Author Archives: Russ

State Tax Commission Looking at Business Receipts Tax

Posted on September 21, 2009 by Russ

The headline basically tells the story. The commission appointed by Governor Schwarzenegger to look at California’s tax structure will apparently propose a Business Net Receipts Tax. The tax would not be based on gross receipts but net receipts: gross income … Continue reading →

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FBAR: Extension to October 15th?(Confirmed)

Posted on September 21, 2009 by Russ

Bloomberg is reporting that the IRS will delay the September 23rd extended deadline for filing the Report of Foreign Bank and Financial Accounts (Form TD F 90-22.1, or FBAR) until October 15th. The extension (of an extension) was requested by … Continue reading →

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Sweden Understands; Current Administration Doesn’t

Posted on September 20, 2009 by Russ

>From PowerLine I learned that Sweden is lowering its tax rates to encourage job growth. Yes, a bastion of Scandinavian socialism understands economics enough to know that high tax rates discourage job growth. It’s a pity that our current Administration … Continue reading →

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Amnesty, FBAR Deadline Less Than A Week Away

Posted on September 17, 2009 by Russ

FBAR. Just four letters, but put together it’s become a very interesting tax story this summer. Well, that story will play out as summer turns to fall next week. The IRS’ limited amnesty on criminal prosecutions of late filers of … Continue reading →

Posted in IRS | 2 Comments

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 →

Posted in Tax Court | 1 Comment

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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