Author Archives: Russ

FTC Sponsors Tax Identity Theft Awareness Week

Posted on January 10, 2015 by Russ

Coincidentally (see the previous post), yesterday I received an email from Lisa Lake, Director of Consumer & Business Education of the Federal Trade Commission (FTC). She was highlighting the FTC’s Tax Identity Theft Awareness Week. Happily, this is not a … Continue reading →

Posted in Tax Fraud | Tagged , | 1 Comment

Tax Fraud on the Wholesale

Posted on January 10, 2015 by Russ

Out of New York City comes allegations of wholesale tax fraud. Seven individuals were arrested on Thursday and charged with conspiracy to defraud the US, conspiracy to commit wire fraud, and aggravated identity theft. Some of the defendants were charged … Continue reading →

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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 →

Posted in Gambling, IRS | Tagged | 1 Comment

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 →

Posted in IRS | Tagged | 1 Comment

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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