Author Archives: Russ

Saying You’ve Never Paid Taxes in your Life on National TV After Earning Lots of Money Isn’t Brilliant

Posted on March 17, 2013 by Russ

An acquaintance of mine is a mixed martial arts (MMA) fighter. I’ve known him for many years; he’s smart, driven, and is definitely not the individual who I’m writing about. He’s smart enough to know that he has to pay … Continue reading →

Posted in Tax Evasion | Tagged , | 1 Comment

If You Want a World Series of Poker Bracelet…

Posted on March 12, 2013 by Russ

…You can get one at auction in Sacramento on April 4th. Jerry Yang, the winner of the Main Event of the 2007 World Series of Poker, is in tax trouble with both the IRS and California’s Franchise Tax Board. Back … Continue reading →

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If You’re a Sole Proprietor, Get an EIN…Now!

Posted on March 10, 2013 by Russ

Most business entities have an Employer Identification Number (EIN) that they use. An EIN is for a business what a social security number is for an individual: It’s their taxpayer identification number. Some sole proprietors must have EINs (if they … Continue reading →

Posted in IRS | Tagged | 1 Comment

When the IRS Changes the Rules Midstream in a Legal Matter…

Posted on March 7, 2013 by Russ

Janet Novack has an interesting post in Forbes. It revolves around the Offshore Voluntary Disclosure Program. The idea behind the OVDP is that a taxpayer who the IRS doesn’t know about who has (for example) secreted away funds in a … Continue reading →

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Who Knew? Iowa Has a $50 Loss Limit on Fantasy Sports

Posted on March 7, 2013 by Russ

As I end a very long work day, I notice that Jason Dinesen sent out a tweet that an Iowa legislator is attempting to increase the daily fantasy sports betting, er, skill, well gambling (in Iowa) limit from $50 to … Continue reading →

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Did the IRS Write Law?

Posted on March 5, 2013 by Russ

I received a special e-news for tax professionals. It states the following: Federal budget sequestration has resulted in required cuts to certain credits and awards, effective March 1. These required cuts include a reduction to the refundable portion of the … Continue reading →

Posted in IRS | 1 Comment

IRS Opens for All

Posted on March 4, 2013 by Russ

The IRS announced this morning that they are now accepting all forms for all returns. All of those delayed forms (including passive activities and a host of tax credit forms) are now being supported through both electronic filing and paper … Continue reading →

Posted in IRS | 1 Comment

A Sure-Fire Way to Get Indicted

Posted on March 3, 2013 by Russ

There are many ways to get in trouble with tax law. As I have said in the past, if you want to get indicted it’s a bit harder. It helps to be a celebrity, have a very large tax debt, … Continue reading →

Posted in Tax Fraud | 1 Comment

It’s 6,219 Miles from Calumet City to Amman

Posted on March 2, 2013 by Russ

What does Calumet City, Illinois have in common with Amman, Jordan? To be honest, not very much at all. However, this story begins in Calumet City and takes a detour through Amman before ending in Chicago (with a probable side … Continue reading →

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There’s No Fraud Like Giant-Sized Fraud

Posted on March 2, 2013 by Russ

When I read of a sentence that includes eight years at ClubFed and restitution of $190 million, that gets my interest. Donna Guerin is the former attorney who was sentenced yesterday in New York. Ms. Guerin was an attorney who … Continue reading →

Posted in Tax Fraud | Tagged | Comments Off on There’s No Fraud Like Giant-Sized Fraud