Author Archives: Russ

When SNL Looks Sane…

When NBC’s Saturday Night Live looks saner than California’s legislature, there’s a problem. Today, California’s legislature will look at a new health insurance program, estimated to cost $14 billion. Interestingly enough, California’s budget deficit for this fiscal year is now … Continue reading

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Watch Your Wallets, Californians

California’s budget crisis keeps getting worse. Reports have surfaced that the Governator will declare a “fiscal emergency” in early January; the deficit for this fiscal year is now forecast as somewhere between $10 and $15 billion. That’s a lot of … Continue reading

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Corruption and Tax Fraud in Illinois

Christopher Kelly, a former adviser to Illinois Governor Rod Blagojevich, has been indicted on federal charges of tax fraud. Mr. Kelly is accused of understating more than $1.3 million on his business and personal income tax returns. If found guilty … Continue reading

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Important S Corp Health Insurance Update

Joe Kristan has the details on an IRS update on the correct procedure for S Corporation’s 2% (or greater) owners’ health insurance: “This new Notice is a slight liberalization of the rules. The IRS announced in 2006 that only premiums … Continue reading

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A $52 Million Mistake

Billionaire pays IRS $52 million in back taxes screams the headline in this morning’s Orange County Register. Igor Olenicoff, a member of the Forbes 400 (the 400 wealthiest Americans) and owner of Olen Properties, used offshore bank accounts to hide … Continue reading

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A Minor Fix

I recently received notice that if you attempted to access this site by going to https://taxabletalk.com you’d get an error. I’ve fixed that through the help of a friend who showed me “A” records and the like. You should be … Continue reading

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States Don’t Like Trust Frund Tax Violators, Either

I used to work in Stockton. And I know that I have at least one reader who resides there (a former co-worker). He is probably already aware of the problems that the Sang family faces. Richard Sang, his wife Amber … Continue reading

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How To Lose In Tax Court

Joe Kristan has a post describing the efforts of Frank Black of North Carolina. As Joe notes, “- When he wrote checks to his college-age daughter, he deducted the amounts as ‘supplies’ and equipment purchases. – He told the Tax … Continue reading

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Property Tax Deadline Is Monday

If you own property in California, Monday is the deadline to pay your first property tax bill. The bill must either be paid in person at your county’s tax-collector’s office or it must be postmarked by Monday. Your tax-collector may … Continue reading

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If You Want to Visit ClubFed…

There’s a sure-fire method to get the IRS upset with you. Just withhold trust fund taxes from your employees (FICA and income tax) and don’t send them to the IRS. I can almost guarantee you that bad things will happen … Continue reading

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