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Author Archives: Russ
No Knowledge of Trusts? No Problem…For A While
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
Posted in Tax Evasion
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If You Admit Fraud, It’s Hard to Deny Fraud
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
Posted in Tax Fraud
3 Comments
Miami Vice
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
Congress Fiddles…
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
Posted in Legislation
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Washington 4, Indians 0
If you’re a Native American and reside in California on a reservation, you’re exempt from California personal income tax. However, you’re not exempt from federal income tax. And that’s where this story begins. The Chumash tribe runs a very successful … Continue reading
Posted in California
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Shameless Self Promotion
There’s nothing at all about tax in this post. You’re all forewarned. Instead, this post focuses on my avocation—writing. My second book has just been released. Written with my good friend Scott Harker, it’s called Why You Lose at Poker. … Continue reading
Posted in Books
3 Comments
Tax Havens Under Attack
With an estimated $40 to $70 billion in taxes lost each year because of tax havens, the Senate Homeland Security and Governmental Affairs Committee was naturally quite interested in plugging this hole. Yesterday the panel heard testimony from IRS Commissioner … Continue reading
Posted in Legislation
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I Can Lower Your Taxes By Magic!
I can’t, but Joe Kristan of Roth Tax Updates has the story of yet another interesting case from the Tax Court today. If your business is grossing $2.5 million to $3 million each year, and you’re paying about $45,000 in … Continue reading
Posted in Tax Court
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In God We Trust, But You Better Pay Up
A few years ago, there were two Tax Court cases resolved by closing agreements (a closing agreement is a settlement agreement of the case): God’s Helping Hands Living Estate Plan Trust, John M. & Thelma Smoll, Trustees v. Commissioner, docket … Continue reading
Posted in Tax Court
3 Comments
But The IRS Told Me It Wasn’t Taxable…
Assume that you’re going on permanent disability. You and your employer reach an agreement, with payments structured as though they were from workers compensation (nontaxable to the recipient). Suddenly, your employer backs out and threatens litigation—litigation that would likely take … Continue reading
Posted in Tax Court
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