Monthly Archives: July 2007

FTB Sends Erroneous Notices to EAs

Posted on July 11, 2007 by Russ

Spidell is reporting that California’s Franchise Tax Board (FTB) has sent notices to 1,400 tax preparers who are not registered, and threatened each with a $2,500 fine. Only one problem: EAs, CPAs, and attorneys aren’t required to be registered (all … Continue reading →

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An X-Rated Tax

Posted on July 10, 2007 by Russ

Democrats in Sacramento lack nothing in chutzpah. Democratic Assemblyman Charles Calderon is proposing an 8% tax on sexually explicit nightclub acts, sexually explicit pay-per-view movies, X-rated acts in public locations, and sales of sex toys. Forgetting the dubious constitutionality of … Continue reading →

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Don’t Lose My Number

Posted on July 10, 2007 by Russ

“Billy, Billy don’t you lose my number Cos you’re not anywhere That I can find you Oh now Billy, Billy don’t you lose my number Cos you’re not anywhere that I can find you, oh no” (Don’t Lose My Number, … Continue reading →

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Is Antarctica a Foreign Country?

Posted on July 9, 2007 by Russ

Last week I wrote a post about a Tax Court ruling that said that for purposes of §911 of the Internal Revenue Code (the Foreign Earned Income Exclusion) that Antarctica is not a foreign country. Well, one reader wrote me … Continue reading →

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It’s July 9th, California. Do You Know Where Your Budget Is?

Posted on July 9, 2007 by Russ

It’s stuck in the legislature. The California Constitution requires a 2/3 vote in each house of the legislature for the budget to be approved. While the Democrats have a majority in both houses, they do not have a “super-majority” and … Continue reading →

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Pennsylvania Shuts Down, Sort Of

Posted on July 9, 2007 by Russ

The Keystone State is having a budget crisis. Governor Ed Rendell (D) has ordered a shutdown of all non-essential state services in Pennsylvania. The problem? There’s no approved state budget, and with the fiscal year having begun the state has … Continue reading →

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What’s the ClubFed Party Scene Like?

Posted on July 5, 2007 by Russ

That’s probably one of the thoughts going through Timothy Heffner’s mind right now. Mr. Heffner, of Pittsburgh, pleaded guilty to fraud, conspiracy and tax evasion charges on Tuesday. Mr. Heffner, according to the story in the Pittsburgh Post-Gazette, “entertained on … Continue reading →

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Muni Bonds After “United Haulers”

Posted on July 5, 2007 by Russ

As I mentioned in May, the Supreme Court will be looking at the taxing of municipal bonds later this year (Department of Revenue v. Davis). There’s an interesting article that I found that analyzes what the Supreme Court will likely … Continue reading →

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Antarctica Is Not a Country

Posted on July 5, 2007 by Russ

There are lots of foreign countries in the world, but Antarctica is not one of them. It is a continent. The question arose last year on whether you can take the Foreign Earned Income Exclusion (§911 of the Tax Code) … Continue reading →

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“We Made a Slight Mistake…”

Posted on July 5, 2007 by Russ

When I see that phrase, I just know that a whopper of an error is about to be seen. Well, those words weren’t used, but the DC Circuit realized that they did just that–made a whopper of a mistake. On … Continue reading →

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