Author Archives: Russ

The Structure Fails for this Pharmacist

Posted on November 15, 2006 by Russ

The drug store. That place where we fill our prescriptions, buy our sundries, and maybe have a malt at the counter. Saad Kamil Deeb owns Citizens Pharmacy in Welch, West Virginia. According to the US Department of Justice, he allegedly … Continue reading →

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Certified Tax Blogger

Posted on November 15, 2006 by Russ

If you take a look at the bottom of the blogroll, you’ll see a new image. We’re one of the founding members of www.taxblogger.org, a confederation of tax bloggers. If you click on the image, you’ll go to the taxblogger.org … Continue reading →

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A Reminder About Being Frivolous

Posted on November 14, 2006 by Russ

Every so often I have to educate my clients that if it sounds too good to be true, it probably is. Today, the Tax Court educated a businessman that S Corporations are flow-through entities: in general, the owners of an … Continue reading →

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Don’t Try These at Home

Posted on November 14, 2006 by Russ

There are many ways to save on taxes. Here are some ways to save on taxes that work…until you get caught. Method #1. Knowingly hire undocumented workers (felony #1), then don’t pay employment taxes on their wages (felony #2). It’s … Continue reading →

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Dancing Eunuchs and Other Stories

Posted on November 11, 2006 by Russ

I’m way behind in my reading of other tax blogs this week. I’ve been busy with personal stuff, and thanking my stars I’m not a tax evader in India. For India, a nation of chronic tax evaders, has set dancing … Continue reading →

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The Election’s Impact on Taxes

Posted on November 8, 2006 by Russ

Come January, the Democrats will be in control of the House and likely the Senate for the first time in over a decade. What will that mean for taxes? First, forget estate tax reform. I can’t see it passing, unless … Continue reading →

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The Tax Court Doesn’t Believe in Alchemy

Posted on November 7, 2006 by Russ

Wouldn’t it be nice if you could turn some worthless material, like pyrite, into something quite valuable, like gold? Sure. But the laws of chemistry don’t allow it. Wouldn’t it be nice to turn ordinary income into a capital gain, … Continue reading →

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US 58, Hovind 0

Posted on November 6, 2006 by Russ

Since we’re still in football season, I thought it would be appropriate to report this story in that format. As I reported earlier, Hovind was accused of 58 counts of tax fraud and related charges. Last Thursday he was found … Continue reading →

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Snipes Didn’t Make a Deal???

Posted on November 4, 2006 by Russ

There’s a possible new entrant into the Bozo Taxpayer’s Hall of Fame: Wesley Snipes. The Tampa Tribune reported that Snipes does not have a deal. Assistant U.S. Attorney Robert O’Neill told the Tribune, “We have no idea where that came … Continue reading →

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California Ballot: Proposition 90

Posted on November 2, 2006 by Russ

Finally, the last of the ballot measures on the statewide ballot. Proposition 90 looks at government “takings” — when property is condemned and utilized. This measure looks to reverse the Kelo decision in California. Opponents of this measure claim that … Continue reading →

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