Category Archives: IRS

Foreign Account Amnesty

Posted on May 7, 2009 by Russ

Given my practice area, I’m very familiar with Form TD F 90-22.1. That’s the form you use for reporting foreign financial and bank accounts to the Treasury and the IRS. There are severe penalties if you don’t file this form … Continue reading →

Posted in IRS | Tagged | Comments Off on Foreign Account Amnesty

Tea Party on Tax Day

Posted on April 15, 2009 by Russ

Today is Tax Day, so for the procrastinators out there it’s time to file your extension. For those of you who aren’t tax accountants, it’s time to let our politicians know whose money they spend. There will be a series … Continue reading →

Posted in IRS, Legislation | Comments Off on Tea Party on Tax Day

Bozo Tax Tip #1: Don’t be Suspicious!

Posted on April 13, 2009 by Russ

Given my practice area, I deal with individuals who occasionally make large cash deposits. I tell them that they shouldn’t mind the completion of a Currency Transaction Report. The IRS gets so many of them that as long as you’re … Continue reading →

Posted in IRS | Tagged | Comments Off on Bozo Tax Tip #1: Don’t be Suspicious!

Bozo Tax Tip #2: Trustless Trusts

Posted on April 12, 2009 by Russ

Just today someone sent me an email noting the following “truth”: Hey Russ, [redacted] sent me this video on how I can put all my wages and other income into this investment vehicle and I’ll no longer have to pay … Continue reading →

Posted in IRS | Comments Off on Bozo Tax Tip #2: Trustless Trusts

Bozo Tax Tip #3: 300 Million Witness Can’t Be Right

Posted on April 11, 2009 by Russ

I keep thinking that I’ll be able to drop this Bozo tax tip one year. Yet every time I think that’s going to happen Richard Hatch makes the news again. One tip I can give any celebrity: Be careful about … Continue reading →

Posted in IRS, Tax Evasion | Comments Off on Bozo Tax Tip #3: 300 Million Witness Can’t Be Right

Bozo Tax Tip #4: Use a Bozo Accountant

Posted on April 9, 2009 by Russ

I’ve come to the conclusion that everything in life is normally distributed. You may remember the normal distribution from a class you took on probability theory. It’s the bell curve. Most things are in the middle, but some are outliers … Continue reading →

Posted in IRS, Tax Preparation | Comments Off on Bozo Tax Tip #4: Use a Bozo Accountant

Bozo Tax Tip #5: The $0.42 Solution

Posted on April 8, 2009 by Russ

With Tax Day fast approaching it’s time to look into the Bozo method of courting disaster. And it doesn’t, on the surface, seem to be a Bozo method. After all, this organization has the motto, Neither rain nor snow nor … Continue reading →

Posted in IRS | Comments Off on Bozo Tax Tip #5: The $0.42 Solution

Bozo Tax Tip #6: Just Don’t File

Posted on April 7, 2009 by Russ

We’re running some repeats, but there is some new Bozo material coming. It’s just that people keep trying the same things over and over again. It’s tough to avoid the tax system. There are currency transaction reports (cash transactions of … Continue reading →

Posted in IRS, Tax Evasion | Tagged | Comments Off on Bozo Tax Tip #6: Just Don’t File

Bozo Tax Tip #8: The Shell

Posted on April 3, 2009 by Russ

I was talking with a friend who is an attorney in the Midwest. She told me about an individual who decided to use ten layers of shell companies to hide his income. It worked so well that the Bozo had … Continue reading →

Posted in IRS, Tax Evasion | Tagged | Comments Off on Bozo Tax Tip #8: The Shell

Bozo Tax Tip #9: Only Foreign Income Is Taxable

Posted on April 2, 2009 by Russ

Another repeat from 2008, mainly because people still try to peddle this snake oil. This conversation took place just yesterday. Two prospective clients came into my office (husband and wife). I showed them my Engagement Letter first, and they wanted … Continue reading →

Posted in IRS, Tax Evasion | Tagged | Comments Off on Bozo Tax Tip #9: Only Foreign Income Is Taxable