Author Archives: Russ

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 →

Posted in S Corporation, Tax Court | Comments Off on Funding an S-Corp from an S-Corp: Distribute, Don’t Loan

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 →

Posted in California, Florida, New Mexico | Comments Off on I’m Shocked to Find That People Move from High-Tax States to Low-Tax States

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 →

Posted in Payroll Taxes, Tax Fraud | Comments Off on Bozo Payroll Tax Scheme Lands Woman in ClubFed

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 →

Posted in California, Florida, Nevada, New Jersey, New York, Texas | Comments Off on Another Survey, Another Bad Result for California

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 →

Posted in Payroll Taxes, Tax Evasion | Comments Off on On the Bright Side, Lawns Need Mowing at ClubFed, Too

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

Miccosukees Definitely in the Running for Tax Offender of the Year

Posted on May 22, 2012 by Russ

When I last reported on the Miccosukees (a South Florida Indian tribe that runs a casino), the tribe decided to apparently ignore the advice of their then-attorney and not withhold taxes on earnings of their members. They now have been … Continue reading →

Posted in Florida, Gambling | Tagged | Comments Off on Miccosukees Definitely in the Running for Tax Offender of the Year

Strip Club Tax Proposed in California; Unlikely to Become Law

Posted on May 22, 2012 by Russ

There’s now a proposal in California to tax strip clubs. The revenue that would be raised by the tax, proposed at $10 per patron, would go to rape crisis centers in the state. However, because this is a tax it … Continue reading →

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There’s Good Nostalgia and Bad Nostalgia

Posted on May 22, 2012 by Russ

Nifty Fifty’s is a nostalgia-themed chain of restaurants in the Philadelphia area. The chain is apparently successful, having won ten “Best in Philly” awards from readers of a Philadelphia newspaper. While the food is themed from the 1950s, the owners … Continue reading →

Posted in Tax Evasion | 2 Comments