Monthly Archives: October 2006

Wesley Snipes, Tax Cheat?

Posted on October 17, 2006 by Russ

Actor Wesley Snipes was indicted today on eight counts of tax fraud. Snipes is accused of not filing tax returns for the last six years and of filing false refund claims totaling $12 million. Over the last six years Snipes … Continue reading →

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Gone For One Week

Posted on October 16, 2006 by Russ

I will be out of town attending a funeral this week. Posting will resume next Monday, October 23rd.

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What Not To Do as an Accountant

Posted on October 15, 2006 by Russ

1. Inflate other businesses’ deductions by classifying wages and income as loan repayments. 2. Not filing your own tax return. And if you do both, and get caught, you’re likely going to be joining Brian Cox at ClubFed. Mr. Cox … Continue reading →

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No Renaissance for Them

Posted on October 11, 2006 by Russ

Back in 2000, the IRS raided “Renaissance, The Tax People.” The company was a multi-level marketing firm specializing in tax. Nothing wrong so far. However, the Department of Justice alleged in 2004 that the company told clients to add non-existant … Continue reading →

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Technical Corrections Bill Introduced in Congress

Posted on October 11, 2006 by Russ

A bill to make “technical corrections” to recently enacted tax legislation was introduced in both the House and the Senate, according to this story from CCH. The bills, S. 4026 and H.R. 6264, should find their way to passage in … Continue reading →

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An Unsuccessful Launderer

Posted on October 7, 2006 by Russ

Samuel Currin, the former chairman of the North Carolina Republican party, has agreed to plead guilty to conspiracy charges related to tax fraud, according to a published report. Mr. Currin will, according to the report, admit to taking $1.45 million … Continue reading →

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California Election: Proposition 1E

Posted on October 6, 2006 by Russ

The last of the five of the Governator’s infrastructure initiatives deals with disaster preparedness and levee repairs. This measure would allow the issuance of $4.09 billion in bonds, with payback costing about $266 million per year for 30 years. Most … Continue reading →

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California Election: Proposition 1D

Posted on October 6, 2006 by Russ

The fourth of five of the Governator’s infrastructure initiatives is a school funding bond act. If approved, $10.416 billion of bonds would be issued, costing around $680 million a year for 30 years to payoff. Yikes! Again, the goal of … Continue reading →

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California Election: Proposition 1C

Posted on October 6, 2006 by Russ

Proposition 1C is the third of five of the Governator’s infrastructure bills on the November ballot. Titled “Housing and Emergency Trust Fund Act of 2006”, it’s yet another monstrous bond act. This measure would allow the issuance of $2.6 billion … Continue reading →

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ITunes + Tax in New Jersey

Posted on October 4, 2006 by Russ

As I mentioned previously, New Jersey increased its sales tax earlier this year. The Garden State also expanded what is covered by sales tax. Tattoos, massages, limousines, and data processing services are just some of the itmes that the state … Continue reading →

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