Monthly Archives: May 2009

Foreign Account Amnesty

Posted on May 7, 2009 by Russ

Given my practice area, I’m very familiar with Form TD F 90-22.1. That’s the form you use for reporting foreign financial and bank accounts to the Treasury and the IRS. There are severe penalties if you don’t file this form … Continue reading →

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Those Painful Decisions Will Be Coming

Posted on May 7, 2009 by Russ

The Legislative Analyst’s Office reported today that California’s budget deficit could balloon to $23 billion if Propositions 1A-1E fail at the ballot box. Even if they pass, the deficit could rise to $17 billion. I’ll keep repeating what I’ve said … Continue reading →

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Proposition 1D: Using the Children’s Services Funds

Posted on May 6, 2009 by Russ

Like Proposition 1E, Proposition 1D taps a “protected” source of funding to help balance the budget. If Proposition 1D passes, $610 million will be taken from the Children’s Services Funds (a $0.50 tax on tobacco products) in 2009-2010 and $268 … Continue reading →

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Proposition 1E: Using the Mental Health Services Tax

Posted on May 6, 2009 by Russ

A few years ago, California voters passed the Mental Health Services Tax. That tax is a 1% surtax on those making $1 million or more. Come February 2009 the Legislature looked at how to balance California’s budget. Why not use … Continue reading →

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2007 Tax Offender of the Year to be Released on Sunday

Posted on May 5, 2009 by Russ

Gene Haas won the coveted Tax Offender of the Year award for 2007. As I’ve detailed Mr. Haas lost a patent lawsuit and decided to get back at the government by committing tax fraud. He was sentenced to 24 months … Continue reading →

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Proposition 1F

Posted on May 5, 2009 by Russ

I start the look at California’s ballot initiatives (the election is two weeks from today) with the last proposition on the ballot, Proposition 1F. I’ve decided to work backwards on these measures, from the least impactful to the most. Proposition … Continue reading →

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A “Free Service” I Hope You Didn’t Utilize

Posted on May 3, 2009 by Russ

Maxim Maltsev allegedly had an interesting means of making money. The Russian citizen is accused of setting up a free online tax preparation service in San Diego. He supposedly advertised that it was affiliated with the IRS. That doesn’t sound … Continue reading →

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Vociferous Waste

Posted on May 3, 2009 by Russ

Jerry Houseman, a member of the Sacramento City School Board. Here’s what he recently said of those of us who are against tax increases: He thinks that people who don’t want tax increases are against public education and funding of … Continue reading →

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Nevada Also Has a Budget Crisis

Posted on May 3, 2009 by Russ

Nevada has its own budget crisis. The Silver State budgets biennially. The Nevada Legislature voted an $8 billion budget late last year. However, it appears that only $5.5 billion in revenue will be raised during 2010 and 2011. Republican Governor … Continue reading →

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Shock: Tax Collections Down in California

Posted on May 3, 2009 by Russ

It’s time for a Captain Louis Renault Award (thank you, Hot Air, for the idea). The United States is suffering a recession. California’s legislative leaders not only had a bad budget back in February, they had relatively rosy projections of … Continue reading →

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