Author Archives: Russ

So You Catch Barry Bonds’ 756th Homer…Did You Just Lose $100,000?

Posted on July 25, 2007 by Russ

An interesting article this morning in the Wall Street Journal: What are the tax implications of catching Barry Bonds’ 756th home run? Sometime in the next few weeks some lucky fan will likely catch the ball. (There’s always the chance, … Continue reading →

Posted in IRS | Tagged , | Comments Off on So You Catch Barry Bonds’ 756th Homer…Did You Just Lose $100,000?

Why Trust Fund Tax Fraud is Bad

Posted on July 24, 2007 by Russ

We received an email regarding the post we did on Ace Tire & Parts. The owners of Ace are accused of violating federal employment laws and have each pleaded guilty to one count of tax fraud. In any case, we … Continue reading →

Posted in Payroll Taxes, Tax Fraud | Comments Off on Why Trust Fund Tax Fraud is Bad

Barry Bonds: Home Run King…and Tax Evader?

Posted on July 22, 2007 by Russ

Barry Bonds is moving towards career home run #756, which would exceed Hank Aaron’s career mark of 755. Bonds did not play in today’s game at Milwaukee. He currently has 753 homers, and will face Atlanta in San Francisco Monday … Continue reading →

Posted in Tax Evasion | Tagged | Comments Off on Barry Bonds: Home Run King…and Tax Evader?

No Budget Yet

Posted on July 22, 2007 by Russ

California is still without a budget, and the battle will not end until Wednesday at the earliest. The State Senate recessed Saturday with Republicans refusing to budge. California requires a 2/3 vote in each house of its legislature to pass … Continue reading →

Posted in California | Comments Off on No Budget Yet

A Bozo Scheme Fails

Posted on July 20, 2007 by Russ

Please don’t try this yourselves. You have a successful business (in this case, Ace Tire & Parts of Coraoplis, Pennsylvania). You decide that you don’t have to pay payroll taxes; instead, you’ll make your employees checks payable to “Cash” and … Continue reading →

Posted in Payroll Taxes, Tax Fraud | Comments Off on A Bozo Scheme Fails

A Graduate of Western Tax Service?

Posted on July 19, 2007 by Russ

The Western Tax Service method of preparing tax returns is different. Customers love the high refunds. Of course, the deductions claimed on Schedule A were almost all either false or overinflated. Did I mention that Western’s proprietor is at ClubFed … Continue reading →

Posted in Tax Fraud, Tax Preparation | Comments Off on A Graduate of Western Tax Service?

Typos Count

Posted on July 19, 2007 by Russ

I used to reside in Tulare County, located in California’s Central Valley. It’s prime agricultural land. It’s also one of the poorest counties in California. And the county will need to find $327,000. The Dinuba Redevelopment Agency is funded through … Continue reading →

Posted in California, Property Taxes | Comments Off on Typos Count

It’s July 19th and There’s Still No Budget

Posted on July 19, 2007 by Russ

In nine days I go on vacation. I think it’s even money as to whether or not California has a budget before I leave. Of course, California is supposed to have a budget signed by June 30th, but that deadline … Continue reading →

Posted in California | Comments Off on It’s July 19th and There’s Still No Budget

A Patently Good Idea

Posted on July 19, 2007 by Russ

Congress is actually doing something smart. According to the TaxProf Blog, the House Judiciary Committee approved a proposal prohibiting patents of tax planning methods. I’m amazed that Congress is actually doing something intelligent.

Posted in Legislation | Tagged | Comments Off on A Patently Good Idea

Neteller Settles

Posted on July 18, 2007 by Russ

Somehow it’s fitting on the day that the World Series of Poker champion is crowned that we find out that Neteller, the beleaguered Internet payment processor, has settled with the U.S. Department of Justice. According to the press release that … Continue reading →

Posted in Gambling | Tagged | Comments Off on Neteller Settles