Archive | North America

Tax loophole ties into a knot

Today in the IRS announcd that they’re targeting tax shelters in big firms, related to stock options, naming 42 companies – household names – and some of their top executives for participating in abusive tax shelters and then dropped the estimated number of $700 Million but saying it was probably lots more. Here is where […]

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Hunter S. Thompson Dies

Today was my birthday, so I’ve spent a mostly leisurely day relaxing at my club, swimming in the pool and enjoying an almost perfect Brasilian day, then a nice meal at a great steak restaurant and finally I sit to check my email once more and post some thoughts. The first thing and the last […]

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RCMP irks alleged fraudster

By Sean McKibbon – A Brockville, Ontario, man accused of scamming U.S. and Canadian investors for hundreds of thousands of dollars in an offshore investment scheme has told a court he did nothing wrong and the RCMP just doesn’t understand. “There has been a catastrophic failure to understand anything I did by the RCMP,” said […]

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U.S. Drops Out of Top 10 ‘Freest’ Economies

The Heritage Foundation, which promotes low taxes and limited government regulation, reports the United States is tied for 12th place with Switzerland in the 2005 Index of Economic Freedom. The world’s second-largest economy, Japan, ranks 39th in the survey. The report shows “a net increase in global economic freedom” overall. The United States has dropped […]

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Bush: End ‘Frivolous’ Lawsuits

By Warren Vieth – COLLINSVILLE, Ill. — President Bush today demanded congressional action this year to rein in what he called “junk” lawsuits against doctors and hospitals, saying the time had come to impose federal restraints on a system traditionally left to the states. Taking his tort reform campaign to a southern Illinois county known […]

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New Tax Law Changes Will Impact Everyone

Bob Leins, CPA – Several important new tax laws that have passed Congress during this fall’s pre-election period. Two major tax laws have been approved: the Working Families Tax Relief Act of 2004 and the American Jobs Creation Act of 2004 . Both new acts have important effects on your personal tax return. This article […]

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Star had a brush with tax scammer

By Kathy M. Kristof – When confessed tax fraud promoter Jerome Schneider handed the Internal Revenue Service a list of his clients, there was one well-known name on the roster: Sandra Bullock. Bullock, the vivacious star of Miss Congeniality and other films, paid Schneider for advice on how to buy an offshore bank, said her […]

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Of offshore tax schemes and the long arm of the IRS

By Kathy Kristof – Jerome Schneider once promoted offshore tax schemes in in-flight magazines. In U.S. District Court in San Francisco in December, Schneider will be sentenced for conspiracy to defraud the federal government. In hopes of getting a lighter sentence, Schneider has pleaded guilty and included a detailed confession to the complicated tax shelter […]

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