Author Archives: Russ

29 Years Ago

Today’s Orange County Register reminded me of an occurrence 29 years ago. On August 13, 1981, President Ronald Reagan signed into law the Kemp-Roth Tax Cut (the Economic Recovery Act of 1981). At the time, the economy looked horrible: inflation … Continue reading

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An Income Tax in Washington State?

As I’ve often told friends and clients, Washington state has every tax known to man except an income tax. That may change this fall…and not in a good way. There will be a ballot measure to add an income tax … Continue reading

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Did the Governator Go to Mars?

Earlier this week Governor Schwarzenegger told an audience in Silicon Valley, “There’s a good shot that we will have a budget in the next two to three weeks.” The Democrats are proposing an increase in the income tax (and a … Continue reading

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Another Untrustworthy Trust for a Doctor

There’s nothing illegal about having a foreign (offshore) trust. However, if you use that trust to shelter (hide) income, and if you fail to disclose the trust, and if you lie to federal agents about the trust, you can find … Continue reading

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A DUI Is a Good Prelude to a Tax Evasion Retrial…

When I last wrote about Charles Jones, he had pleaded not guilty to three counts of tax evasion. The first trial ended in a mistrial. His retrial is set to begin on Monday. Well, there’s nothing like a good drink … Continue reading

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It’s Spending, Not Revenues, That’s the Problem in California

The results for California’s first month of the new fiscal year (July, for 2010-2011) are in, and they’re not pretty. “California still lacks a 2010-11 state budget but its deficit is already widening as revenue falls below official forecasts and … Continue reading

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No Budget in California Budget Situation

I return home from my vacation and it’s as if I’ve never left. There’s no progress in the California budget situation. There have been no talks, and there’s nothing scheduled. The Democrats did unveil a new budget plan last week. … Continue reading

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1099 Repeal?

Before I head out the door, I just saw a short article that a repeal of the new requirement on issuance of 1099s (part of the health care fiasco) was introduced by Democrats today. The measure was an amendment to … Continue reading

Posted in IRS, Legislation | Tagged | 1 Comment

Vacation

It’s time for my annual vacation. I’ll be back on Tuesday, August 10th. Should California have a budget resolution during the next ten days I’ll take time off from my vacation to post about that. Otherwise, you can get your … Continue reading

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Furloughs Return to California; Are IOUs (Registered Warrants) Coming in September?

Governor Schwarzenegger announced yesterday that he has reimposed mandatory furloughs on state workers. Beginning in August there will be three furlough days a month for most state employees. These days are without pay and are a means of helping to … Continue reading

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