Author Archives: Russ

K-1 Extension Deadline Changes in 2009

Posted on July 1, 2008 by Russ

One of the more vexing problem tax professionals have is preparing returns for individuals who have a partnership interest where the partnership extends the deadline for filing their K-1s. The extension currently is six months, so a partnership can legally … Continue reading →

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Congratulations, Chicago, You’re #1!

Posted on July 1, 2008 by Russ

Today is July 1st and Chicago has earned a dubious distinction. The Windy City now has the highest sales tax rate in the country, 10.25%. The old “winner,” Memphis, has a 9.25% rate. The sales tax will likely help suburban … Continue reading →

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What’s a Lawsuit When You Face a Tax Fraud Case

Posted on July 1, 2008 by Russ

That’s the question that Joe Francis, founder of Girls Gone Wild, must answer. Francis already faces tax charges; he’s accused of hiding income through the use of foreign accounts and over $20 million of improper deductions on his corporate tax … Continue reading →

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Where’s Hyman Roth When You Need Him?

Posted on June 29, 2008 by Russ

Last year I wrote about Naftali Tzi Weisz. Mr. Weisz is the Grand Rabbi of Spinka. He’ll also be standing trial in September charged with tax fraud. He’s accused of soliciting charitable donations but promising to refund most of the … Continue reading →

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Yet Another Strip Club Owner Ends Up at ClubFed

Posted on June 29, 2008 by Russ

As I’ve said before it seems that strip club owners and tax evasion go together hand-and-hand. Curt D. Kosow owned Bare Elegance, a gentlemen’s club in Pittsburgh’s “Strip District.” (No, I’m not making that up. The Pittsburgh Post-Gazette story uses … Continue reading →

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It’s Not Wise to be a Bozo

Posted on June 29, 2008 by Russ

Two more Bozo tax preparers won’t be harming consumers any more. Let’s just say up front that the methods used weren’t wise. First, we’ll head to Union City, Georgia. Majalai Wisdom prepared plenty of tax returns from 2000-2004.Me And her … Continue reading →

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Hurry Up and Wait

Posted on June 29, 2008 by Russ

Last week the House of Representatives passed an AMT patch for 2008. That patch contained offsets (tax increases) which doom it in the Senate. Further, President Bush promises a veto if it somehow manages to make it out of Congress. … Continue reading →

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We Get Questions on Gambling and Taxes

Posted on June 24, 2008 by Russ

Question 1. “Good afternoon Russ, “I am a regular [poker] player online and I was wondering the policy in the state of California? Is there a certain amount and above that needs to be reported on your taxes? Since the … Continue reading →

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Mileage Rates Increase

Posted on June 23, 2008 by Russ

The IRS announced today that mileage rates will increase on July 1st. The new business mileage rate is $0.585/mile (up from $0.505/mile); the new medical and moving mileage rate is $0.27/mile (up from $0.19/mile). The charitable mileage rate is unchanged—it … Continue reading →

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Praise the Lord and Go to Jail

Posted on June 22, 2008 by Russ

Suckers are born every day, and so are the people out to fleece them. I’ve reported in the past on Aegis Corporation, a now defunct Chicago-based vendor of offshore trusts. The former owner of Aegis is spending 30 months at … Continue reading →

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