Monthly Archives: July 2012

DOJ Settles Civil Claims Against PokerStars & Full Tilt Poker; Full Tilt Balances to be Refunded to US Players; Settlement with Absolute/UB Also Referenced

Posted on July 31, 2012 by Russ

News came out this morning that the long-rumored deal that would have PokerStars acquire Full Tilt Poker, agree to pay the DOJ $731 million (the rumored amount was $750 million), and pay back players while settling the civil charges it … Continue reading →

Posted in Gambling | Tagged , , , | 7 Comments

Vacation

Posted on July 27, 2012 by Russ

It’s time for my annual vacation. If something earth-shattering in the tax world happens while I’m relaxing, I’ll take time out to post on it. Otherwise, enjoy the fine bloggers listed in the blogroll on the right. I’ll be back … Continue reading →

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El Monte Considering Sugary Drink Tax

Posted on July 26, 2012 by Russ

Many California municipalities face budget issues. One of these cities is El Monte, in the San Gabriel Valley east of Los Angeles. El Monte is looking at a $7 million deficit when a local sales tax expires in 2014. So … Continue reading →

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Sales Factor to be Weighed Equally in California

Posted on July 25, 2012 by Russ

For business entities operating in multiple states, apportioning corporate tax can be difficult. Every state has different rules. This is especially true when dealing with California. While California has a “single-factor” (sales) apportionment that can be used, there’s also a … Continue reading →

Posted in California | Tagged | 2 Comments

The Grass Isn’t Always Greener on the Other Side

Posted on July 24, 2012 by Russ

Here in Las Vegas the local water district really, really tries for everyone to remove their lawns and replace them with “water-friendly” landscapes. Of course, this isn’t an issue in most of the US where rain happens far more frequently … Continue reading →

Posted in Tax Evasion | 1 Comment

Two Sets of Books Aren’t Better than One

Posted on July 22, 2012 by Russ

I’ve found that the one set of books I keep is plenty. Why would I want (or need) a second set of records showing my income and expenses? Of course, I don’t have a Bozo mind, and I don’t think … Continue reading →

Posted in Tax Fraud | 1 Comment

Attorney Gets Tax Lien, Then Allegedly Commits Tax Evasion

Posted on July 22, 2012 by Russ

Lee Gottesman is a bankruptcy attorney in Toms River, New Jersey. He is also facing a heap load of tax troubles for some of the usual reasons. According to the Department of Justice, Mr. Gottesman allegedly created a sub account … Continue reading →

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More Municipalities in Trouble in California

Posted on July 22, 2012 by Russ

Yet another California city may be joining Stockton, Mammoth Lakes, and San Bernardino in bankruptcy. According to the Huffington Post, Compton has $3 million on hand but must pay out $5 million in the next month. The problems are the … Continue reading →

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Another FATCA Consequence: Sending 1042-S’s With No Withholding

Posted on July 19, 2012 by Russ

One of my clients who played in the World Series of Poker asked me to prepare his Form 1042-S’s to show the required withholding for some of his backers. The 2012 form is available, and it looks identical to the … Continue reading →

Posted in Gambling, International, IRS | 1 Comment

Sigel Gets Two Years

Posted on July 15, 2012 by Russ

Philadelphia rapper Beanie Sigel pleaded guilty to tax evasion last year. He was sentenced to two years at ClubFed, and must make full restitution to the IRS. He must report to prison in September.

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