Author Archives: Russ

Corporate Tax Deadline is Thursday, March 15th

Posted on March 13, 2012 by Russ

The first big tax filing deadline of the year is upon us: The deadline for calendar year corporations (both C Corporations and S Corporations) to file their tax returns is Thursday, March 15th. What if you have a corporation and … Continue reading →

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Confidence…Make that Confidence Man

Posted on March 11, 2012 by Russ

A former IRS employee decided to head to Thailand after bilking investors in a Ponzi scheme. That country wasn’t a great choice, as there is an extradition treaty to the US. Adding to his woes was his general disdain for … Continue reading →

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I Hope You Like Florence, Colorado

Posted on March 5, 2012 by Russ

Kevin Small has had a decidedly interesting career. He has had 30 arrests for all sorts of crimes (including violent crimes). While enjoying Pennsylvania’s state prisons, he decided to commit tax fraud from the IRS. He was “caught” after obtaining … Continue reading →

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California Doesn’t Conform on Self-Employment Tax Deduction Change

Posted on March 4, 2012 by Russ

Yet another California non-conformity issue has reared its head. Those of us who are self-employed must pay self-employment tax on their self-employment earnings. The self-employed get to deduct 50% of that on line 27 of Form 1040. In 2011 the … Continue reading →

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Shockingly, the Nevada Resort Association Is Fighting a Tax Initiative on Nevada Resorts

Posted on March 4, 2012 by Russ

Last Wednesday the Nevada Resort Association filed a lawsuit in Carson City to block a proposed initiative that would increase the highest tier of gambling taxes in Nevada from 6.75% to 9%. The Las Vegas Sun reported that the lawsuit … Continue reading →

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BOE Updates Top 500 Sales & Use Tax Delinquents in California

Posted on March 4, 2012 by Russ

A few years ago, the California Legislature passed a bill requiring the Board of Equalization (California’s sales tax agency) to publish a list of the top 500 deadbeats each quarter. That list has just been updated. On top of the … Continue reading →

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Hiring a Hit Man Isn’t a Good Strategy

Posted on March 2, 2012 by Russ

Last April, Steven Martinez was arrested and charged with 49 counts including mail fraud, identity theft, and filing false tax returns. Here’s what Mr. Martinez was accused of: The indictment charges Martinez with stealing over $11 million in tax payments … Continue reading →

Posted in Tax Evasion | Tagged , | 1 Comment

Business Intelligence Fails Founder of Business Intelligence, Inc.

Posted on February 28, 2012 by Russ

Sometimes when I read the tax news I don’t to embellish at all. From Cincinnati comes the story of James F. Simon, the founder of Business Intelligence, Inc. The company, founded by Mr. Simon in 1984, provides private investigation services … Continue reading →

Posted in Tax Evasion | Tagged | 2 Comments

Sales Tax on Services Under Consideration in Maryland

Posted on February 28, 2012 by Russ

For those who haven’t followed Clayton Financial and Tax, we now have an office in Maryland. Our charges for preparing your return aren’t dependent on whether you’re in our Las Vegas or Bethesda office. However, that may soon change. Shiela … Continue reading →

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1099/1096, W-2/W-3 Deadlines This Week

Posted on February 27, 2012 by Russ

It’s a leap year, so we get an extra day to get those information returns to the government, right? Well, that’s half-right this year (and also half-wrong). The deadline for mailing Form 1099s and Form 1096s to the IRS does … Continue reading →

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