Author Archives: Russ

Shot Down Deductions

Posted on May 21, 2008 by Russ

Today the Tax Court looked at the case of a police officer who used an unnamed Bozo tax preparer. The officer didn’t have receipts, records, or other documentation to back-up his itemized deductions, yet the tax preparer put down lots … Continue reading →

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States Can Give Preferential Treatment to Their Own Muni Bonds

Posted on May 19, 2008 by Russ

The Supreme Court ruled today in Dept. of Revenue v. Davis that states can give preferential treatment to their own municipal bonds (over those of other states). Thus, the practice of paying state income tax on out-of-state municipal bonds will … Continue reading →

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Bozo Tax Preparers No Longer on the Loose

Posted on May 18, 2008 by Russ

>From just the last few days there have been two stories of Bozo tax preparers and one of a Bozo tax examiner. Here they go: First, from Navarre, Florida comes the story of Deborah Adams. Ms. Adams was a helpful … Continue reading →

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The Third Time Definitely Wasn’t the Charm

Posted on May 15, 2008 by Russ

We constantly hear “if you don’t succeed at first, try, try again.” Of course, if you’re a Bozo taxpayer, that should be changed to, “If you fail once, and you fail again, you’re probably going to fail a third time.” … Continue reading →

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It’s Only $15.2 Billion…For Now

Posted on May 14, 2008 by Russ

Governor Arnold Schwarzenegger announced his revised budget today. California is now looking at a $15.2 billion deficit, which the Governator is hoping to close by (a) selling bonds backed by expanding the California Lottery (raising $5 billion), (b) and cutting … Continue reading →

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Catching Up on Some Items

Posted on May 14, 2008 by Russ

I feel so behind on so many items. I guess that’s normal when you return from a vacation…and you look at your calendar and realize that you’re heading out of town again in just a week for your annual continuing … Continue reading →

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Is an Adult Entertainment Tax Next for California?

Posted on May 13, 2008 by Russ

As California continues looking at a massive budget deficit (somewhere between $8 billion and $20 billion) some in the state legislature are looking to implement a tax on the Adult Entertainment Industry. A 25% tax on film production, strip, er, … Continue reading →

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Sales Tax on Hot Chocolate

Posted on May 13, 2008 by Russ

One of my favorite weekly reads is the Leonard Letter. Bill Leonard is one of the elected members of the Board of Equalization. Mr. Leonard notes, “Late last year an article entitled “Why Is Buying Hot Chocolate So Confusing?”appeared in … Continue reading →

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Vallejo Bankrupt

Posted on May 8, 2008 by Russ

The city of Vallejo, in Northern California, will declare bankruptcy sometime in the next few days. Why? Vallejo has a declining industrial base. That’s not a surprise—all of California has that problem. Companies that can move do (or don’t add … Continue reading →

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Heading to Chicago

Posted on May 6, 2008 by Russ

I’m heading to Chicago for the next week, including Friday’s game at Wrigley Field. I’ll apparently need my long-sleeve shirts as the temperature is supposed to drop 30 F over the next two days. In any case, posting will be … Continue reading →

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