Monthly Archives: December 2007

70 Pages of Non-Frivolity

Posted on December 23, 2007 by Russ

Heading into Christmas, I hope you’ve completed your shopping. The IRS gave out its list on Friday: A list debunking some of the most popular of the frivolous arguments used by tax protesters. For example, some have contended that only … Continue reading →

Posted in IRS | 1 Comment

Domecq Gets 10 Years

Posted on December 19, 2007 by Russ

When we last saw Michael Domecq, former president and co-owner of Domecq Importers, he had just pleaded guilty to tax fraud and knew he would spend 10 years at ClubFed. However, he had to prepare 17 years of revised, accurate … Continue reading →

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Wednesday the Rabbi Was Arrested

Posted on December 19, 2007 by Russ

Back in the 1960s Harry Kemelman began writing books about Rabbi David Small, including several bestsellers such as Friday the Rabbi Slept Late and Saturday the Rabbi Went Hungry. They’re cozy mysteries, and are worth your perusal. However, that’s not … Continue reading →

Posted in Tax Fraud | 1 Comment

AMT Bill Passes; Tax Season to Start on February 29th?

Posted on December 19, 2007 by Russ

In the no surprise department, the House passed the AMT patch bill that did not contain any offsets. It now goes to President Bush who will likely sign it tomorrow or Friday. The IRS previously said that it would take … Continue reading →

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AMT Bill to Likely Pass the House Today

Posted on December 19, 2007 by Russ

News reports state that the House will consider an AMT patch bill that has already passed the Senate. The Senate version of the AMT bill does not contain any tax offsets (or “paygo”) provisions. Earlier, the House had passed an … Continue reading →

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Tax Myths for the Poker Player

Posted on December 18, 2007 by Russ

I have had several individuals request that I repost an article that originally appeared on TwoPlusTwo.com’s Internet Magazine. Without further ado, here is the article that first appeared in the February 2007 TwoPlusTwo Internet Magazine. TAX MYTHS FOR THE POKER … Continue reading →

Posted in Gambling | 1 Comment

When SNL Looks Sane…

Posted on December 17, 2007 by Russ

When NBC’s Saturday Night Live looks saner than California’s legislature, there’s a problem. Today, California’s legislature will look at a new health insurance program, estimated to cost $14 billion. Interestingly enough, California’s budget deficit for this fiscal year is now … Continue reading →

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Watch Your Wallets, Californians

Posted on December 15, 2007 by Russ

California’s budget crisis keeps getting worse. Reports have surfaced that the Governator will declare a “fiscal emergency” in early January; the deficit for this fiscal year is now forecast as somewhere between $10 and $15 billion. That’s a lot of … Continue reading →

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Corruption and Tax Fraud in Illinois

Posted on December 13, 2007 by Russ

Christopher Kelly, a former adviser to Illinois Governor Rod Blagojevich, has been indicted on federal charges of tax fraud. Mr. Kelly is accused of understating more than $1.3 million on his business and personal income tax returns. If found guilty … Continue reading →

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Important S Corp Health Insurance Update

Posted on December 13, 2007 by Russ

Joe Kristan has the details on an IRS update on the correct procedure for S Corporation’s 2% (or greater) owners’ health insurance: “This new Notice is a slight liberalization of the rules. The IRS announced in 2006 that only premiums … Continue reading →

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