Author Archives: Russ

$20 Billion Deficit for California?

Posted on November 18, 2007 by Russ

Last week I reported that California’s legislative analyst believed that the Bronze Golden State was looking at a $10 billion deficit. State Senator Tom McClintock (R-Thousand Oaks) thinks that’s wrong. Unfortunately, he thinks California is looking at a $20 billion … Continue reading →

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Chicago: The Taxing City

Posted on November 18, 2007 by Russ

Back in September, I reported that Cook County was looking at increasing its sales tax. That hasn’t happened yet. However, the City of Chicago decided that one good tax increase deserves another. Chicago’s City Council passed a $0.05/bottle water tax … Continue reading →

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It’s Time for Earmark Reform

Posted on November 16, 2007 by Russ

Pork has gotten ridiculous in Congress. My Congressman, John Campbell, is one of the few who has said he will not ask for any earmarks for his district. Meanwhile, David Obey (D-WI), the Chairman of the House Appropriations Committee, said … Continue reading →

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For The Birds

Posted on November 15, 2007 by Russ

One of the vexing matters for tax professionals are side businesses. If they’re profitable, it’s usually not an issue. It’s another Schedule C for the return. However, when they are unprofitable problems can arise if the IRS scrutinizes the return. … Continue reading →

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Bonds Indicted for Perjury and Obstruction of Justice

Posted on November 15, 2007 by Russ

Barry Bonds was indicted this afternoon on charges of perjury and obstruction of justice. Bonds was not indicted on any tax charges. I’m sure this indictment will gets lots of play in the media, and on sports websites such as … Continue reading →

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Spitzer Abandons Internet Tax

Posted on November 15, 2007 by Russ

It hasn’t been a good year for Governor Eliot Spitzer (D-NY). First, he’s been accused of using state troopers to spy on political opponents. Next, he proposes to give illegal aliens drivers licenses—a measure that’s overwhelmingly not supported by New … Continue reading →

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New York Tries to Tax the Internet

Posted on November 14, 2007 by Russ

Governor Eliot Spitzer (D-NY) is leading the way. But it’s a taxing way. The New York Department of Taxation and Finance says that any company that has an affiliate program that has any affiliates in New York must charge sales … Continue reading →

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California Red Ink

Posted on November 14, 2007 by Russ

“A billion here, a billion there, and pretty soon you’re talking about real money.”—Senator Everett McKinley Dirksen And that’s the situation in the Bronze Golden State. The Legislative Analyst released her report, and the news is grim. California is looking … Continue reading →

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You Can’t Opt Out

Posted on November 12, 2007 by Russ

Many years ago I remember seeing a Peanuts cartoon where Snoopy wrote to the IRS, “Please remove me from your mailing list.” As much as you and I would like to not have to deal with the IRS, if you … Continue reading →

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Traveling

Posted on November 8, 2007 by Russ

I will be traveling over the next few days. Posts will be minimal to nonexistent until next Wednesday.

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