Author Archives: Russ

Update: Prokop Pleads Not Guilty

Former NFL punter Joseph Prokop pleaded not guilty to tax evasion charges this past week in Las Vegas. Mr. Prokop and two co-defendants are accused of causing $324 million in income tax underpayments to the IRS. Mr. Prokop faces up … Continue reading

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Liechtenstein Prince Investigated for Tax Evasion

The tiny principality of Liechtenstein has been in the news ever since an employee at one of the country’s banks sold customer data to German tax authorities. Now, the brother of Crown Prince Alois, Prince Max von und zu Liechtenstein … Continue reading

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Budget Passes State Legislature; Expected to be Signed on Saturday

State Senator Abel Maldonado (R-Santa Maria) broke ranks with the rest of the California Senate Republican Caucus and voted for the bad budget bill. With his vote, the 2/3 majority was obtained and the budget was sent to the State … Continue reading

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Kansas Resolves Its Budget Crisis (For Now)

Republican legislative leaders and Democratic Governor Kathleen Sebelius reached agreement on a package of legislation that ends the Sunflower State’s budget crisis. Governor Sebelius signed legislation that cut $300 million in the current budget year; once that was signed, Republican … Continue reading

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UBS To Pay $780 Million Fine

UBS, the Swiss Bank accused by the IRS and Department of Justice of hiding taxpayers’ bank accounts from the IRS, has admitted to the act in a deferred prosecution agreement. UBS will provide a list of account holders to the … Continue reading

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What Califronia Should Do

Last night I attended my monthly continuing education meeting. Lynn Freer, the head of Spidell, believes that sooner or later the bad budget bill being debated in Sacramento will be approved. I’m hopeful that they’ll throw it in the trash … Continue reading

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New York’s iPod Tax Will Also Snare Porn

New York is another state facing a deficit. New York Governor David Paterson proposed 88 new taxes to fill a $15 billion budget deficit. One of those taxes is on downloading digital entertainment services. Sure, music downloads were the obvious … Continue reading

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No Budget in California (Yet)

As of this writing there’s no budget in California (doesn’t this sound familiar). That doesn’t mean that when I wake up in the morning that there won’t be a budget but it appears that the Democrats still need one more … Continue reading

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Kansas In Fiscal Trouble

Kansas has joined California in having a budget crisis. The Sunflower State is out of money to pay income tax refunds, Budget Director Duane Goosen told the Wichita Eagle. Also threatened is the state’s payroll and medicaid payments. The Kansas … Continue reading

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Trust Fund Taxes Not Paid Lead to the Expected Result

Let’s head to Corpus Christi, Texas. Stephen and Bryan Lyons operated B&T Rents. The store was profitable. Of course it helps when you don’t send your trust fund taxes to the IRS. As I’ve said before, if you do that … Continue reading

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