Author Archives: Russ

KPMG Indictments Near

Posted on August 25, 2005 by Russ

According to this story by Reuters, KMPG will face a fine of just under half a billion dollars. This story notes that eight former executives will be indicted.. However, KMPG will sign a “deferred prosecution” agreement so that the firm … Continue reading →

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Money for Nothing

Posted on August 25, 2005 by Russ

Ah, to live and breathe the fine air of the Golden State. Of course, we’re also known as the state with one of the highest (and probably soon to be the highest) personal income tax rates in the United States. … Continue reading →

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A Box of Nothing (Hugh Hewitt’s “Adopt-A-Box” Project)

Posted on August 21, 2005 by Russ

Hugh Hewitt asked bloggers if they would be interested in reviewing one of 136 boxes released by the Ronald Reagan Presidential Library. Having some interest in history, and quite a bit of curiosity as to what might be in a … Continue reading →

Posted in Taxable Talk | 2 Comments

Trumpeter Playing the Tax Evasion Blues

Posted on August 21, 2005 by Russ

A trumpeter who also operates a gospel ministry (MightyHorn Ministry) has been charged with tax evasion. According to a story in the Chatanooga, TN Chatanoogan, Phil Driscoll, his wife and his mother-in-law have been accused of evading taxes by failing … Continue reading →

Posted in Tax Evasion | 1 Comment

It’s Renewal Time, So Here Comes the Scam

Posted on August 19, 2005 by Russ

My corporation’s annual renewal fee (mandatory fee of $25 to the Secretary of State of California) is due in September. So what comes in my mail today? A request from “State Corporate Compliance” so that I can pay an additional … Continue reading →

Posted in Scams | 2 Comments

The Bronze State?

Posted on August 19, 2005 by Russ

California continues to lose some of its luster. As reported by the TaxProf Blog, California athletes leave for brighter, er, cheaper (on a tax basis) pastures. For those who don’t remember, Californians passed Proposition 63 last November. This proposition added … Continue reading →

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Taxes and Online Gambling, Part 2: Repatriation and Income Recognition

Posted on August 17, 2005 by Russ

I recently read a blog where a very successful online poker player wrote, There really aren’t IRS regulations on online gambling. It exists in a grey area. As fun160 pointed out “In the financial markets money earned off-shore is not … Continue reading →

Posted in Gambling | 4 Comments

IRS Issues Priority Guidance Plan; Targets Include Poker Tournaments

Posted on August 17, 2005 by Russ

The IRS and the US Department of the Treasury issued their “Priority Guidance Plan”. A total of 254 projects are mentioned. The ones that the IRS has highlighted are: —Additional legal requirements for tax shelters; —Guidance on how to report … Continue reading →

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Deadline Day 2

Posted on August 15, 2005 by Russ

Today, August 15th, is the deadline for individuals who filed extensions to actually file their 2004 Federal tax returns. A second extension is available (until October 17th), but you need to have a reason (and have the IRS accept the … Continue reading →

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Taxes and Online Gambling, Part I

Posted on August 11, 2005 by Russ

I’m a poker player. I’ve been playing competitive poker, including tournaments, for several years, quite successfully. And yes, I claim my winnings on my tax return. I’m also co-author of a poker book. I’ve had a natural fascination with gambling … Continue reading →

Posted in Gambling | 4 Comments