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Author Archives: Russ
Whistle Blown on Referees
A fundamental principal of US taxation is that all income is taxable unless Congress exempts it. If you’re a referee in a basketball game, you have to pay tax on that money. Now, I wouldn’t have though that refereeing adult … Continue reading
Posted in Tax Evasion
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Once Again, Telling that Prospective Purchaser About the “True Profit” of the Business Backfires
One method of increasing profit that’s been practiced since the first books and records have been kept is to keep two sets of books. One set shows the true profit and loss while the other presents a bleaker picture that’s … Continue reading
Posted in Tax Evasion
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Will Chicago Get a New Casino?
Illinois Governor Pat Quinn is not happy about proposed legislation that would add five casinos in Illinois. One of these would be in Chicago. Among his complaints are that it would harm education, increase corruption, lower oversight, and add to … Continue reading
It’s Official: Cellphones Mostly Nontaxable to Employees
In the wonderful world of fixed assets, there are some assets that are more fixed than others. No, I’m not talking about huge machines; rather, I’m talking about listed equipment. These are items that Congress has decided must always be … Continue reading
Posted in IRS
Tagged CellPhones
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Third Quarter Estimated Tax Payments Due Today
Third quarter estimated tax payments are due on September 15th. If you make estimated tax payments, make sure you have either mailed your payment in today (using certified mail, return receipt requested) or by paying electronically using EFTPS or your … Continue reading
Posted in California, IRS
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Calendar Year Corporation, Partnership, and Fiduciary Returns Due on the 15th
September 15th is the first of the extension deadlines: Today, calendar year corporation, partnership, and fiduciary tax returns are due. Make sure you mail them today (use certified mail, return receipt requested) or electronically file the returns.
Posted in IRS
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Eight Days a Month Not Enough
As I’ve said in the past, there are several states where being an amateur gambler is not a great thing. Wisconsin is one of those states. Yet another amateur gambler found that out the hard way. Carol Kubsch reported $473,075 … Continue reading
Tax Increase to Pay for Tax Cuts? Yeah, That’s Gonna Fly…
President Obama released his jobs bill on Monday. You needn’t read it; it has no chance of passing the House. Back in July, President Obama stated he’s all for compromising. Either way, I’ve told leaders of both parties that they … Continue reading
Posted in Legislation
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2010 Estate Tax Returns Now Due Later
As I continue to wait for the IRS to release Form 8939, the IRS continues to postpone deadlines: WASHINGTON — The Internal Revenue Service announced today that large estates of people who died in 2010 will have until early next … Continue reading
Posted in Estate Tax, IRS
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