Monthly Archives: February 2011

Spending More Than You Have Doesn’t Work

Posted on February 28, 2011 by Russ

If you make $100,000, but you’re spending $200,000, you’re either going to use up your savings or go bankrupt. Individuals and families know this; we all live within our budgets. However, that fiscal discipline seems to be an afterthought for … Continue reading →

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Paper, Money, and Chips: How to Cause Problems with Poker Satellites in Florida

Posted on February 25, 2011 by Russ

From the standpoint of taxes, if I you win a poker tournament and I pay you in cash, a check, or casino chips, there’s no difference. All are negotiable (or fungible) monetary instruments. That’s basic. But what happens when you … Continue reading →

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FBARs No Longer Required for Poker Accounts

Posted on February 24, 2011 by Russ

The Financial Crimes Enforcement Network (FINCEN) published revised regulations for the Report of Foreign Bank and Financial Accounts (FBAR) in the Federal Register today. Poker accounts were reportable because they were pooled accounts with the money held in one central … Continue reading →

Posted in Gambling, IRS | Tagged | 9 Comments

Hint: If There’s a Chance You’ll be Arrested, Don’t Change Planes in the U.S.

Posted on February 24, 2011 by Russ

A few years ago, David Carruthers, a citizen of the United Kingdom, needed to get to San Jose, Costa Rica from London. He booked a flight through Dallas-Fort Worth. That was a mistake, as Mr. Carruthers was an executive for … Continue reading →

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Ciavarella Guilty of 12 of 39 Counts

Posted on February 22, 2011 by Russ

Back in 2009, I reported on what I called, “One of the worst cases I’ve read about.” I like putting humor in posts, but that post was just matter of fact. I had not read before of such horrendous corruption … Continue reading →

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PAIN: Why Your Productivity is Suffering

Posted on February 21, 2011 by Russ

When I was vacationing in the Bahamas earlier this year, I took three books on fitness and nutrition to read. As I sat around in the sun doing next to nothing, I decided when I got back home it would … Continue reading →

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Well, It Was Only Three Zeroes Off

Posted on February 18, 2011 by Russ

I didn’t know that shoe inserts were a good business, but they are. Randall Pennington, of Houston (and formerly of Branson West, Missouri) was the proprietor of an orthotics business in Missouri. One look at the tax returns of his … Continue reading →

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If Statesboro, Georgia Sent Me a Property Tax Lien

Posted on February 17, 2011 by Russ

Let’s suppose there was a company in Statesboro, Georgia called “Clayton Financial and Tax.” Let’s further suppose that they didn’t pay their property tax bill, and that the business folded. Statesboro tries to find someone to pay the bill, so … Continue reading →

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Making $35,000 While Gambling with $800,000 Doesn’t Compute

Posted on February 15, 2011 by Russ

Even if you lose as a gambler, you’re supposed to report the income. Today, the Tax Court took up the case of a gambler who lost in more ways than one. Our unlucky gambler spent quite a bit of time … Continue reading →

Posted in Gambling, Tax Court | 2 Comments

Changes (Welcome, Aaron Lion)

Posted on February 15, 2011 by Russ

This year will be one of change for my business. When I started my business in 1999 I had just some thoughts and dreams. Nearly twelve years later I have a mature and still growing tax practice and I must … Continue reading →

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