Dems call for simpler taxes – Whichever party is in power, the results of tax simplification efforts are always exactly the same; much more work for us tax pros. As someone who works with many aspects of the insane tax code every day, I know all too well that the Frankenstein approach to addressing the complexity cannot ever succeed. Ending it; not mending it, as with the FairTax proposal, is the only solution.

QuickFinders has a good summary of the top illegal tax evasion schemes being promoted by slimeball tax protestors.

Bondsman Kerry Edwards Sells Website For $900 Billion – Wouldn’t that be great?

New Jersey’s Governor McGreevey is winning the race for worst. – That’s quite an impressive resume of taxing and spending that the Garden State’s governor has. To be considered as bad as former PRC Governor Gray-Out Doofus is also quite a distinction.

CPA’s Appeal of Disbarment Denied – Joe Bannister went from being a Criminal Investigator with IRS to a promoter of illegal tax evasion scams based on the usual list of idiotic tax protestor arguments. What’s actually been most amazing about the disciplinary actions being taken against him is that they have been so mild and that he hasn’t been thrown into prison, as a growing number of his cohorts in the tax protestor movement have been. For what it’s worth, Bannister has been posting a history of his battle with IRS on his own website

Brown trial now Aug. 17 – Prosecution passes on witnesses’ statements – I guess the definition of “swift justice” is up for subjective interpretation. The embezzlement of over a million dollars was discovered and made public in June 2003 and we’re still waiting for the first day of the trial.

I do hope my point in regard to seeking professional assistance is getting through, as in this recent email exchange.

Hi

I found your website on a search and had a simple question. If as you say Corporations should have a different Fiscal year from the Calendar year what month should you choose?

I am starting an private NV LLC that will be used for Investing. What month would be appropriate?

Thank You

My Reply:

This first thing you should discuss with your personal tax advisor is how the LLC is going to be treated for tax purposes; which obviously depends on whether there are more members than just you.

If it is to be treated as a sole proprietorship (if you are sole member) or partnership or S corp (multiple members), you have no choice in the fiscal year. It must be from January 1 through December 31.

If you choose to have the LLC taxed as a C corp, a tax year ending other than December has several benefits, as I described on my website. There is no universally applicable best month. However, I have found June 30 to be the most useful since it gives six months on either side to make any adjustments between the personal tax year-end of December 31.

I hope this help. Do not proceed any further without the assistance of a competent professional tax advisor. Most decisions made at the beginning cannot be changed later on; so you need to make sure they are the best for your situation.

Good luck.

Kerry Kerstetter

(No relation to the French-looking anti-American currently running for President)