Author Archives: Russ

Golf or Sentencing?

Posted on February 1, 2015 by Russ

It’s a gorgeous day here in Las Vegas today, a perfect day for a round at one of the many golf courses in town. It apparently was just as nice Wednesday in Colorado when three individuals chose to a play … Continue reading →

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Caesars Wins Round One: Chicago, not Delaware

Posted on January 28, 2015 by Russ

Judge Kevin Gross ruled on Wednesday that the bankruptcy case of Caesars Entertainment Operating Company will be tried in Chicago, not Wilmington, Delaware. Caesars’ second-tier creditors wanted the case tried in Delaware; Caesars preferred the Windy City. As Bloomberg reported, … Continue reading →

Posted in Uncategorized | 1 Comment

One Good Crime Deserved Another

Posted on January 27, 2015 by Russ

Let’s say you’re involved in a 20-year scheme that has successfully evaded millions of dollars in payroll and income taxes for your largest client. However, you’ve only had minor profits from the scheme. So why not embezzle millions of dollars … Continue reading →

Posted in Tax Evasion | Tagged | 2 Comments

The Form 3115 Conundrum

Posted on January 26, 2015 by Russ

[Accounting Today readers: Here’s a link to Fail, Caesar.] Form 3115 is the form used to request an accounting method change. For example, if your business is changing from cash to accrual, this form is filed. Many such changes are … Continue reading →

Posted in IRS, Taxable Talk | Tagged | 3 Comments

Voluntary Human Egg Retrieval and Damages

Posted on January 22, 2015 by Russ

A very interesting full decision of the Tax Court was released today in Perez v. Commissioner. The issue was whether a woman who had eggs retrieved from her body after undergoing fertility treatments in exchange for compensation could exclude the … Continue reading →

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Old Fashioned Theft Leads to New Fashioned Identity Theft

Posted on January 22, 2015 by Russ

A case out of my old home town of Visalia, California lets us know that sometimes there’s just not much you can do to prevent yourself from being a victim of identity theft. Back in 2011 Rebekah Root either stole … Continue reading →

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Fail, Caesar!

Posted on January 19, 2015 by Russ

Last week Caesars Entertainment Operating Company (CEOC) filed for Chapter 11 bankruptcy in Chicago. One week ago, second-tier bondholders filed an involuntary bankruptcy petition in Delaware. A company can only be in one bankruptcy court, so there’s an obvious issue: … Continue reading →

Posted in Gambling | Tagged , | 1 Comment

Former Mayor (and Current CPA) Learns of Tax Fraud, Joins the Conspiracy

Posted on January 16, 2015 by Russ

This is for the don’t do this at home file for tax professionals. Kenneth Harycki is the former mayor of Stillwater, Minnesota. He’s also a licensed CPA in Minnesota (but probably not for much longer). Mr. Harycki will provide an … Continue reading →

Posted in Minnesota, Tax Fraud | Tagged , | 1 Comment

Semenza Gets 18 Months

Posted on January 16, 2015 by Russ

Last year I wrote about Lawrence Semenza. Mr. Semenza with the US Attorney for Nevada back in the 1970s. He was the youngest US Attorney at that time and has had a long and successful career since as a defense … Continue reading →

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If You Do Government Work, It Pays to Treat the Government Well

Posted on January 15, 2015 by Russ

Your salary is taxable, of course. What about your bonus? Of course, that’s taxable. One business owner in Texas thought that wasn’t the case. Robert Earl Carter is the owner and Chief Executive Officer of Enterprise Advisory Services Inc. From … Continue reading →

Posted in Tax Evasion | 1 Comment