Monthly Archives: April 2008

Bozo Tax Tip #1: Foreign Trusts

Posted on April 15, 2008 by Russ

By far the worst tax schemes in the view of the IRS are offshore (foreign) trusts. In fact, trusts of all sorts—domestic and foreign—are regularly abused. First, not all trusts are bad. Many trusts serve a legitimate purpose, such as … Continue reading →

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Bozo Tax Tip #2: 300 Million Witnesses Can’t Be Right

Posted on April 14, 2008 by Russ

The IRS loves Bozo tax celebrities. They get a chance to show you and I that Bozo celebrities must pay their taxes. And if they go to court and win, it’s guaranteed that there will be plenty of publicity. So … Continue reading →

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Bozo Tax Tip #3: Call Your Accountant on the 15th

Posted on April 13, 2008 by Russ

Let’s assume you’ve procrastinated on your taxes, and you (all of a sudden) notice it’s April 15th. You’ll just call your accountant, and you’re sure he’ll drop everything for you. No chance. If you called me today, and I haven’t … Continue reading →

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Bozo Tax Tip #4: Foreign Bank Accounts

Posted on April 12, 2008 by Russ

Let’s assume your business has been successful. Very successful. What should you do with all that money, especially if you’d prefer to not send a lot of it to Uncle Sam? Well, you can take the Bozo method of hiding … Continue reading →

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It’s Too Warm to be Doing Taxes

Posted on April 12, 2008 by Russ

While Joe Kristan suffers from watching snow falling in Des Moines, I have the opposite problem. Here’s the local forecast for Irvine: * Today: Sunny. Hot. High near 90F. Winds NE at 5 to 10 mph. * Tonight: Mostly clear. … Continue reading →

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Bozo Tax Tip #5: The $0.41 Solution

Posted on April 12, 2008 by Russ

With Tax Day fast approaching it’s time to look into the Bozo method of courting disaster. And it doesn’t, on the surface, seem to be a Bozo method. After all, this organization has the motto, Neither rain nor snow nor … Continue reading →

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Bozo Tax Tip #6: Just Don’t File

Posted on April 9, 2008 by Russ

It’s getting more and more difficult to avoid the tax system. There are currency transaction reports (cash transactions of $10,000 or more) and suspicious activity reports (theoretically can be done on any transaction, but usually starts at $3,000 or more) … Continue reading →

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Property Tax Deadline Tomorrow

Posted on April 9, 2008 by Russ

If you’re a Californian don’t forget that the second installment of property taxes is due tomorrow, Thursday, April 10th. That’s a postmark deadline. Most California tax collector offices have online payment systems set up, too.

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Wesley Snipes: Mr. Bernhoft Responds

Posted on April 6, 2008 by Russ

A few weeks ago I received an email from Robert Bernhoft, the lead defense attorney for Wesley Snipes during his recent trial for tax evasion. For those who don’t remember, Mr. Snipes was found not guilty of the most serious … Continue reading →

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Bozo Tax Tip #7: Incorporate In Nevada

Posted on April 6, 2008 by Russ

I’ve been talking about the Nevada Development Corporation’s efforts to draw California businesses to Nevada. A business that moves to Nevada should strongly consider reincorporating in Nevada to avoid California taxes. But assume you’re in California. Should you follow one … Continue reading →

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