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Author Archives: Russ
How Long Should You Keep Your Tax Returns?
Forever. That may not seem reasonable, but California has no statute of limitations on collections of tax-related debt. That means that 30 years from now you could receive a letter from the state saying, “You didn’t file so pay us … Continue reading
Posted in California
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“Cops Moonlighting as Strip Club Bouncers Charged with Tax Fraud”
The headline says it all. >From the Chicago Tribune, this story (one-time registration required) details the sordid details, which include: – The strip clubs owner, Michael G. Wellek, had $12 million in cash (in bags) seized in 2003 from his … Continue reading
Posted in Illinois, Tax Fraud
Tagged StripClubs
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Poker Strikes Out in North Dakota
The proposal that would have legalized Internet poker sites based in North Dakota was crushed in the North Dakota senate 44-3, as reported by the Grand Forks Herald. As Senator Carolyn Nelson noted, “There are at least three federal laws … Continue reading
Posted in Gambling
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Question: When Is a Tax Cut a Tax Increase?
Answer: When it’s proposed by our Democratic led legislature. As reported in various news stories (here, in the Los Angeles Times (one-time registration required)), Democrats are proposing to lower California’s gasoline tax. (As you may remember, earlier this year the … Continue reading
Posted in California
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Tony Serra Pleads Guilty (Again)
There’s a couple of cliches I can think of to describe Tony Serra, who pled guilty to tax fraud, again. First, history repeats itself. And second, if at first you don’t succeed, try, try again. Of course, Mr. Serra, who … Continue reading
Posted in Tax Fraud
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If It Sounds Too Good to be True (2)
Forbes Magazine’s cover story is on tax fraud—specifically, the Son of Boss shelter-scheme. I’ll post a link to the article when it hits the web (in about two weeks). Until then, a good rule of thumb: if it sounds too … Continue reading
Posted in Tax Fraud
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If It Sounds Too Good to be True (1)
The Franchise Tax Board arrested Jon Gunderson, the owner-operator of Outdoor Media Group, Inc., a California billboard company. Mr. Gunderson allegedly invented phony transactions to alleviate $53 million in tax he would have owed the state. Mr. Gunderson is being … Continue reading
Posted in Tax Evasion
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Thievery and Cheating on Taxes
Sometimes you just can’t win. Indeed, for local attorney Albert M. Graham, he was faced with a dilemma. His bookkeeper embezzled money from him. And that bookkeeper was the one who aided in your keeping of income away from the … Continue reading
Posted in Tax Fraud
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They’re Alive, THEY’RE ALIVE!!!!
By the thousands, by the tens of thousands, by the, well, you get the idea, Orange County has been invaded. The invader is Vanessa Cardui, the Painted Lady Butterfly. While the sun is shining (and it’s been shining a lot … Continue reading
Posted in Taxable Talk
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$312 Billion (and counting)
According to this story in the Boston Globe, the US’s “tax gap” is between $312 billion and $353 billion for individuals (not corporations). This gap consists of underreporting of income, underpayment of taxes, and nonfilers. While the IRS’s enforcement efforts … Continue reading
Posted in IRS
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