Monthly Archives: June 2015

Mr. Hyatt Goes to Washington…Again

Posted on June 30, 2015 by Russ

The saga of Gilbert Hyatt and the Franchise Tax Board, California’s income tax agency, continues. As you may remember, the Nevada Supreme Court ruled last September that the FTB committed fraud against Mr. Hyatt (false representation and intentional infliction of … Continue reading →

Posted in California, Supreme Court | Tagged | 1 Comment

Does a Nonresident Alien Spouse that Has Elected to be Treated as a US Person Need to File an FBAR?

Posted on June 29, 2015 by Russ

With the FBAR deadline upon us, an interesting question arose: Does a spouse covered by the ยง1.6013-6 regulation allowing a nonresident alien individual to be treated as a resident need to file an FBAR? Logic says no; the FBAR comes … Continue reading →

Posted in FINCEN, International | Tagged | 1 Comment

A Peabody, Massachusetts Tax Preparer Gives an Unwitting Endorsement for EFTPS

Posted on June 28, 2015 by Russ

Barry Ginsberg operated a payroll tax service in Peabody, Massachusetts (near Boston). He endorsed escrow accounts for his clients; they would send him the money for the payroll taxes and he, in turn, would pay them. Since I’m writing about … Continue reading →

Posted in Payroll Taxes, Tax Fraud | 1 Comment

You Can Pay Employees in Cash, But…

Posted on June 28, 2015 by Russ

…you’d better withhold payroll taxes. One Milwaukee restaurant owner is alleged to have forgotten that minor detail. He also allegedly didn’t include all of his cash receipts on his tax returns. Paul Bouraxis operates three Milwaukee-area restaurants. Judging from his … Continue reading →

Posted in Tax Evasion, Wisconsin | Comments Off on You Can Pay Employees in Cash, But…

BEA-10 Due on June 30th

Posted on June 24, 2015 by Russ

Just a reminder this morning that the BEA-10 mandatory survey of foreign investment by Americans is due on June 30th. If you own 10% or more of a foreign entity, you will need to file this form. New filers must … Continue reading →

Posted in BEA, International | Comments Off on BEA-10 Due on June 30th

FBAR Due in One Week

Posted on June 23, 2015 by Russ

The Report of Foreign Bank and Financial Accounts (Form 114, the FBAR) is due on June 30th. The form must be electronically filed with FINCEN. Your tax professional may be able to do it through his software (we can) or … Continue reading →

Posted in Gambling, International | Tagged | 1 Comment

Arbitrage Is Legal, But You Better Pay the Taxes

Posted on June 21, 2015 by Russ

Let’s say you are 100% certain that the price of a certain article will increase from $0.20 to $0.62 in a few weeks. Can you purchase a stock of that at $0.20 each and then sell them later at $0.62? … Continue reading →

Posted in Tax Evasion, Tennessee | 1 Comment

Form 8300 and Poker

Posted on June 17, 2015 by Russ

I’ve posted before on staking, but someone asked me the following question: I’m a professional [poker player] and am going to be staked for the High Roller One Drop Tournament [a $111,111 buy-in tournament]. I’m going to be handed the … Continue reading →

Posted in Gambling, IRS | 1 Comment

June 15th Tax Deadlines

Posted on June 15, 2015 by Russ

There are two deadlines today. First, individuals outside the United States must make file their tax returns (or an extension) today. Second, today is the due date for second quarter estimated payments (both for individuals and corporations). These are both … Continue reading →

Posted in Uncategorized | Comments Off on June 15th Tax Deadlines

Neymar Wins Championship but Faces Tax Evasion Investigation

Posted on June 7, 2015 by Russ

On Saturday Barcelona beat Juventus 3-1 in Berlin, Germany to win the Champions League Final in soccer (or football as it’s known everywhere but here). Neymar, from Brazil, is one of Barcelona’s star players. Neymar might have enjoyed the game … Continue reading →

Posted in Tax Evasion | Tagged | 1 Comment