Author Archives: Russ

Tax Evader to be Head NBA Referee

Posted on September 28, 2011 by Russ

Well, there might not be an NBA season, but if there is one I’m sure the NBA will have fair officiating this year…. Hat Tip: Joe Kristan

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Diamonds in the Fraud

Posted on September 26, 2011 by Russ

There’s a new theory in the world of tax fraud promoters: Redemption. Joe Kristan had a post last week on some Kansas City fraudsters who used this method. The “idea” behind this is (as best as I can determine) that … Continue reading →

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In Regulators We Trust

Posted on September 26, 2011 by Russ

That might be the state motto of California. An excellent article by Mike Perrault of the Desert Sun looks at what has happened to the entrepreneurial spirit in the Bronze Golden State. It contains the news that: A Vietnamese restaurant … Continue reading →

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California Leads the Way: Worst State for Business

Posted on September 21, 2011 by Russ

Another survey, another “winner” for California. Every three years Development Counsellors International publishes a survey: A View from Corporate America: Winning Strategies in Economic Development Marketing. Among the many results in the survey are the five best and worst states … Continue reading →

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New Math: California Missed August Revenue Forecast

Posted on September 21, 2011 by Russ

Just over one week ago, I wrote that California tax collections in August exceeded the budget. It turns out that California Controller John Chiang apparently had $75 million of insurance tax in August that was actually received in September. Thus, … Continue reading →

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Full Tilt Poker Alleged to be “Massive Ponzi Scheme”

Posted on September 20, 2011 by Russ

The United States Attorney for the Southern District of New York this morning alleged that Full Tilt Poker is a “massive Ponzi scheme.” Back in April, the Department of Justice seized the domain names of the three largest US-facing online … Continue reading →

Posted in Gambling, Scams | Tagged | 3 Comments

Whistle Blown on Referees

Posted on September 19, 2011 by Russ

A fundamental principal of US taxation is that all income is taxable unless Congress exempts it. If you’re a referee in a basketball game, you have to pay tax on that money. Now, I wouldn’t have though that refereeing adult … Continue reading →

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Canada Fights Back

Posted on September 19, 2011 by Russ

Jim Flaherty is the Finance Minister in Canada. Mr. Flaherty (along with many Canadians) is not happy about FATCA and FBAR. FATCA will impose requirements on Canadian banks (and other financial institutions throughout the world) to report transactions to the … Continue reading →

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Once Again, Telling that Prospective Purchaser About the “True Profit” of the Business Backfires

Posted on September 16, 2011 by Russ

One method of increasing profit that’s been practiced since the first books and records have been kept is to keep two sets of books. One set shows the true profit and loss while the other presents a bleaker picture that’s … Continue reading →

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Will Chicago Get a New Casino?

Posted on September 15, 2011 by Russ

Illinois Governor Pat Quinn is not happy about proposed legislation that would add five casinos in Illinois. One of these would be in Chicago. Among his complaints are that it would harm education, increase corruption, lower oversight, and add to … Continue reading →

Posted in Gambling, Illinois | 1 Comment