Author Archives: Russ

Liechtenstein Bank Appears Ready to Cooperate with IRS

Posted on June 10, 2012 by Russ

I’ve written about bank secrecy in Liechtenstein before. One Liechtenstein bank, Liechtensteinische Landesbank AG (LLB), has received a “group request” for information. The IRS wants information on accounts with $500,000 or more from 2004 or later. If you happen to … Continue reading →

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Nifty Fifty’s Owners Facing 50 at ClubFed

Posted on June 10, 2012 by Russ

Last month I reported on the Nifty Fifty’s chain of restaurants in Philadelphia. As expected, an indictment on tax charges was coming. And it appears that a plea deal did occur, as all five defendants pleaded guilty on Friday to … Continue reading →

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Tony Gwynn in Tax Trouble

Posted on June 10, 2012 by Russ

Baseball Hall of Fame member Tony Gwynn has tax troubles. The former San Diego Padre and current head baseball coach at San Diego State University owes more than $400,000 in back taxes according to a report in the San Diego … Continue reading →

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Funding an S-Corp from an S-Corp: Distribute, Don’t Loan

Posted on June 7, 2012 by Russ

Joe Kristan has an excellent update that is a must-read for owners of multiple S-Corporations. The Tax Court validated a traditional S-Corporation planning technique: You can distribute basis from one S-Corporation to another. There are some caveats (aren’t there always?), … Continue reading →

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A Structured Result

Posted on June 4, 2012 by Russ

A building needs a sound structure to survive. In the world of tax, structuring is something to be avoided. A used car dealer in Waterloo, Iowa has learned that. The IRS learned of alleged structuring of deposits for Century Finance, … Continue reading →

Posted in Iowa, Tax Evasion | 1 Comment

I’m Shocked to Find That People Move from High-Tax States to Low-Tax States

Posted on June 3, 2012 by Russ

Well, not really. This post by the Tax Foundation notes that New Yorkers are finding other states, such as Florida, far less taxing and are relocating there. The story references the New York Post; that newspaper ran a story noting … Continue reading →

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Bozo Payroll Tax Scheme Lands Woman in ClubFed

Posted on June 3, 2012 by Russ

As I’ve said repeatedly, if you want to get in trouble with the IRS simply don’t remit payroll taxes that have been withheld to the government. You are certain to be investigated, and if any wrongdoing is found the investigation … Continue reading →

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Another Survey, Another Bad Result for California

Posted on May 30, 2012 by Russ

Yet another survey puts California among the worst three states from a tax perspective. Alvarez & Marsal Taxand, a consulting and tax advisory firm, surveyed 800 financial executives (302 responded). Among the questions asked was Which states do you view … Continue reading →

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On the Bright Side, Lawns Need Mowing at ClubFed, Too

Posted on May 28, 2012 by Russ

If there’s been a constant theme in this blog, it’s that if you monkey around with payroll taxes bad things will happen to you. Unfortunately, Michael Cioffi of Loxhatchee, Florida isn’t a reader of this blog. Mr. Cioffi operated a … Continue reading →

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Consistency: WSOP Still Not Accepting Form 5754

Posted on May 27, 2012 by Russ

Back in 2007, I wrote this post regarding staking and the World Series of Poker. Five years have elapsed and nothing has changed. Caesar’s (Harrah’s changed their name a year ago), which operates the WSOP at the Rio Casino here … Continue reading →

Posted in Gambling | Tagged | 1 Comment