Author Archives: Russ

As Relieable as You Might Have Thought

Posted on October 9, 2016 by Russ

That is not a typographical error in the headline. Yes, I meant to type, “Relieable.” Why? Because of a story of a Tampa, Florida tax professional who was as relieable, err, reliable as the headline. Donna Demps was found guilty … Continue reading →

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On 1099 Due Dates in 2017

Posted on October 4, 2016 by Russ

You may have heard that Form 1099-MISC’s must be filed earlier next year. That’s true, but it only impacts some of the 1099s. Let’s look at the IRS instructions: New filing date. Public Law 114-113, Division Q, section 201, requires … Continue reading →

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Prepare to Panic

Posted on October 3, 2016 by Russ

No, I’m not talking about the two choices in this year’s presidential election. Rather, I’m talking about the situation if you have yet to send your tax paperwork to your tax professional. It’s just about time to panic. Mind you, … Continue reading →

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If You’re a Celebrity…

Posted on October 2, 2016 by Russ

…It pays to file and pay your taxes. This goes even for those behind the scenes. Mario Winans is a record producer, a singer, and a songwriter. He’s won a Grammy Award for Best Gospel Performance. He may be best … Continue reading →

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Another Incorrect IRS CP2000 Notice

Posted on September 28, 2016 by Russ

One of my clients received an IRS CP2000 notice today alleging he did not include $1000 of ordinary dividend income. And the IRS was correct: She forgot to provide me the 1099-DIV. Yet the IRS, in the same notice, states … Continue reading →

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As The Caesars Turns, Episode 2

Posted on September 27, 2016 by Russ

Caesars Entertainment Operating Company (CEOC) today announced that they reached a restructuring agreement with its major creditors. The deal will likely allow CEOC to emerge from bankruptcy early in 2017. The settlement must be finalized and will require approval of … Continue reading →

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California Cities Eye Netflix as a Revenue Source

Posted on September 25, 2016 by Russ

“Don’t tax you, don’t tax me. Tax that fellow behind the tree.” — Russell B. Long The city of Pasadena, California (home of the Rose Bowl and annual Rose Parade) voted to expand their telecommunications tax to include streaming video … Continue reading →

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As the Caesars Turns

Posted on September 22, 2016 by Russ

There have been more developments in the Caesars bankruptcy. First, Caesars Entertainment said it is offering an additional $1.6 billion for junior creditors of Caesars Entertainment Operating Company (CEOC) in the contentious bankruptcy. The stock market reacted favorably to the … Continue reading →

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A New Scam: Mailed “IRS” Notices

Posted on September 20, 2016 by Russ

Something else to be wary of: Imitation IRS notices. Today I saw an “IRS” notice that looked almost real. The notice had the normal headers, and the terminology was just about right. The notice was supposedly from the Austin Service … Continue reading →

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The Tax King Goes to Prison

Posted on September 14, 2016 by Russ

The Tax King—at least, the St. Louis version thereof—is heading to ClubFed. Eyob Tilahun owned the Tax King tax preparation firm in the St. Louis area. He wasn’t charging low prices; his typical fee was $400 to $650. And he … Continue reading →

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