Author Archives: Russ

Extension Deadline for Business Entities; 3rd Quarter Estimated Tax Payment Deadline

Thursday, September 15th is the filing deadline for business returns on extension: C-Corporations (Form 1120), S-Corporations (Form 1120S), partnerships and LLCs that file as partnerships (Form 1065), and trusts (Form 1041). You can either electronically file or mail your returns … Continue reading

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The Time for Procrastination Is Over

Labor Day, the unofficial end of summer, has come and gone. It even felt like Autumn this morning here in Las Vegas (it was below 70). For those who filed an extension and have waited to prepare their tax returns, … Continue reading

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Once Bitten, Twice Not Shy

Back in 2013, Cedric K. Oliphant was convicted of falsifying a tax return. Specifically, during his plea hearing today [August 30, 2013], Oliphant admitted he knowingly and willfully included materially false deductions for gifts to charity and for unreimbursed business … Continue reading

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Caesars Gets Another Month

Caesars Entertainment Operating Company (CEOC) appealed Judge Goldgar’s decision to US District Court (decisions in a bankruptcy court get appealed to the District Court). Judge Robert Gettleman gave Caesars until October 5th; Judge Gettleman will hold a hearing in Chicago … Continue reading

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Fail, Caesar: The Bankruptcy May Grow

On Friday, Bankruptcy Judge Benjamin Goldgar ruled that an injunction against $11 billion in lawsuits over how Caesars split itself into various units will be allowed to expire on Monday, August 29th. Given that the first of several court rulings … Continue reading

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Kiplinger’s Tax Friendly and Tax Unfriendly States: No Surprises

Kiplinger released its list of the tax friendly and least tax-friendly states in the US. There really aren’t any surprises: Here are the bottom ten: 1. California 2. Hawaii 3. Connecticut 4. New York 5. New Jersey 6. Minnesota 7. … Continue reading

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Paying Employment Taxes Is Optional…Until You Get Caught

Two stories regarding employment taxes from the past week should serve as a reminder that paying employment taxes is only optional until you get caught. First, an update on the individual who thought he could just create a new business … Continue reading

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Three Sets of Books Isn’t Better than One

From time to time I’ve seen stories of individuals using two sets of books: One with the actual numbers and one with the (lesser) numbers used to prepare the tax returns. It’s a great idea…until you get caught. A former … Continue reading

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Five Sentenced for Tax Fraud; Justice Department Gets ITINs Wrong

A Justice Department press release caught my eye. Five individuals, all Mexican nationals residing in the US, were sentenced to ClubFed for terms between 33 months and 121 months. The five individuals had pleaded guilty to conspiracy to commit mail … Continue reading

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Exempt Organization Extension Filing Deadline Is Monday

The extension deadline for filing Form 990 series returns for tax-exempt organizations is Monday, August 15th. This deadline is for the 501(c) series of organizations that filed extensions back in May, including charitable organizations, welfare organizations, social clubs, and other … Continue reading

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