Author Archives: Russ

Grassley Unhappy About Options Mess

Posted on August 26, 2006 by Russ

Stock options have been in the news over the past few weeks, for all the wrong reasons. Many corporations have been accused of backdating the options. Senator Charles Grassley (R-IA), head of the Senate Finance Committee, isn’t happy about this. … Continue reading →

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Surprise, Surprise: Trusts Behind Hogan’s Problems

Posted on August 23, 2006 by Russ

Last month we reported on the tax troubles of Australian actor Paul Hogan. Hogan is in trouble over money sheltered in Swiss bank accounts. The Sydney Morning Herald reports in Thursday’s edition that Hogan has hired an American expert in … Continue reading →

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When Income Isn’t: The Murphy Decision

Posted on August 23, 2006 by Russ

Yesterday, the D.C. Circuit ruled that §104(a)(2) of the Internal Revenue Code (Title 26, U.S.C.) is “…unconstitutional insofar as it permits the taxation of an award of damages for mental distress and loss of reputation.” This is a monumental decision … Continue reading →

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Adult Bookstore Owner Indicted

Posted on August 22, 2006 by Russ

I’m gone for ten days on vacation and return to find that the new news is like an instant replay of the old news. Yet another adult bookstore owner has been indicted on income tax evasion charges. Jerry Pendergrass owned … Continue reading →

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Vacation

Posted on August 11, 2006 by Russ

It’s time for my annual vacation. I’ll be back around the 22nd. If you need a tax fix while I’m gone, check out some of the other blogs listed on the blogroll on the right.

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New Pension Law Changes Charitable Donations Rule

Posted on August 11, 2006 by Russ

The new Pension Law, which will be signed into law by President Bush next week, will impact areas that have nothing to do with pensions. Joe Kristan at Roth Tax Updates writes how you will need to have a receipt … Continue reading →

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No Knowledge of Trusts? No Problem…For A While

Posted on August 9, 2006 by Russ

A chiropractor put his business in a trust. He admits he had no idea of how trusts work and he never performed the duties of a trustee. Given that I’m writing about this, I’m sure you know where this is … Continue reading →

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If You Admit Fraud, It’s Hard to Deny Fraud

Posted on August 8, 2006 by Russ

The Tax Court today looked at a case where the government went after a couple who had been convicted of insurance fraud. The problems began in 1998, when the fraud was committed. There was $272,963 in unreported income. As you … Continue reading →

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Miami Vice

Posted on August 8, 2006 by Russ

Former Atlanta Mayor Bill Campbell will begin serving his 2 1/2 year sentence on August 21st. Campbell’s request to stay free while appealing his sentence was denied last week by Judge Richard Story. Story noted that Campbell “as not shown … Continue reading →

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Congress Fiddles…

Posted on August 5, 2006 by Russ

One day, sometime in the future, Congress will complete all their work on appropriation and tax measures before the August recess. But it won’t be this year (and it probably won’t be for many years). On Thursday the Senate failed … Continue reading →

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