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Author Archives: Russ
Nissan to California: It’s Too Expensive There
Nissan Motor Company will move its US headquarters from Gardena (suburban Los Angeles) to Williamson County, Tennessee (suburban Nashville) in order to save money. Nissan CEO Carlos Ghosn noted, “The costs of doing business in Southern California are much higher … Continue reading
Posted in California, Tennessee
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Bemusement at the Tax Court
Sometimes all you can do is laugh. And most likely Judge Powell, who decided today’s case, was laughing quite a bit. The case involved taxpayers disputing the assessment of a penalty for the untimely filing of their tax return. Just … Continue reading
Posted in Tax Court
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Converting Lottery Winnings Into a Lump Sum
If you’re lucky enough to win the lottery (tonight’s MegaMillions jackpot is somewhere around $225 Million), and you elect the annuity option (you’ll receive your winnings over an extended period of time, probably around 25 years), each of your payments … Continue reading
Posted in Gambling
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Loveland, OH Backs Down
Many cities in the Eastern U.S. have city income taxes. One of these is Loveland, Ohio. Deborah Combs did not pay her $1.16 city income tax bill. Loveland decided to press criminal charges. For $1.16. Ms. Combs, who said she … Continue reading
Posted in Ohio
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Vote Early but Not Often
…unless you live in Chicago (well, there’s no election in Illinois on Tuesday). Californians will go to the polls on Tuesday to decide several propositions. There are also some local ballot initiatives. Here in Orange County, we have Propositions B, … Continue reading
Posted in California
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The Tax Reform Panel’s Report: Why It’s Irrelevant
Yesterday, the Tax Reform Panel issued its final report (available here). I have come to the conclusion that no matter the merits of the reforms mentioned (which I previously commented on), this plan (really, plans) are dead-on-arrival in Congress. A … Continue reading
Posted in Legislation
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Supreme Court: NY Can Tax Worker in TN
Suppose you work as a telecommuter in one state, but your corporate headquarters is in another state. To which state must you pay state income taxes? The obvious answer is the state you live in. Of course, if you visit … Continue reading
Posted in New York
2 Comments
No Treat for Them
The Tax Court delivered a trick on Halloween to these taxpayers. They operated a timber operation (perhaps), accounting services (although the husband was “…suspended from practice before the Internal Revenue Service since 1981”), real estate (although the wife asked, “[please] … Continue reading
Posted in Tax Court
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“Please Tax Us,” Asks One Business
You’re a successful business, with revenues over $1 million annually. Besides income taxes, your only regulatory fee is a $387 business license fee. The city you’re in proposes a 15% gross receipts tax (subject to voter approval on November 8th). … Continue reading
Posted in Gambling
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Berkshire Hathaway Wins One for the Big Guy
Let’s say that your small corporation borrows some money. Let’s further suppose that you that that borrowed money and then purchased dividend paying stocks with that money. You can’t deduct those dividends. It’s considered a form of double-dipping, as you … Continue reading
Posted in IRS
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