Author Archives: Russ

Five Sentenced for Tax Fraud; Justice Department Gets ITINs Wrong

Posted on August 14, 2016 by Russ

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 →

Posted in International, IRS | Tagged | 1 Comment

Exempt Organization Extension Filing Deadline Is Monday

Posted on August 11, 2016 by Russ

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 →

Posted in IRS | Comments Off on Exempt Organization Extension Filing Deadline Is Monday

Nevada Commerce Tax Filing Deadline Is Monday

Posted on August 11, 2016 by Russ

The deadline for filing Nevada Commerce Tax returns is Monday, August 15th. The tax is a modified gross receipts tax on businesses with more than $4 million of Nevada gross receipts. However, all Nevada businesses must file the returns. Impacted … Continue reading →

Posted in Nevada | Tagged | Comments Off on Nevada Commerce Tax Filing Deadline Is Monday

Vacation

Posted on July 31, 2016 by Russ

It’s time for my annual vacation. If something earth-shattering in the tax world happens while I’m relaxing, I’ll take time out to post on it. Otherwise, enjoy the fine bloggers listed in the blogroll on the right. I’ll be back … Continue reading →

Posted in Taxable Talk | Comments Off on Vacation

The California Pension Crisis

Posted on July 31, 2016 by Russ

Last week, the California Public Employees’ Retirement System (CALPERS) released its rate of return for the past year. CALPERS budgets based on a 7.5% return per year. In a “Missed it by that much” moment, they came in at 0.61%. … Continue reading →

Posted in California | Tagged | Comments Off on The California Pension Crisis

The 2016 Hom Decision: Do Online Gambling Sites Still Need to be Reported on the FBAR?

Posted on July 27, 2016 by Russ

The Ninth Circuit’s unpublished opinion in United States v. Hom is now up. It’s sort of a misnomer to use the word “published” for an unpublished opinion. Unpublished here means it cannot be cited as a precedent; the court doesn’t … Continue reading →

Posted in Gambling | Tagged | Comments Off on The 2016 Hom Decision: Do Online Gambling Sites Still Need to be Reported on the FBAR?

Hom Decision Reversed

Posted on July 26, 2016 by Russ

Back in 2014 the US District Court for the Northern District of California held that online gambling accounts are reportable foreign financial accounts for the FBAR. Mr. Hom appealed that decision. Today, the Ninth Circuit Court of Appeals reversed the … Continue reading →

Posted in Gambling | Tagged | 1 Comment

Fail, Caesar! A July Update

Posted on July 23, 2016 by Russ

Since I last reported on the bankruptcy of Caesars Entertainment Operating Company (CEOC) there has been some news: 1. The junior creditors appear to be no closer to agreeing with the senior creditors on a restructuring of CEOC. The latest … Continue reading →

Posted in Gambling | Tagged | Comments Off on Fail, Caesar! A July Update

Everything’s Back Up

Posted on July 23, 2016 by Russ

We’ve completed our move into our new larger office. While the telephone and Internet were quickly moved and are working just fine, the fax line didn’t make it. It has finally made it’s way to our new office so we … Continue reading →

Posted in Taxable Talk | Comments Off on Everything’s Back Up

We’re Moving

Posted on July 17, 2016 by Russ

Clayton Financial and Tax’s offices are moving this week. It is likely that phone and Internet will be down on Wednesday (July 20th) and Thursday (July 21st) during the move. Our new address is: Clayton Financial and Tax 1919 S … Continue reading →

Posted in Taxable Talk | Comments Off on We’re Moving