Author Archives: Russ

If You Fail 3 Times…The Fourth Time Won’t be the Charm

Posted on December 6, 2005 by Russ

The joy of frivolity. Having fun at the expense of others (playing practical jokes, for example) can give yourself a good laugh. However, it is not a good idea to do it in Tax Court. As noted in Roth Tax … Continue reading →

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Where Paper Filing is Simpler than Electronic Filing

Posted on December 4, 2005 by Russ

Come late January or early February, you may have to file your 1099s with the IRS. If you are in California, you likely believe that filing with the IRS satisfies your California filing requirement. If you paper file, that’s true. … Continue reading →

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Another Election on Tuesday

Posted on December 4, 2005 by Russ

If you, like me, live in Orange County’s 48th Congressional District, don’t forget to vote this Tuesday for Chris Cox’s replacement. If you don’t know where your precinct will vote (and many polling places have been moved), you can find … Continue reading →

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Money Machine Undone

Posted on December 4, 2005 by Russ

Wade Cook, author of books such as Wall Street Money Machine was indicted on eight counts of tax fraud, obstruction of justice and conspiracy. Cook, and his wife (who was also charged), created a phony tax exempt entity but allegedly … Continue reading →

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Document, Document, Document….

Posted on November 30, 2005 by Russ

We’ve said it before, and we’ll continue to say it: Save your paperwork, receipts, etc. If you’re ever audited by the IRS, you need documentation. If you have it, things (usually) will go well; if not, expect a battle. Yesterday … Continue reading →

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Bribery & Tax Evasion for a Congressman

Posted on November 28, 2005 by Russ

Congressman Randy “Duke” Cunningham (R-CA) pled guilty today to charges of conspiracy to commit mail fraud and wire fraud and tax evasion. The charges stem from Cunningham “selling” his house for an inflated price; the new owner then immediately re-sold … Continue reading →

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No Good Deed Goes Unpunished

Posted on November 22, 2005 by Russ

Is a “Contract for Deed” deductible when used to satisfy alimony obligations? The Tax Court today said no. Contract for Deed’s are financing arrangements that allow buyers to purchase property from sellers by borrowing the money from the sellers. The … Continue reading →

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Just One Digit Off

Posted on November 21, 2005 by Russ

What happens if you receive your W-2 and your company made a mistake on your social security number and it’s off by one digit? Being an unscrupulous individual, you sense opportunity! “I don’t have to report my wages from my … Continue reading →

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Voodoo Chief Convicted of Tax Evasion

Posted on November 20, 2005 by Russ

Sharon Lee Caulder, now of New Orleans, was convicted on Friday of failing to file tax returns and hiding assets during her bankruptcy. Ms. Caulder apparently made $1.7 million in gross income between 1998 and 2002, mostly from sale of … Continue reading →

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Voter Approval Means Voter Approval

Posted on November 18, 2005 by Russ

The California Department of Finance thought it had a good idea to finance pension debt. Just issue $525 billion in bonds. Only one problem, the State Constitution says that all large loans (defined as anything over $300,000) must be approved … Continue reading →

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