Author Archives: Russ

California Budget Problems

Posted on October 19, 2008 by Russ

Surprise, surprise: California’s budget, assembled with smoke, mirrors, and lots of hope is already in trouble. Analysts already see a $1 billion deficit and think that $3 billion is a more likely number…and we’re still in October. The fiscal year … Continue reading →

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2009 Inflation Adjustments

Posted on October 19, 2008 by Russ

Now that 2007 tax returns are complete it’s time to begin thinking about 2008 and 2009. The IRS announced this past week inflation adjustments for 2009: – Personal exemptions will increase from $3350 in 2007 to $3500 in 2008 to … Continue reading →

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Survivor: Morgantown Renewed for 12 Months

Posted on October 15, 2008 by Russ

Richard Hatch, the Survivor winner who was convicted of tax evasion, won’t be leaving the Morgantown, West Virginia Federal Correctional Institution anytime soon. The US Supreme Court declined to hear his appeal today. Mr. Hatch had charged that the trial … Continue reading →

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Two Days Away

Posted on October 13, 2008 by Russ

The deadline for filing tax returns on extension is this Wednesday, October 15th. That’s also the deadline for funding your SEP IRAs. If you procrastinate beyond this date you will be hit with the failure to file penalty (if you … Continue reading →

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A Bit More Evasion

Posted on October 12, 2008 by Russ

The tax evaders were out in force this week. I could have filled several posts with their escapades. Here are the lowlights. Let’s start with a Bozo tax preparer. First, from Upper Darby, Pennsylvania comes the story of Nyon Geleh-Saylee. … Continue reading →

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Escort to Evasion

Posted on October 12, 2008 by Russ

Christina Warthen appeared to have everything. She’s a graduate of Stanford Law School. She’s married to the founder of Ask Jeeves (now Ask.com). She’s also allegedly a tax evader who ran a high priced escort service called TouchofBrazil.net. Back in … Continue reading →

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We Get Questions on Gambling Income

Posted on October 12, 2008 by Russ

Over the past few weeks we received a couple of questions. Here they are with answers. Timing of Online Gambling Income Question—What if you are gambling on an online site over the course of a year and you win some … Continue reading →

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A Gotcha in Minnesota

Posted on October 9, 2008 by Russ

One form of business entity that is coming into increasing use is the Limited Liability Company (LLC). But that may change in Minnesota based on a ruling from an administrative law judge in that state. Generally an LLC is a … Continue reading →

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We’re #3!

Posted on October 6, 2008 by Russ

And that’s not good news for Sacramento. The Tax Foundation came out today with their annual report of state tax climates. No surprise, California is the third worst climate, surpassed only by New Jersey and New York. First, here are … Continue reading →

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California and the Bailout

Posted on October 5, 2008 by Russ

Governor Schwarzenegger warned that California might need a $7 billion loan because the state is currently unable to float a short-term bond. It’s not that a bond issue couldn’t be sold; rather, the interest rate would be quite high. Bluntly, … Continue reading →

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