December, 2012

Message from Nelson & Company, P.S., CPAs

Congress Passes American Taxpayer Relief Act of 2012

Congress has passed the Tax Extender Bill. It is 157 pages and we have not yet had an chance to review it.

Good news is the exemption for AMT (Alternative Minimum Tax) has been made permanent effective 2012. This means 30+ million middle-income taxpayers won’t get a tax hit. The sales tax deduction and some energy credits were also extended. Increases for income and estate taxes take effect for tax year 2013. We will issue a special bulletin summarizing these changes.

One other piece of good news is that in November, the IRS changed the effective date for new depreciation and capitalization rules to January 1, 2014.

For the new payroll withholding table rates at 6.2%, and for updated information regarding the tax bill, visit:

David S. Nelson, CPA, CTRS
Certified Public Accountants

IRS Times & Inquirer

Inside This Issue...

Charlie Sheen Gives Lindsay Lohan $100,000 for Tax Bill
Former Air Force Pilot Faces Prison for Tax Evasion

Charlie Sheen Gives Lindsay Lohan $100,000 for Tax Bill

Actor Charlie Sheen, formerly the star of Two and a Half Men and now the star of Anger Management, gave troubled actress Lindsay Lohan $100,000 to help her pay down her crippling tax debt.

Sheen and Lohan worked together recently on the set of Scary Movie 5. According to TMZ, which first reported the news, Lohan used Sheen’s money for its intended purposes — paying Uncle Sam.

Lohan, whose personal troubles have been tabloid fodder for years, allegedly owed the IRS $233,904 in back taxes for 2009 and 2010, according to TMZ.

Former Air Force Pilot Faces Prison for Tax Evasion

A former U.S. Air Force pilot faces five years in prison after pleading guilty to tax evasion.

William M. Rogers Jr., 70, of Castle Rock, Colo., worked as a professional pilot in the civilian sector for various companies in Colorado.

During the years 2005 through 2007, according to court records, Rogers had companies he worked for make payments for his pilot work to Sea Scan International Inc., a company he controlled. Rogers deposited checks payable to Sea Scan into a bank account in the name of North Pacific Odyssey Inc., another corporation he controlled, and cashed thousands of dollars of checks drawn on that account. His system of deposits and withdrawals was intended to evade income taxes.


--Our Policies--

Nelson & Company, P.S., CPAs Since 1979

Circular 230 Disclosure:
To ensure compliance with requirements imposed by the IRS, we inform you that (i) any tax advice contained in this communication (including any attachments) was not intended or written to be used, and cannot be used for the purpose of avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.

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