Author Archives: Russ

Taxes and Daily Fantasy Sports: The Duck Test

Posted on February 23, 2014 by Russ

If it looks like a duck, walks like a duck and quacks like a duck, then it just may be a duck. So said someone (this quote has been attributed to Walter Reuther among others), and it’s one of those … Continue reading →

Posted in Gambling | Tagged | 4 Comments

What Are the Tax Impacts of the FullTiltPoker Remission Payments?

Posted on February 21, 2014 by Russ

In less than one week, many poker players will finally receive their balances that they had at FullTiltPoker when that online poker site was shut down as a result of “Black Friday.” According to the Garden City Group (the claims … Continue reading →

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The Fun With the Two-Month Automatic Extension Continues

Posted on February 20, 2014 by Russ

I’ve been having issues with clients who take the automatic two-month extension. As I learned years ago, a taxpayer outside of the United States on April 15th gets two extra months to file his return. This is noted in Treasury … Continue reading →

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Tax on the Run Owners Run to ClubFed

Posted on February 16, 2014 by Russ

Here’s a scheme for you: The government has set up this new tax credit worth thousands of dollars. What if we find some impoverished individuals, have them fill out tax returns claiming this credit, and we pocket all that cash? … Continue reading →

Posted in Tax Fraud | 1 Comment

Utopia Is Dead

Posted on February 16, 2014 by Russ

A perfect place. That’s what comes to my mind when I hear the word “utopia.” Vincent and Mary Giamo had a different idea; Utopia was their nightclub in Orchard Park, New York (near Buffalo). It was quite successful as they … Continue reading →

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Texas’s Gain Is California’s Loss

Posted on February 16, 2014 by Russ

Today a client asked me about where to relocate her company headquarters. Her computer engineers aren’t thrilled with the current location, and would like to move to either California or Texas. I explained the decision has a cost difference of … Continue reading →

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DC Court of Appeals Rules Against IRS: Loving Decision Upheld

Posted on February 11, 2014 by Russ

This morning the US Court of Appeals for the District of Columbia unanimously upheld the district court’s decision in Loving v. IRS. This means that the IRS’s goal of mandating licensing for all tax professionals is dead. At some future … Continue reading →

Posted in IRS | Tagged | 1 Comment

Really Big Tax Evasion Leads to Really Long Sentence at ClubFed

Posted on February 9, 2014 by Russ

There’s tax evasion, big tax evasion, and then we have this story of really, really big tax evasion. And we also must highlight once again that tax protester arguments have as much chance of flying as the dodo bird. I’ve … Continue reading →

Posted in Tax Evasion | 1 Comment

Mailbag: Can Gambling Income Transform to Ordinary Income by Moving It Through a Business Entity?

Posted on February 9, 2014 by Russ

Back in the Middle Ages, alchemists attempted to transform base metals into gold and silver. If only one could change lead into gold. Unfortunately, lead is lead and gold is gold. Why do I bring up alchemy? Because I received … Continue reading →

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IRS Harassment of Tea Party Groups Reportedly Has Continued

Posted on February 8, 2014 by Russ

Congress continues to investigate the IRS scandal, and news this week indicates that it continues. Here’s the first two paragraphs of a Washington Examiner article: Tea Party officials told a congressional panel Thursday they are still being targeted for harassment … Continue reading →

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