Home


HOT TOPICS

What's our government up to? What are the current tax strategies and are they working? The latest taxpayer victories and defeats in the Courts and with the IRS.

Caution: Think you can avoid income taxes by transferring your assets to a "pure equity" or common-law trust?   Visit the Tax Prophet's Trust Scam Bulletin Board.  Save yourself a lot of money and potential grief!

Also, check out the Tax Prophet's newest addition: Newsletters

2004 Hot Topics

  • October, 2004 Limited Amnesty for California Taxpayers
  • September, 2004 Basics of the Federal Estate Tax
  • August, 2004 - U.S. Virgin Islands Tax Credit Scam - part 2 of a 2-part series
  • July, 2004 - U.S. Virgin Islands Tax Credit Scam - part 1 of a 2-part series
  • June, 2004 - Taxation of Vacation Homes
  • May, 2004 - New California's Franchise Tax Board Withholding Rules, part 2 of 2.
  • April, 2004 - New California's Franchise Tax Board Withholding Rules, part 1 of 2.
  • March, 2004 - California's Voluntary Compliance Initiative, part 2 of 2.
  • February, 2004 - California's Voluntary Compliance Initiative, part 1 of 2
  • January, 2004 - IRS Cracks Down on Attorneys Writing Phony Tax Shelter Opinions

2003 Hot Topics

  • December, 2003 - Planning to Save (Taxes), part 2 of 2.
  • November, 2003 - Planning to Save (Taxes), part 1 of 2.
  • October, 2003 - Tax Relief for Military Families
  • September, 2003 - Avoiding the Independent Contractor vs. Employee Quagmire
  • August, 2003 - Corporate Inversions
  • July, 2003 - Tax Reform Act of 2003 - Tax Planning Opportunities (Part 2 of 2)
  • June, 2003 - Tax Reform Act of 2003 - Explanation (Part 1 of 2)
  • May, 2003 - Tax Amnesty for Offshore Accounts: The Program and Results
  • April, 2003: President Bush's Dividend Exclusion Proposal
  • March, 2003: Busted Tax Shelters – Wealthy Sue Accountants for Bad Advice
  • February, 2003 - Issues to Consider When Merging Two S Corporations or Other Closely-Held Entities (Part 2 of 2)
  • January, 2003 - Issues to Consider When Merging Two S Corporations or Other Closely-Held Entities (Part 1 of 2)

2002 Hot Topics

  • December, 2002 - Update on Asset Protection Planning, part 2 of a 2-part series
  • November, 2002 - Update on Asset Protection Planning, part 1 of a 2-part series
  • October, 2002 - IRS Switches Auditing Gears – Goes After Wealthy Tax Cheats
  • September, 2002 - AMT Meets ISO - Thousands of High-Tech Employees are Devastated, part 2
  • August, 2002 - AMT Meets ISO - Thousands of High-Tech Employees are Devastated, part 1
  • July, 2002 - Is IRS Losing the Battle Against Tax Cheats
  • June, 2002 - Changing the Way Married Couples Hold Title in California
  • May, 2002 - IRS Audits Target Wage Earners, Not the Wealthy, part 2
  • April, 2002 - IRS Audits Target Wage Earners, Not the Wealthy, part 1
  • March, 2002 - Income Tax Preparation and Assistance on the Web
  • February, 2002 - Exercising ISOs and the AMT - The Dual-Basis Concept
  • January, 2002 - Memorandum: Tax Planning Opportunities for Foreign Consultants Working in the U.S.

2001 Hot Topics

2000 Hot Topics

  • December, 2000 - 2000 Year End Tax Planning
  • November, 2000 - The Current Tax Burden in Perspective - Analyzing the Gore and Bush Tax Proposals
  • October, 2000 - Repeal of the Estate Tax - More Election-Year Hype, part 2
  • September, 2000 - Repeal of the Estate Tax - More Election-Year Hype, part 1
  • August, 2000 - The Demise of the Off-Shore Tax Haven Industry, part 2
  • July, 2000 - The Demise of the Off-Shore Tax Haven Industry, part 1
  • June, 2000 - Tax Issues Concerning Small Businesses, part 2
  • May, 2000 - Tax Issues Concerning Small Businesses, part 1
  • April, 2000 - Ten Last-Minute Items to Consider When Filing Your Return
  • March, 2000 - Income Tax Preparation and Assistance on the Web
  • February, 2000 - Taxation of E-Commerce, part 2
  • January, 2000 - Taxation of E-Commerce, part 1

1999 Hot Topics

  • December, 1999 - Last Minute Tax Planning Suggestions
  • November, 1999 - Tax Scam Victimizing Charities - part 2
  • October, 1999 - Tax Scams Victimizing Charities - part 1
  • September, 1999 - The Asset Protection Industry, an Expensive and Wasteful Exercise in Wishful Thinking - part 2
  • August, 1999 - The Asset Protection Industry, an Expensive and Wasteful Exercise in Wishful Thinking - part 1
  • July, 1999 - High Stakes Audit Roulette- Corporate Tax Scams - part 2
  • June, 1999 -High Stakes Audit Roulette- Corporate Tax Scams - part 1
  • May, 1999 - Tax Consequences of Acquisitions
  • April, 1999 - Growing Your Business Through Acquisitions - An Overlooked Opportunity
  • March, 1999 - Twenty-One Items to Consider Before Filing Your 1998 Tax Return
  • February 1999 - Income Tax Preparation and Assistance on the Web
  • January 1999 - Stock Options

1998 Hot Topics

  • December 1998 - Tax Year 1998:   Last-Minute Tax Planning Opportunities
  • November 1998 - IRS Revamps Offer in Compromise Policy
  • October 1998 - Off-Shore Protection Trusts, Part 2
  • September 1998 - 1998 IRS Restructuring and Reform Act, Part 2
  • August 1998 - 1998 Tax Legislation: IRS Restructuring and Reform, Part 1
  • July 1998 - Off-Shore Protection Trusts, Part 1
  • June 1998 - Tax Protestor Movement - Still Batting Zero
  • May 1998 -- Trust Scams - An Update
  • April 1998 -- 14 Items to Consider Before Filing Your 1997 Tax Return
  • March 1998 -- Retirement Accounts and Estate Taxes
  • February 1998 -- Tax Preparation and Assistance on the Web
  • January 1998 -- The Sale of a Principal Residence

1997 Hot Topics

  • December 97 -- Tax Year 1997 in Review; Tax Planning for Capital Gains
  • November 97 -- Taxpayer's Bill of Rights III
  • October 97 -- A Ten-Step Program to Fix the U.S. Tax System
  • September 97 -- Anatomy of a Trust Scam
  • August 1997 -- The Taxpayer's Relief Act of 1997 -- Christmas in July!
  • July 1997 -- Tax Consequences of Gifts to Minors Using Custodial Accounts
  • June 1997 -- Application of the Property Tax Rules - Proposition 13, Part II
  • May 1997 -- Avoiding the Pitfalls Present in California's Proposition 13, Part I
  • April 1997 -- "Check-the-Box" Regulations Can Simplify Business Classification
  • March 1997 -- Inaccurate Tax Returns Could Result in Civil and Criminal Penalties
  • February 1997 -- Criminal Prosecution Under New Medicaid Eligibility Law
  • January 1997 -- Independent Contractors: A Comparison between Federal and California Law



1996 Hot Topics

  • December 1996 -- Year-End Tax Planning Opportunities and Traps
  • November 1996 -- Clinton vs. Dole: Dueling Tax Plans
  • October1996 -- Thinking About Submitting a False Tax Return to Get a Loan? Think Again!
  • September 1996 -- A Trap for Small Business Owners: The Electronic Funds Transfer Payment System
  • August 1996 -- Taxpayer's Bill of Rights II
  • July 1996 -- Life in Cyberspace, a Taxing Experience
  • June 1996 -- The New Nanny Tax: Is Anyone Out There Paying It?
  • May 1996 --Tycoon's Defective Will -- Who Gets His Billions?
  • April 1996 --Using Trusts to Avoid Paying Taxes - Will This Work?
  • March 1996 -- The Wealthy Slackers Relief Act
  • February 1996 -- The Tax Protestor Movement: Proof that P.T. Barnum Was Right
  • January 1996 -- Clinton's Counterproposal; Frequent Flier Ruling; Foreign Ownership of U.S. Real Property



1995 Hot Topics

  • December 1995 -- Game Show Contestants and Republican Tax Highlights.
  • November 1995 -- Chief Justice Blows His Estate Plan; Tax Problems for Athletes; The FBI wants CPA's to Fight Business Crimes; Outside Bill Collectors for the IRS?
  • October 1995 -- Sec. 1031 and the O.J. Trial; Are the "Dream Team's" Fees Deductible?; IRS eases Business Costs Rules.
  • September 1995 -- The Flat Tax Reconsidered.
  • August 1995 -- Income in Respect to a Decedent; Qualified Personal Residence Trust; Club Dues.
  • July 1995 -- Repayment of Salary is Deductible; Marketability and Minority Discounts for Gifts; S Corp. Compensation is Subject to Payroll Taxes; Lease Payments from S Corp. Treated as Salary.
  • June 1995 -- Economic Reality Audits Threatens CPA's; Deduction of Litigation Costs Advanced; Expatriate Tax Avoidance.
  • May 1995 -- IRS Targets Cash Reporting; Refund for Third Party Who Paid Taxes; IRS Levy Attaches to Take Home Pay.
  • April 1995 -- How About A Flat Tax?
  • March 1995 -- Age Bias - Taxation of Damage Awards Received by Employees.
  • February 1995 -- The Republican's Contract with America.




Home |  Who We Are |  What's New |  Search |  Contact Us |  Subscribe
[Wealth Preservation]   [Employee Stock Options]   [Foreign Taxpayers]   [Tax & Trust Scams]   [Expert Witness]   [General Tax Information]
All contents copyright ? 2008 Robert L. Sommers, attorney-at-law. All rights reserved. This internet site provides information of a general nature for educational purposes only and is not intended to be legal or tax advice. This information has not been updated to reflect subsequent changes in the law, if any. Your particular facts and circumstances, and changes in the law, must be considered when applying U.S. tax law. You should always consult with a competent tax professional licensed in your state with respect to your particular situation. The Tax Prophet(TM) is a trademark of Robert L. Sommers.