Author Archives: Russ

California Leads the Way: Worst State for Business

Another survey, another “winner” for California. Every three years Development Counsellors International publishes a survey: A View from Corporate America: Winning Strategies in Economic Development Marketing. Among the many results in the survey are the five best and worst states … Continue reading

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New Math: California Missed August Revenue Forecast

Just over one week ago, I wrote that California tax collections in August exceeded the budget. It turns out that California Controller John Chiang apparently had $75 million of insurance tax in August that was actually received in September. Thus, … Continue reading

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Full Tilt Poker Alleged to be “Massive Ponzi Scheme”

The United States Attorney for the Southern District of New York this morning alleged that Full Tilt Poker is a “massive Ponzi scheme.” Back in April, the Department of Justice seized the domain names of the three largest US-facing online … Continue reading

Posted in Gambling, Scams | Tagged | 3 Comments

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

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Canada Fights Back

Jim Flaherty is the Finance Minister in Canada. Mr. Flaherty (along with many Canadians) is not happy about FATCA and FBAR. FATCA will impose requirements on Canadian banks (and other financial institutions throughout the world) to report transactions to the … Continue reading

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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

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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

Posted in Gambling, Illinois | 1 Comment

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

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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

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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.

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