Author Archives: Russ

April Sales Tax Collections 12% Below Projection

What happens when tax rates increase? Tax Collections decrease. That’s been shown time after time. So what has happened when California raised sales tax rates statewide on April 1st? Bill Leonard is reporting that collections fell 12% in April. Of … Continue reading

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Three Strikes and You’re Out

Quite a bit more on the tax evasion front this last week. As a Cubs fan I’m used to seeing strike outs (Cubs pitchers have led the league in strike outs recently). Here are two individuals that have struck out … Continue reading

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Jimenez Gets Three Years

Earlier this year I reported on Thomas Jimenez. Mr. Jimenez, of Plantation, Florida, created a company, and then generated a $2.8 million capital gain in the stock of that company. Unfortunately, he forgot to report that gain on his tax … Continue reading

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Deja Vu All Over Again for Strip Club Owner

When I last wrote about former strip club owner Jon Adams, he had been convicted of two counts of tax evasion. Mr. Adams received eighteen months at ClubFed. One of the two counts was later thrown out by an Appeals … Continue reading

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Proposition 1B: Education Funding Plan

At least the title isn’t deceiving. And that’s about the only good thing to say about this measure. The impartial analysis by the Legislative Analyst notes, “Because there is uncertainty over how the Constitution would be interpreted in its current … Continue reading

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But Did They Remember the 46th Quarter?

The Pruzan Law Firm began in 1938 in Brooklyn, New York. That’s about the only thing you’ll find on their web page. Even that may be a thing of the past soon. The Department of Justice has filed a lawsuit … Continue reading

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Proposition 1C: Lottery “Modernization”

If any of the ballot initiatives pass this month—and that’s not likely—expect lawsuits challenging the wording of the initiatives. The language used is supposed to be non-partisan, neutral, and to accurately represent the matter being voted on. By far the … Continue reading

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Foreign Account Amnesty

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

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

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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