Author Archives: Russ

$534,544 Is Greater Than $10,000

Posted on December 6, 2009 by Russ

I don’t think any of you have trouble with realizing that the title of this post is true. Yet for Terry Davis, formerly of New Haven, Connecticut and now a resident of Las Vegas, that simple statement posed a problem. … Continue reading →

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Next Time, Hide the Cash and Books Better

Posted on December 6, 2009 by Russ

I’ve commented from time-to-time that cash income is just as taxable as payments by check or credit card. I’ve also mentioned that certain businesses have more problems than others with that; strip clubs are one example. Another example would be … Continue reading →

Posted in Tax Evasion | Tagged | 1 Comment

Thank You, George Cohan: A Gambler Gets Lucky

Posted on December 3, 2009 by Russ

George Cohan is known as “the man who owned Broadway.” He also proved quite helpful to a gambler today at the US Tax Court. Jose Caro liked horse racing. Any and every day he could, he went to the track … Continue reading →

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IRS 2009-2010 Priority Guidance Plan

Posted on December 3, 2009 by Russ

A couple of weeks ago the IRS released their 2009-2010 Priority Guidance Plan. There are 315 items on the list. It reflects the IRS’ goals in areas to give guidance; not every one of the 315 items will be covered … Continue reading →

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Standard Mileage Rates for 2010

Posted on December 3, 2009 by Russ

The IRS announced this morning the standard mileage rates for 2010. They are: $0.50/mile for business miles ($0.55/mile in 2009) $0.165/mile for medical and moving ($0.24/mile in 2009) $0.14/mile for charitable purposes (unchanged; set by statute) The details are in … Continue reading →

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Mailbag: How to Get Both Sides Upset with You (Poker Coaches & 1099s)

Posted on December 3, 2009 by Russ

Like most tax professionals, I send out a newsletter for my clients. In my most recent newsletter, I included the following: Under federal law, a business owner (this includes those of you who file a Schedule C — a sole … Continue reading →

Posted in Gambling, Tax Preparation | Tagged | 2 Comments

Cook County (Chicago) Sales Tax to Drop

Posted on December 2, 2009 by Russ

It’s rare these days to read about any tax rate dropping. County Commissioners in Cook County, Illinois, home of Chicago and some of the metropolis’ suburbs, voted earlier this year to cut the county’s sales tax rate by 0.5%. Cook … Continue reading →

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A Lesson for California from South Dakota

Posted on December 2, 2009 by Russ

California politicians seem to think that they can raise tax rates higher and higher and higher and businesses won’t react. Bluntly, that’s wrong. From the Leonard Letter and the South Dakota Department of Tourism and Economic Development comes word of … Continue reading →

Posted in California, South Dakota | 3 Comments

Thanksgiving Evasion

Posted on November 29, 2009 by Russ

While I had a great Thanksgiving, the individuals I’m highlighting below had a bit less to be thankful for. The first story highlights an indirect result of a traffic ticket while the second spotlights recurrent attempts at defrauding the IRS … Continue reading →

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Another List To Avoid

Posted on November 29, 2009 by Russ

Every six months theBoard of Equalization, California’s sales and excise tax agency, publishes its list of the top 250 debtors to the BOE. The list was updated this past week with 28 new entrants. Unlike the list of the top … Continue reading →

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