Tag Archives: BozoTaxTips

Bozo Tax Tip #7: Nevada Corporations

Posted on April 6, 2009 by Russ

Nevada is doing everything it can to draw businesses from California. Frankly, California is doing a lot to draw businesses away from the Bronze Golden State. But just like last year you need to beware if you’re going to incorporate … Continue reading →

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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 →

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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 →

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Bozo Tax Tip #10: Use Consecutive SSNs When Cheating the IRS

Posted on April 1, 2009 by Russ

It’s time for our annual rundown of Bozo Tax Tips, strategies that you really, really, really shouldn’t try. But somewhere, somehow, someone will try these. Don’t say I didn’t warn you. Here’s a repeat for the third year: Let’s thank … Continue reading →

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Bozo Tax Tip #1: Foreign Trusts

Posted on April 15, 2008 by Russ

By far the worst tax schemes in the view of the IRS are offshore (foreign) trusts. In fact, trusts of all sorts—domestic and foreign—are regularly abused. First, not all trusts are bad. Many trusts serve a legitimate purpose, such as … Continue reading →

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Bozo Tax Tip #2: 300 Million Witnesses Can’t Be Right

Posted on April 14, 2008 by Russ

The IRS loves Bozo tax celebrities. They get a chance to show you and I that Bozo celebrities must pay their taxes. And if they go to court and win, it’s guaranteed that there will be plenty of publicity. So … Continue reading →

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Bozo Tax Tip #3: Call Your Accountant on the 15th

Posted on April 13, 2008 by Russ

Let’s assume you’ve procrastinated on your taxes, and you (all of a sudden) notice it’s April 15th. You’ll just call your accountant, and you’re sure he’ll drop everything for you. No chance. If you called me today, and I haven’t … Continue reading →

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Bozo Tax Tip #4: Foreign Bank Accounts

Posted on April 12, 2008 by Russ

Let’s assume your business has been successful. Very successful. What should you do with all that money, especially if you’d prefer to not send a lot of it to Uncle Sam? Well, you can take the Bozo method of hiding … Continue reading →

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Bozo Tax Tip #5: The $0.41 Solution

Posted on April 12, 2008 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 →

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Bozo Tax Tip #6: Just Don’t File

Posted on April 9, 2008 by Russ

It’s getting more and more difficult to avoid the tax system. There are currency transaction reports (cash transactions of $10,000 or more) and suspicious activity reports (theoretically can be done on any transaction, but usually starts at $3,000 or more) … Continue reading →

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