Monthly Archives: May 2008

Propositions 98 & 99

Posted on May 31, 2008 by Russ

For Californians it’s again time to vote. This coming Tuesday it’s the June primary. Normally, that’s when citizens of the Golden State get to vote in the presidential primary…but not this year (the presidential primary was back in February). However, … Continue reading →

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Shaolin Grand Master Arrested

Posted on May 29, 2008 by Russ

Earlier this month I reported on Qin Xiping, the 49th (or 34th) Grand Master of the Shaolin Temple. Qin had been accused by the Tokyo Regional Taxation Bureau of hiding about 130 million yen. Qin at the time was rumored … Continue reading →

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Emmigration Just Got More Costly

Posted on May 29, 2008 by Russ

If you want to give up your US citizenship, prepare to pay the IRS. As the Wall Street Journal reported on Tuesday, Congress has modified how individuals who renounce their citizenship will pay taxes. If you have a net worth … Continue reading →

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Why California Has a Budget Problem

Posted on May 26, 2008 by Russ

Daniel Weintraub of the Sacramento Bee has an excellent article today on California’s budget problems, their cause, and why certain areas of the budget will likely have to be cut (and will benefit from increased funding). If you want to … Continue reading →

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At SuperSeminar

Posted on May 21, 2008 by Russ

Every year I attend the California Society of Enrolled Agents SuperSeminar. I’ll be here through the weekend, and posting will be very light.

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Shot Down Deductions

Posted on May 21, 2008 by Russ

Today the Tax Court looked at the case of a police officer who used an unnamed Bozo tax preparer. The officer didn’t have receipts, records, or other documentation to back-up his itemized deductions, yet the tax preparer put down lots … Continue reading →

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States Can Give Preferential Treatment to Their Own Muni Bonds

Posted on May 19, 2008 by Russ

The Supreme Court ruled today in Dept. of Revenue v. Davis that states can give preferential treatment to their own municipal bonds (over those of other states). Thus, the practice of paying state income tax on out-of-state municipal bonds will … Continue reading →

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Bozo Tax Preparers No Longer on the Loose

Posted on May 18, 2008 by Russ

>From just the last few days there have been two stories of Bozo tax preparers and one of a Bozo tax examiner. Here they go: First, from Navarre, Florida comes the story of Deborah Adams. Ms. Adams was a helpful … Continue reading →

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The Third Time Definitely Wasn’t the Charm

Posted on May 15, 2008 by Russ

We constantly hear “if you don’t succeed at first, try, try again.” Of course, if you’re a Bozo taxpayer, that should be changed to, “If you fail once, and you fail again, you’re probably going to fail a third time.” … Continue reading →

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It’s Only $15.2 Billion…For Now

Posted on May 14, 2008 by Russ

Governor Arnold Schwarzenegger announced his revised budget today. California is now looking at a $15.2 billion deficit, which the Governator is hoping to close by (a) selling bonds backed by expanding the California Lottery (raising $5 billion), (b) and cutting … Continue reading →

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