Author Archives: Russ

Weekend Crime Report

Posted on April 1, 2007 by Russ

A lot has been posted this weekend in the annals of tax crime. We’ll venture from New York to the Gulf Coast to see if the government took a bite out of [tax] crime. Another of the Ozbay clan has … Continue reading →

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Minnesota Tries for Number 1!

Posted on April 1, 2007 by Russ

Congratulations to Minnesota! No, they’re not in basketball’s Final Four. Rather, Minnesota’s State Senate passed a bill on Saturday to increase the top tax bracket in the state to 9.7%, the highest regular tax bracket in the country. You would … Continue reading →

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The Deadline Counts

Posted on March 30, 2007 by Russ

Recently I assisted a client in preparing his paperwork to file a petition at the U.S. Tax Court. In my emails and letters to him, I emphasized, Make sure you mail the petition and accompanying documents by the deadline using … Continue reading →

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$2 Million in Fruad Brings 15 Months and Restitution

Posted on March 30, 2007 by Russ

Superior Electric Company of Ohio had an interesting way to make a profit: they cooked the books. Back in November, two former executives pleaded guilty to defrauding the IRS. Yesterday, John McShane, the former CFO, was sentenced. Mr. McShane was … Continue reading →

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Wisconsin Is No Place to Gamble

Posted on March 29, 2007 by Russ

I grew up in Chicago, and I remember vacationing at Wisconsin Dells as a child. Now Wisconsin, like many states, sports Indian casinos. Gamblers who patronize such casinos are in for a rude surprise when they complete their tax returns. … Continue reading →

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Anderson Gets Nine Years

Posted on March 28, 2007 by Russ

Walter Anderson, the former telecommunications executive who pleaded guilty to engaging in a $200 million tax fraud, received nine years in prison when sentenced on Tuesday. But Mr. Anderson did get lucky in one respect. Because the plea agreement was … Continue reading →

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No Alchemy for Lottery Winnings…Again

Posted on March 28, 2007 by Russ

The 2nd Circuit joined the 3rd, 9th, and 10th Circuit Courts of Appeal today and won’t allow a lottery winner to turn ordinary income into a long-term capital gain. We’ve written about this before (see here and here). The question … Continue reading →

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Neteller and Constructive Receipt

Posted on March 27, 2007 by Russ

As the saga of Neteller, the Isle of Man based financial intermediary, drags on, I’ve gotten many questions regarding the money that’s tied up. For those who are unaware, some of the Neteller money was seized by the US government … Continue reading →

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The Curves Are Less Dangerous

Posted on March 27, 2007 by Russ

There’s something about strip clubs that brings out the worst in taxpayers. They’re a mecca for tax fraud. In January I brought you the story of Dangerous Curves, a Philadelphia area strip club whose owners were accused of tax fraud. … Continue reading →

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A Win for Nguyen

Posted on March 27, 2007 by Russ

Once the judge ruled, this headline was inevitable. After all, Janet Nguyen was up by seven votes (that’s right, 7) over Trung Nguyen. So a Nguyen was going to win. Janet Nguyen was down by seven votes and asked for … Continue reading →

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