Author Archives: Russ

Criminal Update

Posted on February 9, 2006 by Russ

The tax evaders have been busy. First, a woman in Tullahoma, Tennessee successfully embezzled about $500,000. Only one problem: she forgot to pay her federal income tax on her ill-gotten gains. She pled guilty to four counts of tax evasion … Continue reading →

Posted in Tax Evasion | 1 Comment

Tax Reform Panel’s Recommendations DOA

Posted on February 9, 2006 by Russ

The Senate’s top Democratic tax writer declared that the Tax Reform Report issued last year is dead on arrival. “That thing’s dead. That’s dead, Mr. Secretary,” said Max Baucus, D-MT. When the panel’s recommendations came out last year, that’s exactly … Continue reading →

Posted in Legislation | 10 Comments

IRS Targets Share Lending

Posted on February 9, 2006 by Russ

According to this story [paid subscription required] in today’s Wall Street Journal, the IRS is targeting a technique used by highly paid individuals to defer capital gains taxes. The strategy is called “prepaid variable forward,” and is a hedging strategy … Continue reading →

Posted in IRS | 2 Comments

A Few More Brains than Hatch

Posted on February 8, 2006 by Russ

But it wouldn’t take much for that to be true. Danni Boatwright, the most recent Survivor champion, paid her taxes on the $1 million she won. “I paid them right away,” she told AP Radio. “(CBS) recommends that you pay … Continue reading →

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Gambling in Stocks vs. Gambling in Casinos

Posted on February 8, 2006 by Russ

Professor Maule has an interesting post on whether people making their living gambling on cards should be treated differently than those gambling on stocks. His conclusion: I wonder if the current Administration and its Congressional allies, in proposing to make … Continue reading →

Posted in Gambling | 1 Comment

Eight Million Ways to Lie

Posted on February 3, 2006 by Russ

Lawrence Block wrote a great book, Eight Million Ways to Die. A Milpitas, CA couple could write a sequel: Eight Million Ways to Lie (on Your Tax Return). The couple sold an invention to the predecessor of Lucent Technologies for … Continue reading →

Posted in Tax Evasion | 2 Comments

When Will They Learn?

Posted on January 31, 2006 by Russ

In last November’s election, voters roundly rejected a proposed light rail system here in Orange County. The CenterLine system would have linked Irvine, John Wayne (Orange County) Airport, and South Coast Plaza in Costa Mesa. It’s back. But only here … Continue reading →

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Gambler Craps Out

Posted on January 30, 2006 by Russ

What happens when you make a few bets and win? Well, besides ending up with more money in your pocket, you have something else to put on your tax return; gambling winnings are taxable in the United States and go … Continue reading →

Posted in Gambling | 4 Comments

Crack Tax

Posted on January 26, 2006 by Russ

Here’s an interesting idea. Why not put a special tax on illegal drugs? If a dealer gets arrested, and they don’t have a “crack stamp” on their cocaine, they’ll go to jail for tax evasion and drug possession/selling illegal drugs. … Continue reading →

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Hatch Loses Immunity Challenge…

Posted on January 25, 2006 by Russ

…Next Stop: Prison Richard Hatch, the first Survivor winner, was convicted today of failing to report $1,037,000 on his tax return. He was found not guilty of related fraud charges. Mr. Hatch has cemented a place in the Bozo Tax … Continue reading →

Posted in Tax Evasion | Tagged | 4 Comments