Author Archives: Russ

California Should Reevaluate Government

Posted on March 9, 2008 by Russ

That’s the opinion of the Reason Foundation, a nonprofit 501(c)(3) organization dedicated to “advanc[ing] a free society by developing, applying, and promoting libertarian principles, including individual liberty, free markets, and the rule of law.” In an article titled “California Won’t … Continue reading →

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California Won’t Tax the Rebates

Posted on March 9, 2008 by Russ

The tax rebates (aka the stimulus payments) that will be issued beginning in May won’t be taxed by California. The Franchise Tax Board announced this last week. The FTB notes (as has the IRS) that in order to claim the … Continue reading →

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Section 1031 Exchange Primer

Posted on March 9, 2008 by Russ

Section 1031 exchanges are complex. The IRS has just released a fact sheet on these exchanges. These exchanges are used to defer gains on real estate. Hat tip: Roth Tax Updates

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Are California Government Employees Overpaid?

Posted on March 9, 2008 by Russ

An interesting question is whether California government employees are overpaid. We can now find out. Thanks to the Sacramento Bee we can now find out. The Bee has a searchable database of California government employees so we can now find … Continue reading →

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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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