Saturday, June 9, 2007


A busy day planned for today – my normal bi-weekly payroll and accounts payable session with my largest business client this morning and dinner at JOE ALLEN’s and a ticket to the Tony-nominated musical CURTAINS tonight. I will post a review of the show here next week.

In the meantime – here are some interesting “bits and pieces”:

* Did you know that the federal government has a LUST Fund? No – it’s not what you are thinking (although I am sure that many Congressional offices have that kind of fund under a different title). And it is not the name of the Bill Clinton Impeachment Defense Fund. A bill signed late last year – H.R. 6131 – modified the Internal Revenue Code to allow expenditures from the Leaking Underground Storage Tank Fund for specified additional purposes. I think there was an episode of the CBS action series NUMBERS on “LUSTs”?

* When Congress recently made pretty much all dependent “children” subject to the “Kiddie Tax” (effective in 2008) it closed the “loophole” that allowed parents the ability to gift appreciated investments to children, who would pay lower capital gain taxes on the gain from the sale of the investments. By closing this “loophole” the government expects to collect as much as $1.5 Billion in extra tax revenues over the next 10 years.

* Bill Perez of’s Tax Planning blog reports on a “New E-mail Scam Targeting Taxpayers”.

* Bill’s colleague Mark Minassian of’s Business Law and Taxes blog explains “Why the Social Security Administration Loves Illegal Immigrants”. It makes sense!


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