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Author Archives: Russ
New Rules on Tax Shelters for Accounting Firms
The Public Company Accounting Oversight Board announced new standards for tax shelters yesterday. The Wall Street Journal reported on this in today’s editions. The rules, which must be approved by the SEC, state that firms will be prohibited from auditing … Continue reading
Posted in IRS
2 Comments
Your Tax Dollars at Work: Did I Really Compliment the IRWD?
As mentioned previously, my home and office are served the the Irvine Ranch Water District (IRWD). Unlike the neighboring Orange County Sanitation District, the IRWD hasn’t elected to spiritualize its’ sewage. But the IRWD has committed its own sin: Late … Continue reading
Posted in Irvine
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Uh Oh….
I noticed a headline in today’s Orange County Register that grabbed my attention: “IRS Will Audit 5,000 Firms to Gauge Unpaid Taxes Nationwide” (one-time registration required). Then I read the article. If I hadn’t had heartburn before, now I did. … Continue reading
Posted in IRS
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Once Burned ,Twice Shy
The Tax Court was in a foul mood today, as they disposed of several frivolous taxpayer cases. In one case, they note, “We advised petitioner at the 2001 trial that his arguments were frivolous, and we admonished him against advancing … Continue reading
Posted in Tax Court
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Your Tax Dollars at Work: Spiritual Counselor for Sewage
Luckily, I’m not served by the Orange County Sanitation District (OCSD). That’s because the Orange County Register disclosed that the OCSD has been paying a “spiritual counselor” $15,000 per month (or $180,000 per year). The Register reported on July 12th … Continue reading
Posted in California
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A Property that Dropped in Value in California
Yes, it is possible for a piece of property to drop in value in California. The San Francisco Giants ballpark, SBC Park (formerly PacBell Park), has dropped in value by $88 million between 2001 and 2003, according to the Assessment … Continue reading
Posted in California
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Tax Court Releases Clarifying Statements in Kanter Case
According to Tax Analysts, the Tax Court has released clarifying statements in the Kanter and Ballard cases. However, the statements are not available on the Tax Court’s website. Tax Analysts is reporting that Chief Judge Joel Gerber released statements outlining … Continue reading
Posted in Supreme Court
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Tax Court: The AMT Is Unfair, But You’ve Got to Pay
The Tax Court today decided a case where the petitioner’s complain that the Alternative Minimum Tax (AMT) shouldn’t apply to them because of “equitable grounds.” The petitioners did not have any tax preference items. They aren’t the high income millionaires … Continue reading
Frivolous Then, Frivolous Now
The Fifth Circuit Court of Appeals recently ruled on the appeal of Leonard Gittinger of his case from the US Tax Court. In its’ unpublished ruling, the Court noted, “…his arguments are completely and utterly frivolous, generally relating to the … Continue reading
Posted in Tax Evasion
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The Incredible Shrinking Deficit
As reported in Tax Analysts, the projected Federal deficit for 2005 has shrunk by nearly 25% from $424 billion to $333 billion. The reason? Tax collections (revenues) are up, across the board, by about 14%.
Posted in IRS
2 Comments