April 8th, 2015

Gunsmoke Store Raided in Colorado

Update — Rich Wyatt Arrested for Theft
Rich Wyatt, owner of the Gunsmoke gunshop, was arrested Friday, April 10, 2015. He turned himself into the Jefferson County Sheriff’s office after being charged with felony “theft from at ‘at-risk’ adult”. This charge stemmed from alleged conversion of property from an individual who had consigned guns with Wyatt. According to CBS 4 Denver, “The victim in the case had consigned a rare and antique gun collection with Wyatt in 2013. Repeated efforts by the victim at recovering the weapons had failed.”

READ CBS Story about Rich Wyatt Arrest in Colorado.

Gunsmoke Colorado Wyatt Family Discovery Channel ATF IRS raid FFL

Lesson: Don’t sell firearms if you don’t have a valid Federal Firearms License.

Gunsmoke, the Wheat Ridge, Colorado firearms emporium featured on the Discovery Channel’s reality TV show American Guns, has been raided by the Feds. ATF and IRS agents swooped into the Gunsmoke shop last week, culminating an investigation into alleged improper gun transactions. Firearms were seized from Gunsmoke’s inventory and carted away in federal vans.

Run by Rich Wyatt and his wife Renee, Gunsmoke earned notoriety for Rich’s salesmanship and the revealing clothing worn by his wife and his daughter. The show highlighted Rich’s ability to sell firearms for what were often shockingly high prices. There was one problem though… Wyatt had voluntarily surrended his FFL some time ago. Consequently, Gunsmoke’s firearms transfers were being conducted through a third party. Apparently the Feds did not like the arrangement.

Those who have watched the Wyatts on the Discovery Channel may not be surprised by this outcome. It seemed like Rich Wyatt’s signature talent was selling guns at outrageously inflated prices (if the sales price quoted on the show are to be believed). As for the alleged “gunsmithing” done in the Gunsmoke shop… well it certainly was creative. You could definitely learn what NOT to do to a fine firearm by watching the Gunsmoke TV show.

No arrests have been made. The GunsAmerica Blog reports: “This is not the first time Gunsmoke Guns was investigated by a federal agency. In 2013, the IRS searched the store as part of an ‘ongoing financial investigation.’ So far, no charges have been filed against the owner of the store Rich Wyatt, according to the U.S. Attorney. But local CBS4 investigator Rick Sallinger learned the shop may have been selling guns illegally.”

Permalink - Videos, News 8 Comments »
April 16th, 2012

IRS Tax Filing Deadline is Tuesday, April 17 this Year

Federal 1040 Tax DeadlineIf you haven’t heard by now, the deadline for filing Federal and state tax returns is tomorrow, April 17, 2012 at 11:59 pm. So you may have one more day than you expected. This year, the IRS has pushed out the deadline by two calendar days because April 15 is a Sunday and April 16 is Emancipation Day — a public holiday in the District of Columbia.

So, you have until midnight Tuesday. Year 2011 returns must be post-marked or e-filed by that time, unless you file for an extension. If you do get an extension, be aware that you still have to pay all taxes owed by the deadline. Submitting Form 4868 (Application for Automatic Extension of Time), can give you more time to file your Fed tax return, but it does NOT extend the time to pay. Also, if you need an extension, you may have to file a separate extension request for your state returns.

Permalink News No Comments »
June 26th, 2011

IRS Increases Mileage Deduction to 55.5 Cents per Mile

mileage deduction logWe know many of our readers run their own businesses. Here’s important news for small business owners, gunsmiths, and independent contractors. Effective July 1, 2011, the IRS has raised the mileage deduction for business-related travel from $0.51 to $0.555. The IRS made this unusual midyear change in response to the sharp rise in gas prices, which now exceed $4.00 per gallon. So, for business trips conducted between 7/1/2011 and 12/31/2011, you should deduct 55.5 cents per mile traveled. To qualify for this deduction, you need to keep detailed records of each trip (date, destination, purpose, mileage) and you must claim the mileage on your Schedule ‘C’ at tax time.

Effect on Employees: Even if you don’t file a Schedule ‘C’ (as a business owner), this change may affect you. USA Today explains that: “The [mileage deduction] rate is also used as a benchmark by the federal government and many businesses to reimburse their employees for mileage. Workers who receive the reimbursement don’t have to report it as income, as long as the payments don’t exceed the IRS benchmark.”

After initially saying it would not change the mileage deduction in mid-year, the IRS relented, announcing new rates on June 23, 2011, which are effective July 1st. The deductible business travel rate will rise to 55.5 cents a mile. That’s an increase of 4.5 cents from the 51 cent rate currently in effect. Also going up by 4.5 cents between July 1 and Dec. 31 of this year will be the mileage deduction for medical or moving expenses which were increased from 19 cents to 23.5 cents per mile.

mileage deduction logTAX TIP: If you deduct business-related mileage we suggest you keep a little log-book in your vehicle. Write down the date of your trip and the starting mileage. When you reach your destination, write down the ending mileage. If it is a round-trip journey, you can log the end mileage when you return — but be sure to record your destination and a few notes to explain the purpose of the trip.

There are also expense reporting Apps for smartphones that allow you to record mileage. However, be sure to back up your digital deduction logs so that they don’t get lost if your phone goes haywire or if the battery dies.

Permalink News No Comments »