Tax Cops Pursue $1 Billion
Between 900 and 1,000 wealthy Californians suspected of using abusive tax shelters to lower their state tax bills are being audited by the Franchise Tax Board and they may owe as much as $1 billion, the Sacramento Bee reports. The new figures were disclosed by three senior members of the Franchise Tax Board’s abusive tax shelter unit who said these taxpayers may also be on the hook for another $125 million in penalties. Officials said they were surprised their agency had identified $1 billion worth of suspect deals to audit, given high-profile state and federal efforts to eradicate illegal tax shelters since 2003. That year, the California Senate and Assembly passed laws authorizing the FTB to launch a special unit to counter the proliferation of abusive tax shelters. Many of the affected taxpayers are expected to file protests because most of them chose to avoid taking part in the state’s 2004 abusive tax shelter amnesty.
.
The Latest Rising Stars in Hollywood: Bookies
Rita Embry of Miami won $100 from an online bookie last week. The 25-year-old graphic designer wasn’t playing the ponies or betting on the NBA playoffs. She cashed in on a wager that “X-Men: The Last Stand” would take in more than $81.5 million its opening weekend. Such fans are giving new meaning to the term “Hollywood player,” the Los Angeles Times reports. By putting their money where their entertainment hunches are, they are turning the weekend box-office derby , once followed mainly by studio executives and accountants , into a participatory sport. Online entertainment betting, originally a novelty aimed at hyping the sports books during Oscar season, is on the rise. World Sports Exchange, which runs a gambling site at wsex.com, reports that its movie wagering volume jumped 26 percent last year. These days, the site takes $25,000 to $50,000 worth of bets on each weekend’s box-office results.
–
