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Preview: Tax Guru-Ker$tetter Letter

Tax Guru-Ker$tetter Letter

Kerry M. Kerstetter, CPA (referred to as The Tax Guru by other CPAs around the country) helps capitalists, investors & small business owners win the tax game. See for much more detailed info. Please note that Kerry does not personall

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Tue, 09 Mar 2010 22:11:00 +0000

Democrats pull tax cheat bill - The benefits of being a government employee just keep on growing. It seems that, in addition to the higher pay and job security than in the private sector, government employees are allowed to shirk their tax paying responsibilities with complete impunity.

Camel's nose under the tent...

Tue, 09 Mar 2010 19:07:00 +0000

WA State Senate proposal: Add income tax on wealthy to cut sales tax for everyone

Proving that the PRC isn't the only Left Coast state run by Marxist idiots, one of the few states without a personal income tax is so desperate for cash that they are proposing this soak the rich scheme.

Anyone with any knowledge of history, especially of the US Tax Code, knows where this will end up. It won't be long before an income tax only intended for the evil rich will be assessed on everyone.

Nothing stops the IRS...

Fri, 05 Mar 2010 18:24:00 +0000

From Ripley's Believe It Or Not


Fri, 05 Mar 2010 17:26:00 +0000

New Tax Credit to Incentivize Business to ‘Make Profit’ - This parody from Scott Ott wouldn't be so appropriate if our entire capitalist system weren't under such an intense assault from the Marxist DemonRats in DC.

Thu, 04 Mar 2010 19:30:00 +0000

Rat out a tax cheat, collect a reward - Interesting piece on how to fink on others.

The expanding world of Accounting

Wed, 03 Mar 2010 19:32:00 +0000



IRS Interest Rates

Mon, 01 Mar 2010 16:40:00 +0000

Interest Rates Remain the Same for the Second Quarter of 2010

Four (4) percent for overpayments [three (3) percent in the case of a corporation];

Four (4) percent for underpayments;

Six (6) percent for large corporate underpayments; and

One and one-half (1.5) percent for the portion of a corporate overpayment exceeding $10,000.


Refusing to bend over...

Fri, 26 Feb 2010 17:50:00 +0000

Montgomery sees huge decline in taxable income –  It's always great to see when State rulers are slapped in the face with the real world fact that people in their cross-hairs for punitive taxation don't just bend over and accept it; but move to lower tax jurisdictions.  States that think they can solve their fiscal blunders by sticking it even more to the “evil rich” will suffer the same consequences.


Fri, 26 Feb 2010 03:11:00 +0000



Different ways to cook the books...

Thu, 25 Feb 2010 17:08:00 +0000


New audit procedure?

Thu, 25 Feb 2010 17:03:00 +0000


Sugar Addicts, beware...

Wed, 24 Feb 2010 23:29:00 +0000

It's never too early for sin taxes...


More IOUs for TaxPayers

Fri, 19 Feb 2010 01:16:00 +0000

Cash-Strapped States Delay Tax Refunds; NY Says It's an Option - As always, crazy ideas hatched in the PRC have a way of spreading across the country.

Just try sending an IOU payable to your State in with your State tax return and count the days before your bank account is levied.

Thu, 18 Feb 2010 22:08:00 +0000

Class Warfare's Next Target: 401(k) Savings - Raiding private retirement accounts, either with an upfront tax or as a conversion to government control, has been under consideration by our rulers in DC for a while now; at least since the Clinton years. That huge pool of wealth is simply too tempting for our money and power hungry rulers to resist.

This is also another example of how our rulers have no shame about changing the rules after the fact in regard to retirement plans, as I have explained on countless occasions when warning about Roth IRAs. How can anyone seriously feel safe about Roths remaining tax free for much longer, when our out of control rulers are openly contemplating a full scale confiscation of private retirement funds?

Insane Tax Protest

Thu, 18 Feb 2010 21:41:00 +0000

The nut job who "got even" this morning with the IRS in Austin for the results of an audit had published a ranting semi-explanation of why he took this drastic step; but it was taken down by his web hosting company. The Smoking Gun was able to snag a copy of it prior to its removal, and has it posted here.

From this passage on the fifth page, it sounds like his CPA, Bill Ross, should be very careful and on the lookout for booby traps, such as car bombs and suspicious packages in the mail. Any current tax clients of his should also be careful not to get caught in the crossfire from this dispute.


Comparing Ponzi Schemes

Mon, 15 Feb 2010 18:46:00 +0000

Neal Boortz recently posted this side by side comparison of the two largest Ponzi schemes used to steal investor money in this country.


Another big difference between the two schemes was the fact that Madoff's victims invested their money voluntarily, while Social Security is funded at the point of a gun. Madoff's investors stopped giving him their money as soon as it was revealed to be a fraud. IRS is still forcing people to pay in to the SSA even now that's its collapse has been revealed to be imminent.

Fri, 12 Feb 2010 01:15:00 +0000

From the most recent issue of Accounting Today that arrived in today's snail mail.


We're all snowed under...

Wed, 10 Feb 2010 20:46:00 +0000


Desperate For Money

Mon, 08 Feb 2010 19:51:00 +0000

Like drug addicts craving their next fix, politicians will stoop to any means to squeeze more money out of the little people in order to feed their out of control spending addiction, as with this story from New York that will be duplicated all over the country..

New York's phantom taxes


DemonRat Tax Software

Sat, 06 Feb 2010 19:26:00 +0000


Debunking Tax Protestors

Fri, 05 Feb 2010 21:47:00 +0000

Long time readers know that one of my long running pet peeves is having to waste time debunking ridiculous theories espoused by tax protestors.  For a long time, I felt like I was doing the IRS’s job because they refused to even acknowledge publicly that those arguments were floating around under the completely mistaken belief that to even mention them would in some way legitimize them.  The promoters of those arguments used the IRS’s silence as an endorsement of their arguments.  Finally, after decades of ignoring the idiotic arguments used by tax protestors to convince others that they don’t need to file tax returns, IRS has been taking a more pro-active approach.  They have recently updated their guide to most of these bogus claims, entitled The Truth about Frivolous Tax Arguments.IRS Press Release – IRS Debunks Frivolous Tax Arguments83 Page PDF FileThe table of contents below gives us a good idea of the growth in this segment of our society, as there have obviously been enough stupid people advocating these ridiculous theories to earn a spot on this list of morons.THE TRUTH ABOUT FRIVOLOUS TAX ARGUMENTSJanuary 1, 2010I. FRIVOLOUS TAX ARGUMENTS IN GENERAL A. The Voluntary Nature of the Federal Income Tax System1. Contention: The filing of a tax return is voluntary2. Contention: Payment of tax is voluntary3. Contention: Taxpayers can reduce their federal income tax liability by filing a “zero return.” 4. Contention: The IRS must prepare federal tax returns for a person who fails to file. 5. Contention: Compliance with an administrative summons issued by the IRS is voluntary.B. The Meaning of Income: Taxable Income and Gross Income 1. Contention: Wages, tips, and other compensation received for personal services are not income. 2. Contention: Only foreign-source income is taxable. 3. Contention: Federal Reserve Notes are not income.C. The Meaning of Certain Terms Used in the Internal Revenue Code1. Contention: Taxpayer is not a “citizen” of the United States, thus not subject to the federal income tax laws. 2. Contention: The “United States” consists only of the District of Columbia, federal territories, and federal enclaves.3. Contention: Taxpayer is not a “person” as defined by the Internal Revenue Code, thus is not subject to the federal income tax laws. 4. Contention: The only “employees” subject to federal income tax are employees of the federal government. D. Constitutional Amendment Claims 1. Contention: Taxpayers can refuse to pay income taxes on religious or moral grounds by invoking the First Amendment.2. Contention: Federal income taxes constitute a “taking” of property without due process of law, violating the Fifth Amendment. 3. Contention: Taxpayers do not have to file returns or provide financial information because of the protection against self-incrimination found in the Fifth Amendment.4. Contention: Compelled compliance with the federal income tax laws is a form of servitude in violation of the Thirteenth Amendment.5. Contention: The Sixteenth Amendment to the United States Constitution was not properly ratified, thus the federal income tax laws are unconstitutional.6. Contention: The Sixteenth Amendment does not authorize a direct nonapportioned federal income tax on United States citizens. E. Fictional Legal Bases 1. Contention: The Internal Revenue Service is not an agency of the United States.2. Cont[...]

IRS Shotguns

Fri, 05 Feb 2010 01:04:00 +0000

Rush also picked up on the Drudge item about IRS purchasing a bunch of new shotguns. He had this to say about the topic, as transcribed on his website.

Look at this: "The IRS Is Looking For 60 12-Gauge Pump Action Guns To Arm Its Investigators." This is from "Working for the IRS doesn't sound so wimpy anymore. The IRS apparently has plans to buy 60 Remington Model 870 police 12 gauge pump action shotguns for the Criminal Investigation Unit. According to the federal business government website, these guns are serious. The Remington parkerized shotguns come fully loaded with:

A fourteen inch barrel
Modified choke
Wilson Combat Ghost Ring rear sight
XS4 Contour Bead front sight
Knoxx Reduced Recoil Adjustable Stock
Speedfeed ribbed black forend

"We're not sure what kind of IRS duty requires this kind of combat artillery, but it sounds badass. And oddly, these are the only guns the IRS is allowed to use, 'based on compatibility with IRS existing shotgun inventory.'" (interruption) No, I don't think this is for Geithner. You mean to get him to repay? You know, I'll tell you what, with as much as they're going to raise taxes they're going to have to be a big problem. It won't be long before they bring the military in to do this. Sixty 12-gauge pump action shotguns for the IRS?


Thu, 04 Feb 2010 23:39:00 +0000

Next in Line for a Bailout: Social Security – All Ponzi schemes eventually collapse on their own.


Wed, 03 Feb 2010 15:44:00 +0000

Drudge had some interesting tax related stories in today’s headlines:

Case backs need for sex-change surgery. US tax court rules costs deductible – A new more generous interpretation of the dispute between “required” medical costs and “elective,”

Budget-strapped states avoid the word 'taxes.' Rise disguised as penalty, fee. - This trick has long been used by slimy politicians to pretend they aren’t raising taxes, while using various other means to steal money from us peons.

Acquiring Shotguns – This bid by IRS to purchase 60 shotguns illustrates that I haven’t been exaggerating when I say that we are forced to pay taxes and for the Social Security Ponzi scheme at the point of a gun.  It’s also another example of how “voluntary” paying taxes is, for those idiot tax protestors still clinging to that stupid argument.