Author Archives: Russ

Ignoring Tax Advice and then Suing the Attorney who Gave the Advice Isn’t Brilliant

Posted on January 16, 2012 by Russ

Let’s assume you talk to your attorney, and he advises you that you should create a reserve fund for taxes. Usually, it’s a good idea to listen to your attorney. If you don’t like his opinion, perhaps get a second … Continue reading →

Posted in Florida, Gambling | Tagged , | 2 Comments

The Black Hole Continues: California Faces an $8 – $21 Billion Deficit

Posted on January 15, 2012 by Russ

When I read one report stating that California is looking at an $8 billion deficit (that’s Governor Brown’s projection), I was quite happy I’m now a resident of Nevada. And then I read Chriss Street’s report that says the deficit … Continue reading →

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January Tax Deadlines: Estimated Payments on Tuesday

Posted on January 15, 2012 by Russ

The first of the January deadlines is upon us. Estimated tax payments (Form 1040-ES) are due by Tuesday, January 17th. That’s a postmark deadline. As always, I strongly recommend certified mail, return receipt requested.

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I’m Shocked that Another Adult Entertainment Exec Cheated On His Taxes

Posted on January 11, 2012 by Russ

I’m just shocked, shocked mind you, to find out that yet another individual in the adult entertainment industry didn’t tell the truth on his tax return. Well, not really as there might just be a pattern here…. From my old … Continue reading →

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The IRS Gives Helpful Tips for Choosing a Tax Professional

Posted on January 6, 2012 by Russ

The IRS, as we previously noted, now has a YouTube channel. Here’s their latest video on choosing a tax professional: You can also read their suggestions in this article:: Check the person’s qualifications. Ask if the preparer is affiliated with … Continue reading →

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We’re Off With a Bang: It’s the Politician Arrest of the Week!

Posted on January 5, 2012 by Russ

There’s nothing like starting 2012 on the right foot. Let’s head to our nation’s capital where City Councilman Harry Thomas, Jr. has something more to worry about than his reelection campaign. In December, the FBI & IRS raided Mr. Thomas’ … Continue reading →

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2011 Tax Offender of the Year

Posted on December 31, 2011 by Russ

It’s time again to be considered for that most prestigious of awards, the Tax Offender of the Year. To be considered for the Tax Offender of the Year award, you must do more than cheat on your taxes. It has … Continue reading →

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Norway Demands $30 Million from Absolute Poker

Posted on December 28, 2011 by Russ

Absolute Poker, the now more-or-less defunct company that included UltimateBet, has been hit with a 180 million Norwegian Kroner tax bill ($29.9 million) by the Norwegian tax agency, Skatteetaten. The tax agency accuses Absolute Poker of running 430 million Kroner … Continue reading →

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IRS Acquiesces to Decision in Mayo v. Commissioner

Posted on December 27, 2011 by Russ

The IRS has acquiesced to the decision in Mayo v. Commissioner; this decision will be published in the January 17, 2012 issue of the Internal Revenue Bulliten according to Linda Beale. The Mayo case allows a professional gambler to deduct … Continue reading →

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Nominees Due for Tax Offender of the Year

Posted on December 23, 2011 by Russ

With just one week left in 2011, it’s time again for anyone to submit a nominee for the Tax Offender of the Year. To be considered for the Tax Offender of the Year award, the individual must do more than … Continue reading →

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