Author Archives: Russ

Back at Work…To See Some Fraud

Posted on April 22, 2007 by Russ

I’ve recovered from Tax Day, and am back at work. While I’ve been gone, there’s been a lot of fraud. That’s typical for this time of year, as the government loves letting people know that tax fraud is bad. Indeed, … Continue reading →

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Two Extra Days in the Northeast

Posted on April 17, 2007 by Russ

Because of the storm in the Northeast U.S., the IRS has, according to an email I just received, extended the due date for returns for impacted taxpayers only until April 19th. Taxpayers who are impacted and take advantage of the … Continue reading →

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Bozo Tax Tip #1: Only Foreign Income is Taxable

Posted on April 16, 2007 by Russ

This sounds ludicrous (and it is, of course), but some tax protesters came up with this argument. And a very famous actor apparently bought it. Wesley Snipes, star of Blade and Passenger 57, went to an accountant who believes this. … Continue reading →

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Bozo Tax Tip #2: 300 Million Witnesses Can’t be Right

Posted on April 15, 2007 by Russ

For a tax blogger, people like Richard Hatch are wonderful. Hatch, for those who don’t remember, was the winner of the first Survivor and won $1 million. About 300 million individuals worldwide saw Hatch take down the $1 million. Hatch … Continue reading →

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Things Could be Worse…

Posted on April 15, 2007 by Russ

It’s a parody (of course), but it reminds us what confiscatory tax rates are like…. Hat Tip: AllahPundit (via HotAir)

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Bozo Tax Tip #3: Nevada Corporations

Posted on April 14, 2007 by Russ

California is not a low-tax state. The corporate tax rate is 8.84% for C Corporations (1.5% for S Corporations); both must pay a minimum $800 tax each year. If I’m in my car for any appreciable length of time, I’ll … Continue reading →

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Bozo Tax Tip #4: Structure Your Transactions

Posted on April 14, 2007 by Russ

When I was in college, I was taught that there is a right way journal entries should be written and many wrong ways. There’s an appropriate structure to a journal entry, and you want to make sure you keep the … Continue reading →

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Bozo Tax Tip #5: Just Don’t File

Posted on April 12, 2007 by Russ

A few weeks ago, I had lunch with a friend who is a fellow tax preparer. He told me a story of “Abe.” This Abe definitely wasn’t like Honest Abe. He had gone fifteen years without filing a tax return. … Continue reading →

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Bozo Tax Tip #6: Add Some Phony Deductions

Posted on April 10, 2007 by Russ

A few years ago, a prospective client came to me. He had used Western Tax Service, and the IRS was about to audit him. Western, for those unfamiliar with them, had a great way of attracting clients: they invented phony … Continue reading →

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The Legislature Likes New Taxes

Posted on April 10, 2007 by Russ

One of the blogs that I read is the FlashReport, a blog on California’s politics. They’ve alerted me to some of the tax proposals being circulated in the Legislature. Not surprisingly, all are being sponsored by Democrats. Global Warming/Greenhouse Gases … Continue reading →

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