Author Archives: Russ

Snipes Trial Delayed

Posted on October 11, 2007 by Russ

The Hollywood Reporter is saying that Wesley Snipes’ tax evasion trial has been continued. Apparently Judge Terrell Hodges changes his mind after speaking with Mr. Snipes. It appears that the new trial date has not been set. More on the … Continue reading →

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Will Our Government Learn?

Posted on October 10, 2007 by Russ

California is a great place to live. The climate in Orange County is wonderful. I like the people. But the taxes are high. I’m in Connecticut for the rest of the week (there won’t be many posts this week because … Continue reading →

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IRS Helps With Late S Corp Elections

Posted on October 10, 2007 by Russ

The IRS announced a new Revenue Procedure 2007-62 yesterday, which will allow an S Corporation to make a late election–later than the 2.5 months currently allowed. Indeed, you’ll be able to make the late S Corporation election with your first … Continue reading →

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Snipes Fires Attorneys, Doesn’t Get Extension

Posted on October 4, 2007 by Russ

Wesley Snipes fired his attorneys for his upcoming tax evasion trial. The Ocala Star-Banner reports that Snipes new attorney, Robert G. Bernhoft, told Judge Terrell Hodges, “The scope and prejudicial effect of this pervasive ineffective assistance of counsel only recently … Continue reading →

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Poker Tournaments: No Withholding Likely

Posted on October 4, 2007 by Russ

The Las Vegas Sun reports today that the American Gaming Association and the IRS reached agreement that for poker tournaments if a casino/cardroom issues W-2Gs, then withholding at 25% will not be required on wins above $5,000. >From the IRS’s … Continue reading →

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A Rather Large Case of Fraud

Posted on October 4, 2007 by Russ

The bigger they come, the harder they fall. So goes the cliche, and so also go the owners of Circle Industries in Alpharetta, Georgia. Gerald Marchelletta, Sr., and Gerald Marchelletta, Jr., own Circle Industries. They specialize in drywall construction, and … Continue reading →

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Snipes Loses Role; Passport Has Been Seized

Posted on October 4, 2007 by Russ

Poor Wesley Snipes. As you may remember, Snipes will soon be on trial for allegedly filing a false claim for an income tax refund. As Joe Kristan of Roth Tax Updates reports, Mr. Snipes lost the lead in Spike Lee’s … Continue reading →

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War Tax Proposal DOA

Posted on October 4, 2007 by Russ

Three Congressmen proposed on Monday a war surtax—a measure that would increase income tax rates from between 2% and 15% (the top tax bracket would become 50% if enacted). The move is a publicity stunt that has no chance of … Continue reading →

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Evade, and then Skip Out

Posted on October 4, 2007 by Russ

Karen and Charles Petersen of Nowthen, Minnesota were indicted back in 2005 for tax evasion. The government alleged that they hid their income in a trust, and then used the trust to pay personal and business expenses. After they were … Continue reading →

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Bozo Fraud Gets Real Jail Time

Posted on October 4, 2007 by Russ

I must admit that I laughed when I read this story. From Canton, Georgia comes the tale of Larry Black. Mr. Black decided to set up a booth at a check-cashing store in suburban Atlanta. He said he was a … Continue reading →

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