How To Find Out What Coworkers Earn Whether you are negotiating for a raise or standing up for your legal rights, knowing what coworkers make gives you the upper hand. We offer practical advice about how to get the information you need.
How Star Athletes Deal With Retirement When it?s time for star athletes to retire they struggle through some of the same emotional and financial challenges that the average Joe goes through. A major difference, however, is that pro athletes are forced to deal with it at a much earlier age when Social Security and Medicare are still years down the road
Debt From KPMG Tax Shelter Survives Bankruptcy Reading appellate tax decision, there is as bad as it gets, which is appealing your sentence after you have been incarcerated. Almost as bad as it gets is appealing a bankruptcy court refusing to discharge your tax debt. That is what James Charles Vaughn was seeing the Tenth Circuit about. He did not get any help, so his multi-million dollar tax debt survives his bankruptcy. Even though, I wasn't rooting for him as I read this case, I do feel really bad from him. Primarily, he is a victim of the deprofessionalization of public accounting, which is a pretty sad thing. Mr. Vaughn was part of the large number of people around the turn of the millenium who were led to believe that their major liquidity events could be tax free, thanks to the brilliant geniuses at their Big 4 firms. In his case it was KPMG.
Mr. Vaughn, whom the Court calls "Appellant" was a really smart guy.
In the mid-nineties, Appellant was Chief Executive Officer of a cable television acquisition company, FrontierVision Partners, LP. Though Appellant had little formal education beyond high school, he had significant practical business experience. In the decade-and-a-half prior to becoming CEO of FrontierVision, Appellant served in senior executive positions at a number of cable and communication companies. Appellant was so effective in these positions he was described by one of his colleagues, the Chief Financial Officer at FrontierVision, Jack Koo, as having “as much business acumen as anyone that known in career.”
So when Mr. Vaughn did something that turned out in retrospect to have been kind of dumb, it was something dumb designed by very smart people that was really complicated. It was called BLIPS.
BLIPS was described as a structured, multi-stage program that involved investment in foreign currencies. BLIPS's use as a tax strategy resulted from the manner in which the program combined a participant's relatively small cash contribution to an investment fund (made through a limited liability company), with a nonrecourse loan and a loan premium, ultimately facilitating a high tax loss for the participant without a corresponding economic loss. Through BLIPS, a desired tax loss could be tailored to offset a participant's actual economic gain, and thereby shelter that gain from tax. The BLIPS program was structured so the basis for a desired tax loss would be achieved by closing out the investment fund after sixty days.
Have you ever seen the proof that 1=0? Buried in all the steps is a division by 0. BLIPS and its relatives such as BOSS and Son of Boss, have buried in them an unbalanced entry. As a variation on an old accounting joke, I have called it "Debit By the Window, Credit Out the Window".
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