Monthly Archives: November 2005

Document, Document, Document….

Posted on November 30, 2005 by Russ

We’ve said it before, and we’ll continue to say it: Save your paperwork, receipts, etc. If you’re ever audited by the IRS, you need documentation. If you have it, things (usually) will go well; if not, expect a battle. Yesterday … Continue reading →

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Bribery & Tax Evasion for a Congressman

Posted on November 28, 2005 by Russ

Congressman Randy “Duke” Cunningham (R-CA) pled guilty today to charges of conspiracy to commit mail fraud and wire fraud and tax evasion. The charges stem from Cunningham “selling” his house for an inflated price; the new owner then immediately re-sold … Continue reading →

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No Good Deed Goes Unpunished

Posted on November 22, 2005 by Russ

Is a “Contract for Deed” deductible when used to satisfy alimony obligations? The Tax Court today said no. Contract for Deed’s are financing arrangements that allow buyers to purchase property from sellers by borrowing the money from the sellers. The … Continue reading →

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Just One Digit Off

Posted on November 21, 2005 by Russ

What happens if you receive your W-2 and your company made a mistake on your social security number and it’s off by one digit? Being an unscrupulous individual, you sense opportunity! “I don’t have to report my wages from my … Continue reading →

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Voodoo Chief Convicted of Tax Evasion

Posted on November 20, 2005 by Russ

Sharon Lee Caulder, now of New Orleans, was convicted on Friday of failing to file tax returns and hiding assets during her bankruptcy. Ms. Caulder apparently made $1.7 million in gross income between 1998 and 2002, mostly from sale of … Continue reading →

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Voter Approval Means Voter Approval

Posted on November 18, 2005 by Russ

The California Department of Finance thought it had a good idea to finance pension debt. Just issue $525 billion in bonds. Only one problem, the State Constitution says that all large loans (defined as anything over $300,000) must be approved … Continue reading →

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Nissan to California: It’s Too Expensive There

Posted on November 11, 2005 by Russ

Nissan Motor Company will move its US headquarters from Gardena (suburban Los Angeles) to Williamson County, Tennessee (suburban Nashville) in order to save money. Nissan CEO Carlos Ghosn noted, “The costs of doing business in Southern California are much higher … Continue reading →

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Bemusement at the Tax Court

Posted on November 10, 2005 by Russ

Sometimes all you can do is laugh. And most likely Judge Powell, who decided today’s case, was laughing quite a bit. The case involved taxpayers disputing the assessment of a penalty for the untimely filing of their tax return. Just … Continue reading →

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Converting Lottery Winnings Into a Lump Sum

Posted on November 8, 2005 by Russ

If you’re lucky enough to win the lottery (tonight’s MegaMillions jackpot is somewhere around $225 Million), and you elect the annuity option (you’ll receive your winnings over an extended period of time, probably around 25 years), each of your payments … Continue reading →

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Loveland, OH Backs Down

Posted on November 8, 2005 by Russ

Many cities in the Eastern U.S. have city income taxes. One of these is Loveland, Ohio. Deborah Combs did not pay her $1.16 city income tax bill. Loveland decided to press criminal charges. For $1.16. Ms. Combs, who said she … Continue reading →

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