Taxes

Sometimes Nevada can be, well, uniquely Nevada. Perhaps this’s why, in this major fire season and after great amounts of snow and flooding from the melt, a state of emergency was declared. A state of emergency because recreational cannabis dispensaries are running out of weed!

On June 30 Nevada ended its 2017 fiscal year, and we observed yet again one of the more annoying problems in state government: the annual last-minute spending frenzy.

Did you know that not too long ago people did not require medical insurance? Less than fifty years ago people paid cash or used credit for medical care which was true for most of the history of our nation. Indeed, medical care was once so accessible and affordable that most people did not need insurance to pay their medical bills. Then, medical Doctors and Insurance companies began to lobby government to 'regulate' (i.e. monopolize) health care to 'improve' it.

At a public workshop on June 20, 2017, the City Manager expressed the opinion that Carson City would be relinquishing control of its fate to the Reno City Council if it elects to prohibit the sale of recreational marijuana within its borders and that the cost of dealing with marijuana consumption within our jurisdiction (because of its availability in Washoe County) cannot be adequately offset without the ability to collect taxes on new retail pot sales.

Reno-Tahoe International Airport will see its first passenger lounge on the concourse to offer food, beverage and wifi amenities later this year, airport officials said Monday.

It is can be easy to accumulate and save information that will help when your tax return is prepared. Here are some thoughts and suggestions that will save time for you in the future.

A recent Tax Court case shows a little how Offers in Compromise work and don’t work. Denise Lloyd was the owner of an insurance brokerage business. The employment taxes were not paid for 2.5 years, a total owed of about $100,000.

Carson Montessori School, a free, public charter school, offered hands-on, real-world financial lessons with students Tuesday. The students studied Tax Day and learned first hand what happens when they are an Independent Contractor who didn’t pay any estimated tax.

As part of the classroom economy system including jobs and student salaries program, the students realized they had not paid any taxes as a 1099 employee.

July 2002 Robert Reitano died. He was survived by his wife Marci McNicol and four minor children.
Ms. McNicol was executrix of his estate. She was responsible for being sure the assets of the estate were first used to pay the $340,000 or so of income taxes that Mr. Reitano owed.

While it didn't gain much traction during the 2015 session, Democratic Sen. Tick Segerblom is hoping that newly won Democratic majorities will be more amenable to his plan raising taxes on alcohol, cigarettes and gaming licenses to help pay for expanded substance abuse programs and an experimental pilot program for supervised injectable heroin treatment.

Most folks know that our tax rules require reporting of worldwide income. Now special forms are required to disclose foreign financial assets (Form 8938 and FinCEN 114).

Our Founders and the classical liberal intellectuals they followed got the basics of government right and thus launched two centuries of freedom and opportunity leading to hope, unprecedented economic growth and astounding human flourishing and wellbeing.

However, a century later a counter movement arose and has continued to gain until now, undermining freedom and opportunity and diminishing hope, growth, wellbeing and flourishing.

If you received a W-2 form showing information that is not correct (wrong wages amount, wrong income tax withheld, etc) you should contact the employer and ask for a corrected W-2. No one is perfect. Since mistakes can happen, it is important to save your pay stubs and compare the W-2 you receive with the total of the pay stubs.

This is the sixth column in a series presenting findings and conclusions of Nevada’s 2016 Popular Annual Financial Report (PAFR), posted at controller.nv.gov. Here, we address the economic outlook.

In Nevada’s 2015 PAFR, we proffered an economic outlook focused on the long term. We identified four long-term secular trends that have suppressed US economic growth over the last decade – thus explaining the “new normal.” By their nature, these trends will continue to retard growth for the foreseeable future absent significant changes in public policy.

Carson City has been selected as a top retirement destination by Where to Retire, the only magazine in America geared toward helping people with retirement relocation decisions. The city and nearby Carson Valley are profiled in the March/April 2017 issue, available nationwide on Feb. 14.

Carson City Sheriff’s Office would like to remind the community of some on-going scams and frauds that occur on a regular basis. Too often we are seeing people lose money and personal information to scams. With the technology that is out there, the bad guys can hide anywhere.

Following his re-election for a third and final term, Carson City Mayor Robert Crowell is optimistic about what's ahead for the Nevada state capital in 2017.

He delivered his State of the City speech Monday night to dozens inside the Bob Boldrick Theater at the Carson City Community Center, reviewing the city's successes and challenges from 2016 while also reassuring residents about the future.

This is the third column in a series presenting the findings and conclusions of Nevada’s 2016 Popular Annual Financial Report (PAFR), posted at controller.nv.gov. Here, we address health and social services.

The figures reported in the PAFR and discussed here come from the actual numbers in the state’s official financial reports. They are not estimates, future projections or budgeted or requested amounts. Just the actual revenue numbers from state books and records.

An estate planning tool that might be considered in certain circumstances is an “Intentionally Defective Grantor Trust” also known as an IDGT.

Tazmanian Boxing Club owner and certified Rock Steady Boxing Club trainer Francisco Rodriguez is taking the fight against Parkinson's Disease to another level.

The former Bantam-weight professional boxing champion is expanding the program introduced to Carson City in December 2015 to the Truckee Meadows starting Tuesday.

Recently, we’ve discussed overall state spending and revenues, and in coming weeks we’ll review the spending and performance in major areas such as education and health and social services. So, it’s timely and appropriate to answer the question: How has the controller’s office done at managing its own spending and delivering services to Nevadans?

This is the second column in a series presenting the findings and conclusions of Nevada’s 2016 Popular Annual Financial Report, posted at controller.nv.gov. Here, we address state revenues.

The tax and other revenue figures reported in the PAFR and discussed here come from the actual numbers in the state’s official financial reports. They are not estimates, future projections or budgeted or requested amounts. Just the actual revenue numbers from state books and records.

Located in western Nevada, Carson City is Nevada's only independent city, which means that it is not a part of any county. That may be part of the ...

Ten years from now, you probably won't remember Christopher Suprun.

Suprun was chosen by the Texas Republican Party for the Electoral College. For most of our nation's history, this has been a procedural and honorary duty conferred upon loyal activists within the political parties when their presidential candidate carried their state.

Carver YES, Crowell NO.
Shirk YES, Barrette NO.
White YES, Bonkowski NO.

Please watch the video of the local candidates forum hosted by the Carson City Chamber of Commerce as you read my comments. I did not transcribe the Chamber’s 5-6 questions.

https://www.youtube.com/watch?feature=player_embedded&v=4qlj0K2-ZWo

Disagreement is part of human nature, especially in any society that values people as unique individuals.

Geoff was reminded of that recently when he and his sainted wife Jenna watched a reenactment of the Jefferson-Adams debates. Bill Barker and Steven Holloway, two scholars from the Colonial Williamsburg living history museum, played Thomas Jefferson and John Adams, respectively.

Last week we discussed the state ballot measure that would legalize the recreational use of marijuana in Nevada. We have mixed views on that issue, but there are three other important state ballot questions we oppose.

Question 1 would require background checks for almost all gun sales or transfers. That might sound harmless enough or maybe even beneficial to some folks. But it’s quite the opposite.

IRS Private Letter Ruling PLR 201633017 held an S corporation that erroneously paid disproportionate distributions, but later corrected it, did not create a second class of stock. In year 1, the corporation made a mistake in figuring the ownership percentage information it used to calculate the shareholder distributions.

Roads and highways play a vital role in a community's ability to function safely and efficiently. A healthy transportation system has the added benefit of encouraging economic growth and a financially strong community.

Carson City has been struggling to maintain its roadway system for decades and in numerous public meetings held this year under the auspices of the Transportation Resource Advisory Forum for Carson City (TRAFCC) it was apparent that without new sources of revenue, the community will fall only further behind on maintaining our streets in a serviceable condition.

I attended all the pre-election forums at the BAC performance hall, and found myself a little bit confused by Republican Assembly candidate Al Kramer's position on background checks for non-FFL firearm purchases. At the forum, I thought I heard Al say he supported universal background checks, by which I assume he meant that he'd be willing to vote for such a bill were he elected as our Assemblyman.