Monthly Archives: March 2008

What If You Win the Big One

Posted on March 23, 2008 by Russ

We get mail. Now, I don’t answer all of it, but this weekend I got quite a bit of interesting email. A reader asks, “I caught your appearance on the Ante Up podcast last week, so I thought I’d take … Continue reading →

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A Bad Exchange

Posted on March 20, 2008 by Russ

Section 1031 Exchanges are a tool to defer taxes. Properly done, using a reputable qualified intermediary, they’re a very useful tool in tax planning. Of course, some intermediaries aren’t as reputable as others. Edward Okun owned 1031 Tax Group LLP, … Continue reading →

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Fake Children Are Hard to Prove

Posted on March 20, 2008 by Russ

Bringing up children is tough. A Bozo tax preparer allegedly had a way to make it slightly easier. She supposedly created phony children to use as tax deductions. Hey, at least they didn’t yell about getting their rooms clean! Paulina … Continue reading →

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Heffner Gets 18 Months

Posted on March 19, 2008 by Russ

Last July I reported on the case of Timothy Heffner of Pittsburgh, Pennsylvania. Mr. Heffner had pleaded guilty to fraud, conspiracy, and tax evasion in a scheme where he “purchased” rare chemicals from Sigma-Aldrich for next to nothing and then … Continue reading →

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Who Owns the Bar?

Posted on March 17, 2008 by Russ

Most individuals put their lease agreements in writing. But not everyone does that. An individual in Maryland leases a bar to a friend with a verbal agreement. He doesn’t tell his accountant about the lease; the accountant believes (wrongly) that … Continue reading →

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When You’re Getting Your Tax Rebate (Stimulus) Check

Posted on March 17, 2008 by Russ

The IRS today released the schedule of when the stimulus payments will be received: By Direct Deposit: Last Two SSN Digits Payment Will be Transmitted By: 00 through 20 May 2 21 through 75 May 9 76 through 99 May … Continue reading →

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The Family that Evades Together…

Posted on March 17, 2008 by Russ

What happens when you start paying personal expenses out of your business and call them corporate expenses rather than salary? Very bad things, and a family in Jackson, West Virginia is accused of that. Five family members are accused of … Continue reading →

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Heinrich Kieber, Please Come Home

Posted on March 16, 2008 by Russ

Who is Heinrich Kieber? Mr. Kieber is the man who took €4 million from the Bundeskriminalamt, the German Federal Criminal Police, and gave Germany the list of Germans who had bank accounts in the tiny principality of Liechtenstein. The Landespolizei, … Continue reading →

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Seven Times Two Equals….

Posted on March 16, 2008 by Russ

One of my favorite television shows is Get Smart. In the episode called “The Decoy,” Maxwell Smart is brainwashed back to his childhood, is doing multiplication tables, and can’t figure out that 7 x 2 = 14. It’s one thing … Continue reading →

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Democrats’ Oil Tax Dead

Posted on March 13, 2008 by Russ

Political theater occurred last night in Sacramento. The Assembly held a rare evening session, and the Democrats’ oil tax fell to defeat 45-30 (it needed a 2/3 vote to pass). The vote was party line, except for one. Assemblywoman Nicole … Continue reading →

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