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TODAY'S BAD TAX MOVE

October 02, 2003

The Dallas-Ft. Worth Star Telegram brings us word of a tax strategy that seems perhaps unwise in retrospect:

1. Stop withholding or paying any employment taxes for your employees; and

2. Buy a full-page ad in USA Today to tell the world about your tax-saving plan.

Mr. Richard Simkanin fully implemented this strategy when he, along with some like-minded folks, purchased the ad in March 2001. He has apparently had a change of heart, given his guilty plea this week to a felony count of failure to collect, withhold or account for taxes on employees of his business.

Mr. Simkanin's plea bargain requires him to post his plea documents on his website within seven days, which had been a repository for anti-government and anti-tax material. There are at least two places to look for the plea documents in the coming days: here and here.

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