Author Archives: Russ

Tuition for Children Is Not a Business Expense

Posted on January 9, 2015 by Russ

But we already knew that, right? Nor are home improvements are your home itself. A Florida doctor learned that the hard way. Dr. Krishna Tripuraneni pleaded guilty this week to evading tax on $18,128,066 million of income. Dr. Tripuraneni provided … Continue reading →

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The Tax Court Looks for $1,410 in Dividends

Posted on January 7, 2015 by Russ

Today I generated my first 1099s for clients. The Tax Court looked at a case where the petitioners said they didn’t receive three $470 dividends. The issuer said they sent the checks and a Form 1099-DIV. Who was right? In … Continue reading →

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Business EFiling Reopens on Friday

Posted on January 7, 2015 by Russ

The IRS will reopen business electronic filing this Friday, January 9th. This is just for prior-year business returns (2012 and 2013). Current year (2014) business return electronic filing opens on Tuesday, January 20th — the same day that the IRS … Continue reading →

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Varagiannis Gets 15 Months for Tax Evasion

Posted on January 6, 2015 by Russ

Manny Varagiannis received 15 months at ClubFed for tax evasion. Mr. Varagiannis was arrested back in 2012 on a count of structuring, but pleaded guilty in April to not paying $230,651 in taxes. He must also make restitution. The charges … Continue reading →

Posted in Las Vegas, Tax Evasion | Tagged | 1 Comment

1099 Time (2015 Version)

Posted on January 3, 2015 by Russ

As we start 2015, we’re running some repeats of important issues. It’s time for businesses to send out their annual information returns. These are the Form 1099s that are sent to to vendors when required. Let’s look first at who … Continue reading →

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It’s Time to Start Your 2015 Mileage Log

Posted on January 3, 2015 by Russ

I’m going to start the new year with a few reposts of essential information. Yes, you do need to keep a mileage log: Monday is the first business day of the new year for many. You may have resolved to … Continue reading →

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2014 Tax Offender of the Year

Posted on December 31, 2014 by Russ

It’s time again for that most prestigious of prestigious awards, the 2014 Tax Offender of the Year. The winner of this award must do more than just cheat on his or her taxes. It has to be special; it really … Continue reading →

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California at Bottom of Small Business Entrepreneurship Rankings

Posted on December 31, 2014 by Russ

While I was on vacation, the Small Business & Entrepreneurship Council released its 19th annual “Small Business Policy Index 2014: Ranking the States on Policy Measures and Costs Impacting Small Business and Entrepreneurship.” (Hat Tip: Joe Kristan) The listing measures … Continue reading →

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IRS Announces Tax Season to Start on January 20th

Posted on December 29, 2014 by Russ

The IRS announced today that they anticipate opening tax season normally — on Tuesday, January 20, 2015. (Monday, January 19th is Martin Luther King day and is a federal holiday.) Paper return processing will also begin on the same day. … Continue reading →

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While I Was Out: 2015 Standard Mileage Rates Issued

Posted on December 26, 2014 by Russ

While I was on my vacation the IRS announced the 2015 standard mileage rates: Beginning on Jan. 1, 2015, the standard mileage rates for the use of a car, van, pickup or panel truck will be: 57.5 cents per mile … Continue reading →

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