Monthly Archives: June 2012

Tribal Casino in Michigan Might be Illegal

Posted on June 18, 2012 by Russ

Back in 1999, the Match-E-Be-Nash-She-Wish Band of Pottawatomi Indians (thankfully, they are also known as the Gun Lake Tribe–a much easier mouthful to pronounce) were recognized as an Indian tribe. They asked the Secretary of Interior to acquire property to … Continue reading →

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Tournament Deals at the WSOP: A Primer

Posted on June 17, 2012 by Russ

This past week I received the following question: I was playing in the daily Deep Stack tournament at the Rio during the World Series of Poker. With seven players left we decided to chop the prize pool, but Caesar’s [the … Continue reading →

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California Dreamin’

Posted on June 17, 2012 by Russ

The California legislature passed yet another Bad Budget™ that used gimmicks and a hoped for tax increase this fall to balance the budget. The budget passed on a party-line vote with no Republican support. Governor Jerry Brown has not yet … Continue reading →

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Liechtenstein Bank Appears Ready to Cooperate with IRS

Posted on June 10, 2012 by Russ

I’ve written about bank secrecy in Liechtenstein before. One Liechtenstein bank, Liechtensteinische Landesbank AG (LLB), has received a “group request” for information. The IRS wants information on accounts with $500,000 or more from 2004 or later. If you happen to … Continue reading →

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Nifty Fifty’s Owners Facing 50 at ClubFed

Posted on June 10, 2012 by Russ

Last month I reported on the Nifty Fifty’s chain of restaurants in Philadelphia. As expected, an indictment on tax charges was coming. And it appears that a plea deal did occur, as all five defendants pleaded guilty on Friday to … Continue reading →

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Tony Gwynn in Tax Trouble

Posted on June 10, 2012 by Russ

Baseball Hall of Fame member Tony Gwynn has tax troubles. The former San Diego Padre and current head baseball coach at San Diego State University owes more than $400,000 in back taxes according to a report in the San Diego … Continue reading →

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Funding an S-Corp from an S-Corp: Distribute, Don’t Loan

Posted on June 7, 2012 by Russ

Joe Kristan has an excellent update that is a must-read for owners of multiple S-Corporations. The Tax Court validated a traditional S-Corporation planning technique: You can distribute basis from one S-Corporation to another. There are some caveats (aren’t there always?), … Continue reading →

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A Structured Result

Posted on June 4, 2012 by Russ

A building needs a sound structure to survive. In the world of tax, structuring is something to be avoided. A used car dealer in Waterloo, Iowa has learned that. The IRS learned of alleged structuring of deposits for Century Finance, … Continue reading →

Posted in Iowa, Tax Evasion | 1 Comment

I’m Shocked to Find That People Move from High-Tax States to Low-Tax States

Posted on June 3, 2012 by Russ

Well, not really. This post by the Tax Foundation notes that New Yorkers are finding other states, such as Florida, far less taxing and are relocating there. The story references the New York Post; that newspaper ran a story noting … Continue reading →

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Bozo Payroll Tax Scheme Lands Woman in ClubFed

Posted on June 3, 2012 by Russ

As I’ve said repeatedly, if you want to get in trouble with the IRS simply don’t remit payroll taxes that have been withheld to the government. You are certain to be investigated, and if any wrongdoing is found the investigation … Continue reading →

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