag
A successful entrepreneur and life-long drag racing afficianado starts a drag racing business. The business isn’t profitable. The records, according to the entrepreneur, went down the drain when Hurricane Katrina destroyed their facility. The IRS alleges that the whole thing … Continue reading
While I Was Out: TIGTA Assails IRS’s ITIN Management and Did Harry Reid Violate the Law?
My vacation is over, and that’s not a good thing (for me). While I was enjoying my time off, our Congresscritters remain in a bickering mood. A close election–and this year’s presidential race will likely be one such race–means that … Continue reading
Posted in IRS
Tagged Harry.Reid, Mitt.Romney, TIGTA
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Bad News for Medical Marijuana Dispensaries (and Espcially for the Vapor Room)
Yet another important case came up while I am on vacation. Martin Olive operates the Vapor Room, a medical marijuana dispensary in California. He was audited, and the IRS held: – That the dispensary underreported gross receipts; – Could only … Continue reading
DOJ Settles Civil Claims Against PokerStars & Full Tilt Poker; Full Tilt Balances to be Refunded to US Players; Settlement with Absolute/UB Also Referenced
News came out this morning that the long-rumored deal that would have PokerStars acquire Full Tilt Poker, agree to pay the DOJ $731 million (the rumored amount was $750 million), and pay back players while settling the civil charges it … Continue reading
Vacation
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
Posted in Uncategorized
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El Monte Considering Sugary Drink Tax
Many California municipalities face budget issues. One of these cities is El Monte, in the San Gabriel Valley east of Los Angeles. El Monte is looking at a $7 million deficit when a local sales tax expires in 2014. So … Continue reading
Sales Factor to be Weighed Equally in California
For business entities operating in multiple states, apportioning corporate tax can be difficult. Every state has different rules. This is especially true when dealing with California. While California has a “single-factor” (sales) apportionment that can be used, there’s also a … Continue reading
The Grass Isn’t Always Greener on the Other Side
Here in Las Vegas the local water district really, really tries for everyone to remove their lawns and replace them with “water-friendly” landscapes. Of course, this isn’t an issue in most of the US where rain happens far more frequently … Continue reading
Posted in Tax Evasion
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