By now many people have received a Form 1099-C, Cancellation of Debt, concerning discharge of indebtedness income allegedly realized by them in 2011. If you received a Form 1099-C, don’t assume that you are taxable on the income alleged in it. There is a good chance you aren’t. read »
This is an update of a Street Sweeper article that originally ran on December 11, 2010. read »
If 1967's The Graduate were made today, the whispered "Plastics" would probably be "Jeremy Lin." That's the take-away from Linsanity, which is at least more wholesome than Keeping Up with the Kardashians. In tax rates Kim Kardashian is more buff than Buffett, but can NY Knicks point guard and Time Magazine cover phenom Jeremy Lin fix our economy? read »
The FBI arrested a 29 year old man who --believing he was acting on behalf of al-Qaeda-- attempted to attack the U.S. Capitol while armed with a suicide bomb vest and a MAC-10 automatic weapon. The weapon and the bomb vest were both rendered inoperable by undercover law enforcement officers prior to the attempted attack. The man, Aminie El Khalifi is an immigrant from Morocco who is illegally present in the United States, he was motivated in part by a belief that the "war on terrorism" was a "war[...] read »
Remember those “shovel ready” jobs that President Obama promised the $700 billion stimulus bill would create? Almost four years and more than $250 million in federal grants later, they still haven’t arrived in Los Angeles. read »
In keeping with how these things sort of progress, here is the fairly dry recitation of what was troubling the Securities and Exchange Commission ("SEC") about James Davis Risher. Apparently, from approximately January 2007 through July 2010, Risher was the sole trader for a purported private equity fund operating under various names including the Safe Harbor Private Equity Fund, Managed Capital Fund, and Preservation of Principal Fund (collectively, the “Fund”). During the relevant time period,[...] read »
Hawking or buying into blacklisted tax ideas can attract heavy fines or even prison. The IRS warns the public of the worst tax scams annually, now in Hollywood-style videos. read »