Author Archives: Russ

Tax Court: The AMT Is Unfair, But You’ve Got to Pay

Posted on July 19, 2005 by Russ

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 →

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Frivolous Then, Frivolous Now

Posted on July 14, 2005 by Russ

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 In its’ unpublished ruling, the Court noted, “…his arguments are completely and utterly frivolous, generally relating to the … Continue reading →

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The Incredible Shrinking Deficit

Posted on July 14, 2005 by Russ

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%.

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Tax Court Lifts Veil

Posted on July 12, 2005 by Russ

As I previously noted, the Tax Court had a secrecy rule that prevented, in certain circumstances, litigants from knowing what the judge felt the ruling should be. This “star chamber” provision became clear when the Kantar case was decided by … Continue reading →

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California Has a Budget; Moody’s Raises Debt Rating

Posted on July 12, 2005 by Russ

…and still has a $5 Billion deficit projected for next year. Oh, the Governator signed the budget. Moody’s Investment Services followed up by raising California’s Debt Rating from A3 (bad) to A2 (not as bad). Perhaps I’m being a bit … Continue reading →

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When You Bury Your Head in the Sand…

Posted on July 11, 2005 by Russ

…You’re stuck, and look fairly stupid. At least once a week, the Tax Court tells a tax protester that, “Yes, Virginia, there is an income tax, and you must pay it.” And your arguments that (a) it’s unconstitutional, (b) you … Continue reading →

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What’s Progress? A Semi-Balanced Budget.

Posted on July 7, 2005 by Russ

As reported yesterday, California will soon have its’ new 2005-06 budget. Dan Weintraub, a columnist with the Sacramento Bee, reports on more of the specifics (missing from yesterday’s report). Some highlights: —Education funding increases, despite what you may hear from … Continue reading →

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Six Days Late, We Have a Budget

Posted on July 6, 2005 by Russ

California’s legislature and the Governator agreed on a budget last night that, supposedly, increases spending (a little) without increasing taxes (or implementing new taxes). That doesn’t mean there won’t be new fees, including new court filing costs, and who knows … Continue reading →

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Why You Spend the $4.42

Posted on July 5, 2005 by Russ

I’m amazed that some of my clients don’t want to spend the $4.42 for certified mail (return receipt requested) when communicating with the IRS. Today the Tax Court released a case where a filing got misplaced in the mails; however, … Continue reading →

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“Mr. Divorce” Guilty of Tax Evasion

Posted on July 4, 2005 by Russ

A Campbell, California attorney who advertises as Mr. Divorce was found guilty of tax evasion according to this story in the San Francisco Chronicle (one-time registration required). Demetrious Eugenios made the mistake of going through a divorce from his ex-wife, … Continue reading →

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