Author Archives: Russ

Possible Problem With IRS Coding of Rejected Tax Payments

Posted on October 20, 2011 by Russ

If you are a tax professional and have recently had a client (or clients) whose IRS payment shows as rejected on Form 9325, it is possible that the payment actually went through. When an individual files his tax return electronically, … Continue reading →

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Recharacterization Deadline for Roth IRAs is October 17th

Posted on October 11, 2011 by Russ

Many individuals converted their traditional IRA to a Roth IRA in 2010. It seemed like a great idea but then the stock market went down. Now, some of these individuals owe tax on money they no longer have. You can … Continue reading →

Posted in IRS | Tagged , | 2 Comments

Sometimes the Light at the End of the Tunnel Is an Oncoming Train

Posted on October 11, 2011 by Russ

September revenue in California came in at a bit more than $300 million under forecast. That brings the fiscal year to somewhere between $700 and $800 million below forecast. (The California Controller’s office and the California Finance Department use slightly … Continue reading →

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Former NFL Player Sacked for Evasion

Posted on October 10, 2011 by Russ

Jeffrey Lynn Walker played three seasons in the NFL in the 1980s with the San Diego Chargers and the New Orleans Saints. Mr. Walker was an offensive lineman, so he was trying to make holes for the offense. After his … Continue reading →

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Bad News for Medical Marijuana

Posted on October 7, 2011 by Russ

Yesterday the Associated Press reported that US Attorneys in California have sent letters ordering medical marijuana dispensaries to close. The problem is that while medical marijuana use in California is legal under state law, marijuana remains illegal under federal law. … Continue reading →

Posted in IRS | 1 Comment

Four Weeks of Freedom Could Cost Ten Years at ClubFed

Posted on October 3, 2011 by Russ

I’ve reported on Tony and Micaela Dutson before. The couple, who were nominated for my prestigious Tax Offender of the Year award (but did not win in 2010), apparently wanted to try again in 2011. Back In June 2010 I … Continue reading →

Posted in Tax Evasion | Tagged | 2 Comments

It Turns Out They Weren’t Brothers from Another Planet

Posted on October 3, 2011 by Russ

It may be the High Holy Days for Jews around the world, but it appears that every day is a holy day for the Office of the Patriarch of the Gathering of the House of Israel. You never heard of … Continue reading →

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News Report: Full Tilt Sold

Posted on September 30, 2011 by Russ

PokerFuse is reporting that Full Tilt Poker has been sold to Group Bernard Tapie. The deal is conditional on factors including a favorable resolution with the US Department of Justice. PokerFuse reports that the deal calls for repayment of all … Continue reading →

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Draft Instructions Released for Son of FBAR; Gambling Accounts Will Not be Reportable

Posted on September 30, 2011 by Russ

The draft instructions for the new Son of FBAR (Form 8938) were released today. (Here is a link to my discussion of the form itself.) Here are some highlights from a first skimming of the instructions: For unmarried taxpayers living … Continue reading →

Posted in International, IRS | Tagged , | 2 Comments

Full Tilt Poker: $238 Million (54%) May Have Gone to Pay Taxes

Posted on September 28, 2011 by Russ

As I noted last week, Full Tilt Poker allegedly paid their owners $440 million, much of that money supposedly coming from player deposits. One question I’ve been asked is, where did that money go? Well, I don’t know where all … Continue reading →

Posted in Gambling, Scams | Tagged | 2 Comments