Author Archives: Russ

Katrina Relief: Supply Drop-Offs in Orange County

Posted on September 8, 2005 by Russ

If you live in Orange County, there are two places where you can drop off supplies for the Hurricane Katrina relief effort. First, Hurricanekatrinakidsrelief is accepting donations of bulk supplies on Saturday afternoon. Especially needed are diapers, wipe, formula, (baby … Continue reading →

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Katrina Update

Posted on September 7, 2005 by Russ

As of this morning, nearly $500 million has been given by Americans to charities for Katrina relief. Wow. (Assuming a 30% tax bracket, that’s nearly $150 million out of the IRS’ hands.) But I’d still like to encourage you to … Continue reading →

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Flavored Malt Beverages and California

Posted on September 7, 2005 by Russ

Malt liquors (and other malt beverages) have a higher alcohol content than standard beer (usually 5.5% or higher for malt beverages versus 3.5% for beer). That’s a fact. Recently, flavored malt beverages such as Mike’s Hard Lemonade have been introduced … Continue reading →

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Katrina Relief & The IRS

Posted on September 2, 2005 by Russ

As we mentioned yesterday, the relief from Hurricane Katrina will take months. Your contributions will be welcome not only today, but in the future. While we’re fans of the Salvation Army and United Jewish Communities, check with your employer and … Continue reading →

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Hurricane Relief Day

Posted on August 31, 2005 by Russ

We’ve all seen pictures of the destruction in New Orleans, Biloxi and Gulfport. I personally know one family that has lost everything except their lives. They’re lucky; they evacuated. Many, many more aren’t as fortunate. Everyone needs to pitch in. … Continue reading →

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Taxes and Online Gambling, Part 4: States, Filings, and Legalities

Posted on August 31, 2005 by Russ

In this, the fourth of five parts of my series on taxes and online gambling, I’ll examine state income taxes, withholding requirements, and some legal issues, including the Silver Platter Doctrine. State Income Taxes Americans not only pay federal income … Continue reading →

Posted in Gambling | 4 Comments

KPMG: $456 Million Fine, Seven Indicted

Posted on August 29, 2005 by Russ

The other shoe dropped on KPMG today. According to this story, KPMG will pay a fine of $456 million, accept an outside auditor, and shut down its tax practice for high net-worth individuals within six months. Additionally, seven former partners … Continue reading →

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LA Times: Let’s Increase Taxes (aka The Help Nevada, Oregon & Arizona Act)

Posted on August 29, 2005 by Russ

George Skelton of the Los Angeles Times today says, “There’s a gleaming pot of gold within easy grasp of the governor and Legislature that would help them balance the state’s deficit-ridden books…It is an income tax increase on the wealthiest … Continue reading →

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A Bozo Investment Leads to Tax Evasion

Posted on August 28, 2005 by Russ

Pity Mark Steven Miller, former CEO of Oakwood Deposit Bank in Ohio. Mr. Miller was convicted of fraud in 2003 for embezzling $49 million from his bank. He then took his profits and invested them in the Star Dancer Casino … Continue reading →

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Taxes and Online Gambling, Part 3: Records and Professionalism

Posted on August 25, 2005 by Russ

In this article, part 3 of probably 5 parts, I examine recordkeeping and professional status for online gamblers. Unfortunately, a lot of this material is, frankly, boring. But it’s necessary. Some of the material in this article is based on … Continue reading →

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