Author Archives: Russ

Illinois Adopts Strip Club Tax

Posted on August 19, 2012 by Russ

Back in May I posted about Illinois’ proposed strip club tax. We can now remove ‘proposed’ as the tax was signed into law; the tax goes into effect on January 1st. The tax of $3 per patron will go to … Continue reading →

Posted in Illinois | Tagged | 1 Comment

“I Don’t Need Proof: Since I Worked for the IRS and am a CPA, You Should Just Accept my Deductions.”

Posted on August 16, 2012 by Russ

The title to this piece is not a literal quote…but it’s effectively what today’s petitioner told both the IRS and the Tax Court. Needless to say, that’s not a good strategy. Bobby Perry worked for the IRS for a few … Continue reading →

Posted in Tax Court | 2 Comments

“Uniquely American…Cooking the Books”

Posted on August 12, 2012 by Russ

From South Florida comes the tale of woe for David Cypress. Mr. Cypress is a former leader of the Seminole Tribe in South Florida. The Seminoles have a gambling palace in Hollywood, Florida: The Seminole Hard Rock Hotel & Casino. … Continue reading →

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What Raising Taxes Accomplishes

Posted on August 12, 2012 by Russ

I grew up just outside of Chicago in Lincolnwood, Illinois. Last year the Land of Lincoln passed a huge tax increase. Personal income taxes increased by 66% (from a 3% rate to 5%); the corporate tax rate was also dramatically … Continue reading →

Posted in California, Illinois | Comments Off on What Raising Taxes Accomplishes

Accountant Who Solicited Hit Man Pleads Guilty

Posted on August 12, 2012 by Russ

Back in March I reported on Steven Martinez. Mr. Martinez is a tax preparer who faced charges of stealing $11 million from clients. He decided that the best strategy to fight this charge wasn’t hiring a good attorney, nor was … Continue reading →

Posted in Scams | Tagged , | 1 Comment

What a Drag

Posted on August 9, 2012 by Russ

A successful entrepreneur and life-long drag racing afficianado starts a drag racing business. The business isn’t profitable. The records, according to the entrepreneur, went down the drain when Hurricane Katrina destroyed their facility. The IRS alleges that the whole thing … Continue reading →

Posted in Tax Court | Tagged , | 1 Comment

While I Was Out: TIGTA Assails IRS’s ITIN Management and Did Harry Reid Violate the Law?

Posted on August 8, 2012 by Russ

My vacation is over, and that’s not a good thing (for me). While I was enjoying my time off, our Congresscritters remain in a bickering mood. A close election–and this year’s presidential race will likely be one such race–means that … Continue reading →

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Bad News for Medical Marijuana Dispensaries (and Espcially for the Vapor Room)

Posted on August 2, 2012 by Russ

Yet another important case came up while I am on vacation. Martin Olive operates the Vapor Room, a medical marijuana dispensary in California. He was audited, and the IRS held: – That the dispensary underreported gross receipts; – Could only … Continue reading →

Posted in Tax Court | Tagged | 2 Comments

DOJ Settles Civil Claims Against PokerStars & Full Tilt Poker; Full Tilt Balances to be Refunded to US Players; Settlement with Absolute/UB Also Referenced

Posted on July 31, 2012 by Russ

News came out this morning that the long-rumored deal that would have PokerStars acquire Full Tilt Poker, agree to pay the DOJ $731 million (the rumored amount was $750 million), and pay back players while settling the civil charges it … Continue reading →

Posted in Gambling | Tagged , , , | 7 Comments

Vacation

Posted on July 27, 2012 by Russ

It’s time for my annual vacation. If something earth-shattering in the tax world happens while I’m relaxing, I’ll take time out to post on it. Otherwise, enjoy the fine bloggers listed in the blogroll on the right. I’ll be back … Continue reading →

Posted in Uncategorized | Comments Off on Vacation