Author Archives: Russ

Gambling in Stocks vs. Gambling in Casinos

Posted on February 8, 2006 by Russ

Professor Maule has an interesting post on whether people making their living gambling on cards should be treated differently than those gambling on stocks. His conclusion: I wonder if the current Administration and its Congressional allies, in proposing to make … Continue reading →

Posted in Gambling | 1 Comment

Eight Million Ways to Lie

Posted on February 3, 2006 by Russ

Lawrence Block wrote a great book, Eight Million Ways to Die. A Milpitas, CA couple could write a sequel: Eight Million Ways to Lie (on Your Tax Return). The couple sold an invention to the predecessor of Lucent Technologies for … Continue reading →

Posted in Tax Evasion | 2 Comments

When Will They Learn?

Posted on January 31, 2006 by Russ

In last November’s election, voters roundly rejected a proposed light rail system here in Orange County. The CenterLine system would have linked Irvine, John Wayne (Orange County) Airport, and South Coast Plaza in Costa Mesa. It’s back. But only here … Continue reading →

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Gambler Craps Out

Posted on January 30, 2006 by Russ

What happens when you make a few bets and win? Well, besides ending up with more money in your pocket, you have something else to put on your tax return; gambling winnings are taxable in the United States and go … Continue reading →

Posted in Gambling | 4 Comments

Crack Tax

Posted on January 26, 2006 by Russ

Here’s an interesting idea. Why not put a special tax on illegal drugs? If a dealer gets arrested, and they don’t have a “crack stamp” on their cocaine, they’ll go to jail for tax evasion and drug possession/selling illegal drugs. … Continue reading →

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Hatch Loses Immunity Challenge…

Posted on January 25, 2006 by Russ

…Next Stop: Prison Richard Hatch, the first Survivor winner, was convicted today of failing to report $1,037,000 on his tax return. He was found not guilty of related fraud charges. Mr. Hatch has cemented a place in the Bozo Tax … Continue reading →

Posted in Tax Evasion | Tagged | 4 Comments

Survivor Trial to the Jury

Posted on January 24, 2006 by Russ

Richard Hatch’s fate now lies with a jury in Providence, RI. Hatch, the former Survivor winner is either a greedy man who didn’t want to pay the taxes he owed or he did the best he could to understand the … Continue reading →

Posted in Tax Evasion | Tagged | 4 Comments

A Prison Scam of a Different Sort

Posted on January 23, 2006 by Russ

There’s been news of prisoners scamming the IRS by filing phony tax returns. Today we have the opposite happening—a tax professional and a jailer in Texarkana, AR allegedly filing phony returns using Social Security Numbers of prisoners. The two were … Continue reading →

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LLCs vs. S Corps in California

Posted on January 23, 2006 by Russ

In my practice, I see a lot of S Corporations, but very few LLCs (I can count the number on one hand). Yet, according to Christopher Hoyt of the University of Missouri at Kansas City (writing in the TaxProf Blog), … Continue reading →

Posted in California, Entity Formation | 4 Comments

Hatch Trial Continues

Posted on January 22, 2006 by Russ

The trial of former Survivor winner Richard Hatch on ten counts including tax evasion continues in Providence, RI. Today’s New York Times has an excellent story on the trial, including reactions from some of his fellow contestants. Hatch, who took … Continue reading →

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