Author Archives: Russ

The Real Winners at The World Series of Poker (2010)

Posted on November 9, 2010 by Russ

Nine individuals came to Las Vegas this past weekend to compete for the championship at the World Series of Poker. Who would be the lucky winner? And who really got to keep the money? This year’s World Series of Poker … Continue reading →

Posted in Gambling | 1 Comment

If I Win a Free Trip to the Bahamas (Part 3)

Posted on November 9, 2010 by Russ

Well, I made the finals so I have a chance of winning a free trip to the Bahamas. You can vote here to send me to the Bahamas (vote for Russ Fox – Binglaha). If you’ve never registered at Two … Continue reading →

Posted in Taxable Talk | Comments Off on If I Win a Free Trip to the Bahamas (Part 3)

Triple Your Pleasure, Triple Your Trouble with the Triple-Trust

Posted on November 9, 2010 by Russ

As I’ve said on numerous occasions, if it sounds too good to be true it usually is. Still, the gullible keep flocking to the schemes that cause income to magically disappear. Steven Allen, an attorney, and Allen Goodmansen, a CPA, … Continue reading →

Posted in Tax Evasion | Comments Off on Triple Your Pleasure, Triple Your Trouble with the Triple-Trust

Franchise Tax Board Implements New “MyFTB Account”

Posted on November 9, 2010 by Russ

The Franchise Tax Board has implemented a new “MyFTB Account.” This replaces the old “My Account” on the FTB’s website. Back in September I saw a demonstration of the new website and I was impressed. The system shows withholding, estimated … Continue reading →

Posted in California | Comments Off on Franchise Tax Board Implements New “MyFTB Account”

Son of FBAR

Posted on November 9, 2010 by Russ

Coming in 2010 is Form 8938, Statement of Foreign Financial Assets. The draft of the form, which the IRS is soliciting public comment on, is now available. It may remind you of Form TD F 90-22.1 (FBAR). Phil Hodgen (who … Continue reading →

Posted in IRS | Tagged | Comments Off on Son of FBAR

To C Or Not To C, That Is The Question

Posted on November 9, 2010 by Russ

Robert Flach announced his newsletter, The Schedule C Letter. Robert notes, THE SCHEDULE C LETTER is a bi-weekly newsletter that provides tax planning and preparation advice, information, and resources for sole proprietors and one-person LLCs who report their business activity … Continue reading →

Posted in Entity Formation | 4 Comments

If I Win a Free Trip to the Bahamas (Part 2)

Posted on November 8, 2010 by Russ

For those who care, I made the semi-final round of the contest that could send me to the Bahamas. For the readers who commented and want to vote in the semi-finals, you can do so at this link (choose Russ … Continue reading →

Posted in Gambling, Taxable Talk | Comments Off on If I Win a Free Trip to the Bahamas (Part 2)

When Winning by 0.5% Is a Mandate

Posted on November 8, 2010 by Russ

Illinois is broke. While other states (such as California) have higher budget deficits, on a per capita basis Illinois leads the way. Illinois has a $13 billion deficit and some vendors haven’t been paid in nearly seven months. In last … Continue reading →

Posted in Illinois | 1 Comment

Wellek Pleads Guilty, Admits Tax Evasions

Posted on November 8, 2010 by Russ

In October I noted that Michael Wellek, the owner of three strip clubs in the Chicago area, would soon plead guilty to tax evasion. He did so last week. Mr. Wellek admitted he didn’t file a tax return for years … Continue reading →

Posted in Illinois, Tax Evasion, Uncategorized | Tagged | Comments Off on Wellek Pleads Guilty, Admits Tax Evasions

Kritt Wins One

Posted on November 8, 2010 by Russ

Earlier this year I reported on Attorney Ira Kritt, and that he has been charged in a tax fraud case in South Dakota. I had noted that Mr. Kritt had also been charged in a West Virginia case. Mr. Kritt, … Continue reading →

Posted in Tax Evasion | Tagged | Comments Off on Kritt Wins One