Monthly Archives: September 2011

News Report: Full Tilt Sold

Posted on September 30, 2011 by Russ

PokerFuse is reporting that Full Tilt Poker has been sold to Group Bernard Tapie. The deal is conditional on factors including a favorable resolution with the US Department of Justice. PokerFuse reports that the deal calls for repayment of all … Continue reading →

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Draft Instructions Released for Son of FBAR; Gambling Accounts Will Not be Reportable

Posted on September 30, 2011 by Russ

The draft instructions for the new Son of FBAR (Form 8938) were released today. (Here is a link to my discussion of the form itself.) Here are some highlights from a first skimming of the instructions: For unmarried taxpayers living … Continue reading →

Posted in International, IRS | Tagged , | 2 Comments

Full Tilt Poker: $238 Million (54%) May Have Gone to Pay Taxes

Posted on September 28, 2011 by Russ

As I noted last week, Full Tilt Poker allegedly paid their owners $440 million, much of that money supposedly coming from player deposits. One question I’ve been asked is, where did that money go? Well, I don’t know where all … Continue reading →

Posted in Gambling, Scams | Tagged | 2 Comments

Tax Evader to be Head NBA Referee

Posted on September 28, 2011 by Russ

Well, there might not be an NBA season, but if there is one I’m sure the NBA will have fair officiating this year…. Hat Tip: Joe Kristan

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Diamonds in the Fraud

Posted on September 26, 2011 by Russ

There’s a new theory in the world of tax fraud promoters: Redemption. Joe Kristan had a post last week on some Kansas City fraudsters who used this method. The “idea” behind this is (as best as I can determine) that … Continue reading →

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In Regulators We Trust

Posted on September 26, 2011 by Russ

That might be the state motto of California. An excellent article by Mike Perrault of the Desert Sun looks at what has happened to the entrepreneurial spirit in the Bronze Golden State. It contains the news that: A Vietnamese restaurant … Continue reading →

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California Leads the Way: Worst State for Business

Posted on September 21, 2011 by Russ

Another survey, another “winner” for California. Every three years Development Counsellors International publishes a survey: A View from Corporate America: Winning Strategies in Economic Development Marketing. Among the many results in the survey are the five best and worst states … Continue reading →

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New Math: California Missed August Revenue Forecast

Posted on September 21, 2011 by Russ

Just over one week ago, I wrote that California tax collections in August exceeded the budget. It turns out that California Controller John Chiang apparently had $75 million of insurance tax in August that was actually received in September. Thus, … Continue reading →

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Full Tilt Poker Alleged to be “Massive Ponzi Scheme”

Posted on September 20, 2011 by Russ

The United States Attorney for the Southern District of New York this morning alleged that Full Tilt Poker is a “massive Ponzi scheme.” Back in April, the Department of Justice seized the domain names of the three largest US-facing online … Continue reading →

Posted in Gambling, Scams | Tagged | 3 Comments

Whistle Blown on Referees

Posted on September 19, 2011 by Russ

A fundamental principal of US taxation is that all income is taxable unless Congress exempts it. If you’re a referee in a basketball game, you have to pay tax on that money. Now, I wouldn’t have though that refereeing adult … Continue reading →

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