Author Archives: Russ

Gubenatorial Candidate Wants to Lower Taxes?!?

Posted on September 16, 2009 by Russ

In what is likely a first for California, a candidate for Governor, Steve Poizner, told the Sacramento Bee that if elected he would work to slash personal income taxes, corporate taxes, and sales taxes by 10%. That would mean reducing … Continue reading →

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If You’re a Celebrity, Pay Your Taxes

Posted on September 16, 2009 by Russ

Yet another celebrity has gotten into trouble with the IRS. Golfer Jim Thorpe didn’t pay his taxes of about $1.5 million. He’s going to plead guilty to two counts and will pay all of his back taxes, penalties, and interest. … Continue reading →

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Deducting Prostitutes Doesn’t Work Well (Nor Does Deducting Porn)

Posted on September 16, 2009 by Russ

Supreme Court Justice Potter Stevens famously uttered about pornography, “I shall not today attempt further to define the kinds of material I understand to be embraced . . . [b]ut I know it when I see it….” That’s a subject … Continue reading →

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Deadline Day

Posted on September 14, 2009 by Russ

Tuesday, September 15th is a big tax deadline. 3rd quarter estimated payments for individuals are due; 3rd quarter estimated payments for corporations are due; Calendar year corporate returns on extension are due (both C Corporations and S Corporations); Partnership and … Continue reading →

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No Use for this Tax

Posted on September 14, 2009 by Russ

If you’re a business in California that doesn’t maintain inventory or sell products—that is, you’re a service business—you haven’t had to register with the Board of Equalization. The Board of Equalization administers California’s sales tax laws. That may change, though. … Continue reading →

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Christopher Kelly, Blagojevich Crony, Dies Before Prison

Posted on September 13, 2009 by Russ

Christopher Kelly, a fundraiser for disgraced Illinois Governor Rod Blagojevich, died on Saturday in Chicago. Mr. Kelly late last year pleaded guilty to tax fraud charges related to gambling debts. Last week he also pleaded guilty to fraud against United … Continue reading →

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Drip, Drip, Drip on Rangel

Posted on September 7, 2009 by Russ

For embattled Congressman Charlie Rangel (D-NY), is time running out? Byron York thinks it is. He notes that Congressman John Carter (R-TX) has introduced the “Rangel Rule”: “The brainchild of Rep. John Carter, a Texas Republican who spent two decades … Continue reading →

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Updates From the Blogosphere

Posted on September 6, 2009 by Russ

Over the past week there’s been some interesting stories posted around the tax Blogosphere: The IRS posted a page titled “Keeping Good Records Reduces Stress at Tax Time.” I cannot stress this enough. If you have good records (especailly good … Continue reading →

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Impersonating an Accountant?

Posted on September 1, 2009 by Russ

Who in their right mind would want to impersonate an accountant? It’s not as if we live glamorous lives. For example, today I sent out my quarterly newsletter, gave a speech, and prepared tax returns. Of course, I should never … Continue reading →

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Tax Fraud Night at the Ballpark Canceled

Posted on September 1, 2009 by Russ

Well, it was a bad idea to begin with. The Mahoning Valley Scrappers, the Class A (short season) affiliate of the Cleveland Indians, have canceled Wednesday’s James A. Traficant, Jr. Release Night. The actual cancellation was made on August 14th. … Continue reading →

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