Monthly Archives: August 2007

Poker Tournaments Takes a Hit

Posted on August 31, 2007 by Russ

Back in 2005, I speculated that the IRS would write a regulation requiring withholding from poker tournaments. The IRS will, on Tuesday, announce Revenue Procedure 2007-57, requiring withholding from any winner of a poker tournament who has received more than … Continue reading →

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Lose a Court Case, Commit Tax Fraud to Recoup the Loss

Posted on August 26, 2007 by Russ

Gene Haas, of Camarillo, California, owns Haas Automation, Inc., one of the leading CNC (computer numerical control) machine tool companies. They even have a Nextel Cup racing team. Needless to say, Haas Automation is a successful company. Back in 2000, … Continue reading →

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“The Income Tax Only Applies to Government Entitiies, Foreigners & Foreign Corporations”

Posted on August 26, 2007 by Russ

A friend of mine received an email that states, in part: “I do not agree with your synopsis though that gamblers of the 50 staets have any obligation whatsoever for the withholding of Federal income tax on lottery winnings. Why? … Continue reading →

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Hawaii Four-O

Posted on August 23, 2007 by Russ

I remember Hawaii Five-O, the long running police show that starred the late Jack Lord. This post looks at four individuals who allegedly created an illegal tax fraud scheme. The US Department of Justice filed suit against four individuals and … Continue reading →

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Sailing Away

Posted on August 23, 2007 by Russ

If you receive a free meal, can you take a tax deduction for it? That’s a simple question, and I’d guess that 99.99% of the public would use common sense to answer the question: No, of course not. How can … Continue reading →

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Taxes $200,000, Collectibles 756

Posted on August 23, 2007 by Russ

The Associated Press is reporting that Barry Bonds’ 756th home run ball will be auctioned. Matt Murphy, the man who caught the ball, has consigned the ball to Sotheby’s SCP Auctions. The ball is expected to be worth over $500,000. … Continue reading →

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November 14th Is Not Before November 13th

Posted on August 23, 2007 by Russ

If you receive an IRS Determination Letter, and decide to file a petition in Tax Court, make sure you file by the deadline. The Tax Court won’t accept your petition if you file late, as another taxpayer discovered today. Our … Continue reading →

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Phone Taxes

Posted on August 22, 2007 by Russ

Today’s Wall Street Journal has an interesting article about a phone tax battle in Missouri. [Note: $Pay$ Link] Various municipalities have claimed that their city telephone taxes apply to cellular phones; the cellular carriers disagree. On Thursday, a St. Louis … Continue reading →

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California Has a Budget

Posted on August 21, 2007 by Russ

The State Senate finally approved a budget late today. It goes to the Governator for his signature (he has said he will sign it) and for his “blue pencil” (the line item vetoes). For more details on what this budget … Continue reading →

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Father Son Fraud

Posted on August 19, 2007 by Russ

This past February, Roy Albert Lewis, a Danville, California dentist, was sentenced to two years at ClubFed for hiding $300,000 over ten years. This past week, it was his father’s turn. Leroy Albert Lewis is an oral surgeon, but his … Continue reading →

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