Author Archives: Russ

Inherited IRAs and Bankruptcy Heading to the Supreme Court

Posted on December 1, 2013 by Russ

Can creditors go after an inherited IRA in bankruptcy? The Supreme Court will examine that issue next Spring when they hear arguments in Clark v. Rameker. The Supreme Court will resolve a split in the Courts of Appeal (the 7th … Continue reading →

Posted in Supreme Court | Tagged , | Comments Off on Inherited IRAs and Bankruptcy Heading to the Supreme Court

Gilbert Hyatt In New York

Posted on November 27, 2013 by Russ

The decision on the Gilbert Hyatt appeal here in Nevada has still not come out. However, when I did my weekly check I discovered that the Gilbert Hyatt case has now reached New York State. The entire Gilbert Hyatt case … Continue reading →

Posted in California | Tagged | Comments Off on Gilbert Hyatt In New York

Don’t Try This at Home

Posted on November 24, 2013 by Russ

Thomas Thorndike was a tax preparer in Waterbury, Connecticut. I use “was” because earlier this year he was sentenced to six years at ClubFed for cheating on his own taxes and for helping clients obtain refunds using false deductions. Here’s … Continue reading →

Posted in IRS, Tax Preparation | 1 Comment

Nifty Scheme Lands Five at ClubFed

Posted on November 24, 2013 by Russ

Last year I reported on the inventive scheme used by the owners of Nifty Fifty’s, a Philadelphia area restaurant chain. Back in 1986, the restaurant was founded. The chain is themed on the 1950s; the owners apparently longed for the … Continue reading →

Posted in Tax Evasion | Tagged | 2 Comments

It’s All Greek to Me

Posted on November 21, 2013 by Russ

In reading through the poker world today, news from Greece pushed to the forefront: The Greek government has implemented an up to 20% “Player Withholding Tax” on online gambling. It doesn’t sound like much, but like everything the devil is … Continue reading →

Posted in Gambling, International | Tagged | 1 Comment

Pass the Popcorn, Please, II

Posted on November 20, 2013 by Russ

As ObamaCare and its troubles dominate the news, lurking in the background is the IRS scandal. The Chief Counsel of the American Center for Law and Justice (ACLJ) wrote an op-ed on FoxNews that noted the lawsuit filed by the … Continue reading →

Posted in IRS | Tagged , | Comments Off on Pass the Popcorn, Please, II

Pass the Popcorn, Please

Posted on November 20, 2013 by Russ

When I last wrote about Instant Tax Service it appeared that the end of that firm was upon us. After all, a judge ordered ITS to close shop because of a myriad of sins. ITS is appealing and is now … Continue reading →

Posted in Tax Preparation | Tagged | Comments Off on Pass the Popcorn, Please

It’s How They Earned the $1.46 Million of Tax Refunds that’s the Problem

Posted on November 17, 2013 by Russ

I’d like to convince my clients to start adding gratuities when they pay me. I did have one client just add $10 to his payment (and yes, I’ll be claiming that on my tax return); I appreciated it and told … Continue reading →

Posted in Uncategorized | 1 Comment

He Only Got 35 Months This Time

Posted on November 17, 2013 by Russ

There are two pieces of good news for Michael Carlow of Pittsburgh. First, he only get 35 months at ClubFed (he served eight years previously). And second, the statute of limitations expired on the IRS on $5 million of the … Continue reading →

Posted in Tax Fraud | Tagged | Comments Off on He Only Got 35 Months This Time

It Only Took Six Years to Get an Answer….

Posted on November 17, 2013 by Russ

I currently have an audit reconsideration case that’s been on hold for eighteen months. I guess I have nothing to complain about, though. One unlucky attorney waited over six years to get an answer from the Financial Crimes Enforcement Network … Continue reading →

Posted in FINCEN | Comments Off on It Only Took Six Years to Get an Answer….