Author Archives: Russ

Denver “High-End” Madam Indicted on Tax Evasion Charges

Posted on November 22, 2010 by Russ

Somehow tax evasion goes hand-in-hand with strip clubs and escort services. And if the government is correct in its allegations, a Denver madam will soon have plenty of time at ClubFed to reflect on this. Brenda Stewart apparently owned Denver … Continue reading →

Posted in Colorado, Tax Evasion | Tagged | 1 Comment

Selling Software to Cheat the Government Out of Strip Clubs’ Taxes Isn’t a Bright Idea

Posted on November 22, 2010 by Russ

It’s one thing to sell accounting software such as QuickBooks. That product, when used properly, helps companies accurately report their income. Theodore Kramer sold a very different software product. His Journal Sales Remover made income magically vanish from a company’s … Continue reading →

Posted in Tax Evasion | Tagged | 1 Comment

Snipes Heading to ClubFed

Posted on November 22, 2010 by Russ

This evening as I was changing channels I briefly saw an infomercial hosted by Wesley Snipes. Well, Mr. Snipes doesn’t actually appear in the commercial. But in the new television show, Wesley Snipes spends three years at ClubFed, Mr. Snipes … Continue reading →

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Helping Boss, Wife, and His Mistress Leads to ClubFed, Not a Cheap Novel

Posted on November 22, 2010 by Russ

Dennis Sartain used to be the typical accountant. He worked for Thomas Parenteau, a Columbus, Ohio homebuilder. Of course, Mr. Parenteau was found guilty of 11 counts of tax evasion and related charges, and that’s not typical. And as I … Continue reading →

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Does California Have Some of Your Money?

Posted on November 18, 2010 by Russ

California used to be rather infamous about how quick it would seize unclaimed property. While the speed of seizing the funds has slowed down, there’s still millions and millions of dollars in Sacramento that belong to you. If you’ve ever … Continue reading →

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IRSAC Issues 2010 Recommendations; Will Sanity In FBARs Advance?

Posted on November 18, 2010 by Russ

The Internal Revenue Service Advisory Council (IRSAC) issued their 2010 report. The report includes 23 recommendations to the IRS (and Congress, I suppose). The entire report is worth perusing. I’m going to focus on just one item of the 23 … Continue reading →

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If Anyone Wonders Why the Economy Isn’t Adding Jobs

Posted on November 17, 2010 by Russ

First, there’s the news that a deal to extend the Bush Tax Cuts is unlikely to pass Congress before year-end. I expected that (this Congress hasn’t shown any ability to pass anything useful). While both Democrats and Republicans have publicly … Continue reading →

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California Starts the Year $6 Billion in the Hole

Posted on November 15, 2010 by Russ

California’s Budget Analyst announced that the state is already $6 billion in the hole, and that the state faces a $25 billion deficit for 2011. Personally, I think that’s understating the problem: I suspect the deficit will rise to $30 … Continue reading →

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So I Won a Free Trip to the Bahamas. Now, How do I Report It on my Tax Return?

Posted on November 12, 2010 by Russ

Well, luck, skill, or a roll of the die was with me: I did win that free trip to the Bahamas. Come early January I’ll be winging my way 2,492 miles to Nassau and then on to the Atlantis Resort … Continue reading →

Posted in Gambling, Taxable Talk | 4 Comments

No Gold at the End of the Rainbow

Posted on November 11, 2010 by Russ

Yesterday, the Tax Court ruled in Au v. Commissioner. The Aus, husband and wife from California, gambled during 2006 but lost money. Indeed, they lost over $40,000. They took those gambling losses as a miscellaneous itemized deduction. Unfortunately, the Tax … Continue reading →

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