Author Archives: Russ

LLC Fees: An Update

Posted on October 17, 2007 by Russ

California’s Legislature approved AB198, and the Governor recently signed the legislation into law. The bill changes how California’s LLC fee is calculated. This legislation changes the LLC fee so that it is apportioned, in the same manner as the income … Continue reading →

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Another List Not To Be On

Posted on October 14, 2007 by Russ

The Franchise Tax Board (California’s Income Tax Agency) has published its list of the top 250 debtors to the FTB. You can find the list here. Rapid America Corporation heads the list, with a debt of $26.8 Million. The largest … Continue reading →

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Why California Businesses Keep Moving to Nevada

Posted on October 11, 2007 by Russ

In news that won’t shock anyone who does business in California, the Bronze Golden State now ranks 47th out of 50 states in a business tax climate survey done by the Tax Foundation. Meanwhile, Nevada ranks 3rd in the Nation. … Continue reading →

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Snipes Trial Delayed

Posted on October 11, 2007 by Russ

The Hollywood Reporter is saying that Wesley Snipes’ tax evasion trial has been continued. Apparently Judge Terrell Hodges changes his mind after speaking with Mr. Snipes. It appears that the new trial date has not been set. More on the … Continue reading →

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Will Our Government Learn?

Posted on October 10, 2007 by Russ

California is a great place to live. The climate in Orange County is wonderful. I like the people. But the taxes are high. I’m in Connecticut for the rest of the week (there won’t be many posts this week because … Continue reading →

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IRS Helps With Late S Corp Elections

Posted on October 10, 2007 by Russ

The IRS announced a new Revenue Procedure 2007-62 yesterday, which will allow an S Corporation to make a late election–later than the 2.5 months currently allowed. Indeed, you’ll be able to make the late S Corporation election with your first … Continue reading →

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Snipes Fires Attorneys, Doesn’t Get Extension

Posted on October 4, 2007 by Russ

Wesley Snipes fired his attorneys for his upcoming tax evasion trial. The Ocala Star-Banner reports that Snipes new attorney, Robert G. Bernhoft, told Judge Terrell Hodges, “The scope and prejudicial effect of this pervasive ineffective assistance of counsel only recently … Continue reading →

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Poker Tournaments: No Withholding Likely

Posted on October 4, 2007 by Russ

The Las Vegas Sun reports today that the American Gaming Association and the IRS reached agreement that for poker tournaments if a casino/cardroom issues W-2Gs, then withholding at 25% will not be required on wins above $5,000. >From the IRS’s … Continue reading →

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A Rather Large Case of Fraud

Posted on October 4, 2007 by Russ

The bigger they come, the harder they fall. So goes the cliche, and so also go the owners of Circle Industries in Alpharetta, Georgia. Gerald Marchelletta, Sr., and Gerald Marchelletta, Jr., own Circle Industries. They specialize in drywall construction, and … Continue reading →

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Snipes Loses Role; Passport Has Been Seized

Posted on October 4, 2007 by Russ

Poor Wesley Snipes. As you may remember, Snipes will soon be on trial for allegedly filing a false claim for an income tax refund. As Joe Kristan of Roth Tax Updates reports, Mr. Snipes lost the lead in Spike Lee’s … Continue reading →

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