Author Archives: Russ

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

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

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

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

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

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Business Intelligence Fails Founder of Business Intelligence, Inc.

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

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Sales Tax on Services Under Consideration in Maryland

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

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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Gambling Addiction Costs Ice Winery Head

Something I didn’t know until recently is that wine grapes are grown in all 50 states. They’re also grown in Ontario, Canada. One winery head dipped into the till because he liked to gamble. From St. Catharines, Ontario, comes the … Continue reading

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Pensions for All? California Legislator Introduces Mandatory Pension Bill

Every time I think the Bronze Golden State has reached a new low, I have to remember that I should never overestimate the intelligence of the California legislature. Kevin De Leon (D-Los Angeles) has introduced a bill that requires any … Continue reading

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IRS Commissioner Fails Reading Comprehension

Our Tax Code is needlessly complex. Still, there are portions that are straightforward. Take Section 7803(c): (3) Responsibilities of Commissioner The Commissioner shall establish procedures requiring a formal response to all recommendations submitted to the Commissioner by the National Taxpayer … Continue reading

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