Author Archives: Russ

ePassporte Is a Foreign Bank Account

Posted on March 5, 2008 by Russ

I’ve been asked by some of my gambling clients about ePassporte, an e-wallet that’s now in widespread use. The question that has arisen is whether ePassporte is a foreign bank account like Neteller was. It’s hard to figure this out … Continue reading →

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What Sacramento’s Democrats Want

Posted on March 5, 2008 by Russ

If you’re a California resident (and taxpayer), you may want to buy a padlock. A big padlock. That’s because Democratic legislative leaders have resolved that the only solution to the budget crisis is to increase taxes. Senate President Pro Tem, … Continue reading →

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Watch Your Wallets Californians

Posted on March 4, 2008 by Russ

What’s the difference between a tax hike and the elimination of a deduction? In politics, everything. For the taxpaying public, the impact is the same. We’re talking words or nomenclature. It appears that some legislators in Sacramento are considering eliminating … Continue reading →

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$1 = $300

Posted on March 4, 2008 by Russ

If I told you that $1 equals $300, you’d rightly tell me that I need to take remedial math. However, there is an instance where that’s the case. The IRS issued Revenue Procedure 2008-21 yesterday. This Revenue Procedure allows an … Continue reading →

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The Gilbert Hyatt Case Inches Forward

Posted on March 3, 2008 by Russ

Remember Gilbert Hyatt? Mr. Hyatt is the inventor who fled the Bronze Golden State seeking lower taxes. He filed a lawsuit against the Franchise Tax Board alleging that the FTB “…directed “numerous and continuous contacts … at Nevada” and committed … Continue reading →

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Tax Fraud in Spades

Posted on March 3, 2008 by Russ

Lots and lots of fraudsters have been at work recently. Here are some of the lowlights: Charles Jones, the accused former Louisiana State Senator, pleaded not guilty to three federal tax charges. I wrote about his case earlier this year … Continue reading →

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German Scandal Spreads

Posted on March 2, 2008 by Russ

I wrote earlier about the tax scandal in Germany. Well, that scandal that began in Germany over hidden funds in Liechtenstein has spread. Countries now investigating Liechtenstein-related accounts include France, England, Australia, Italy, Canada, Sweden, New Zealand, Greece and Spain. … Continue reading →

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Chicago, Chicago, That Taxin’ Town

Posted on March 2, 2008 by Russ

Congratulations, Chicago! You now have the highest sales tax rate in the country at 10.25%. Chicago earned that distinction when Cook County doubled its county sales tax to 1.75%. Who will benefit from this tax increase? Cook County passed the … Continue reading →

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Shameless Self Promotion

Posted on February 28, 2008 by Russ

There’s nothing at all about tax in this post. You’re all forewarned. Instead, this post focuses on my avocation—writing. My third book has just been released. Written with my good friend Nick Christenson, it’s called Winning Strategies in No-Limit Hold’em. … Continue reading →

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No Receipts, Numbers Out of Thin Air, and an Accountant Who Wasn’t

Posted on February 28, 2008 by Russ

Today the Tax Court looked at a case that showed what happens when you use a tax preparer who (a) doesn’t understand the software, (b) has little knowledge about your primary sources of income, and (c) has little tax knowledge. … Continue reading →

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