Author Archives: Russ

1.5 Votes Away

Posted on February 15, 2009 by Russ

The California budget crisis continues. As of this writing, the Legislature is locked in at the Capitol. There are apparently the votes to pass the budget in the Assembly, but Senate Democrats need to convince either one or two Republicans … Continue reading →

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The “Stimulus” and Taxes

Posted on February 13, 2009 by Russ

The Stimulus bill which will soon pass Congress is one of the largest spending bills ever. It’s pork, pure and simple, with a veneer of stimulus. But forget the veneer, it appears to me to just be spend, spend, spend. … Continue reading →

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A Bad Budget Deal Struck?

Posted on February 11, 2009 by Russ

Various reports from Sacramento hint that a budget deal has been struck. UPI’s report states (from the Sacramento Bee) Sources close to the negotiations told the newspaper that the tax provisions include an across-the-board hike in the income tax, higher … Continue reading →

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Is It Time to Leave California?

Posted on February 10, 2009 by Russ

I like living in Irvine. It’s a great community, I have lots of friends, and I enjoy my home. But is the state so broken that no business can succeed here long-term? It’s not that I’m upset with the budget … Continue reading →

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Lots of Fraud This Week

Posted on February 8, 2009 by Russ

Plenty of fraud to digest this week, with stories that span the globe. We even have what looks like a case that we reported on two years ago where the alleged perpetrator won’t be prosecuted after all. Let’s start in … Continue reading →

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Is There Something in the Water in Illinois?

Posted on February 8, 2009 by Russ

Suppose you’re a tax preparer, and your new client owes quite a bit. Being the ever helpful kind of person that you are, you suggest to him that he add some additional business losses, charitable contributions and child care expenses, … Continue reading →

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No Progress in Sacramento

Posted on February 8, 2009 by Russ

I heard while driving last week that global warming enthusiasts predicted a severe drought this year in California. Of course, the dry weather of January promptly changed to a rainy pattern that is now predicted to last for at least … Continue reading →

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The FTB Losing Streak Continues

Posted on February 8, 2009 by Russ

The Franchise Tax Board’s battle against Gilbert Hyatt continues in Las Vegas. Mr. Hyatt, as you may recall, moved from California to Las Vegas in the early 1990s a few months before he received a patent settlement in the millions. … Continue reading →

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Paging President Obama and Secretary Geithner

Posted on February 5, 2009 by Russ

Today the Tax Court decided Taylor v. Commissioner, a case involving a lien and a levy. While the case itself is interesting (the petitioner is a famous singer), it’s the Court’s conclusion that interested me: Both petitioner and respondent repeatedly … Continue reading →

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Francis Sent Home

Posted on February 3, 2009 by Russ

Girls Gone Wild founder Joe Francis was released from ClubFed this afternoon. Francis slept through his Monday morning court hearing. He has stated that he was suffering from the flu. He’s been ordered to get a doctor’s note, and present … Continue reading →

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