Author Archives: Russ

Bozo Tax Tip #7: Nevada Corporations

Posted on April 5, 2017 by Russ

As we continue with our Bozo Tax Tips–things you absolutely, positively shouldn’t do but somewhere someone will try anyway–it’s time for an old favorite. Given the business and regulatory climate in California, lots of businesses are trying to escape taxes … Continue reading →

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Bozo Tax Tip #8: Lie to Your Tax Professional!

Posted on April 4, 2017 by Russ

Like almost all tax professionals, we use an Engagement Letter. The Engagement Letter has grown from one page to three pages. Some of this relates to items that my attorney wants on the document; some of the growth is from … Continue reading →

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Bozo Tax Tip #9: Who Needs to Pay Employment Taxes?!?

Posted on April 3, 2017 by Russ

This Bozo Tax Tip—and do remember, these are things you really, really, really shouldn’t try—is aimed at the business owner who is having troubles. Business owners, unlike the federal government, can’t just print money. So let’s assume our hypothetical business … Continue reading →

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Bozo Tax Tip #10: Email Your Social Security Number

Posted on April 2, 2017 by Russ

It’s time for our annual rundown of Bozo Tax Tips, strategies that you really, really, really shouldn’t try. But somewhere, somehow, someone will try these. Don’t say I didn’t warn you! This is a repeat for the fourth year in … Continue reading →

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Annual Blog Hiatus

Posted on March 21, 2017 by Russ

It’s time for my annual blog hiatus. The annual Bozo Tax Tips have been written and will start appearing around April 1st. I’ll be back with new blog content about April 21st. (If something truly momentous happens in the tax … Continue reading →

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Do Not Blindly Pay IRS Notices, Reason ∞

Posted on March 20, 2017 by Russ

One of my clients angrily sent me a message today. She received an IRS Automated Underreporting Unit (AUR) notice alleging that she did not include $50,000 of W-2Gs on her 2015 tax return. She’s a professional gambler, so I looked … Continue reading →

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The Other March 15th Deadlines

Posted on March 15, 2017 by Russ

Today’s the deadline for filing partnership and S-Corporation returns. An extension is available by filing Form 7004. Most (but not all) states grant an automatic extension. Do realize that if your state charges a tax for your entity (i.e. New … Continue reading →

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Even Minor Celebrities Should Pay their Taxes

Posted on March 12, 2017 by Russ

I never saw Discovery’s “American Guns” reality show. The former owner of a store called “Gunsmoke” ran into trouble with both gun selling laws and filing tax returns. He’s likely heading to ClubFed. Richard Wyatt is the former owner of … Continue reading →

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Two too Many Sets of Books Leads to 41 Months at ClubFed

Posted on March 6, 2017 by Russ

I maintain one set of books for my business. It tells me my income, expenses, and balance sheet for the year. Owners of a Las Vegas liquor store decided that one set of books wasn’t enough and had three sets … Continue reading →

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Casinos and ITINs: IRS Confirms Cease and Desist Letters Sent to “Several Large Casinos” (Update #2)

Posted on March 3, 2017 by Russ

My stakeholder liaison at the IRS got back to me this morning and told me that the IRS has indeed sent letters to “several large casinos” ordering them to cease and desist issuing Individual Taxpayer Identification Numbers (ITINs). She was … Continue reading →

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