Author Archives: Russ

IRS Simplifies Reporting for RRSPs and RRIFs

Posted on October 7, 2014 by Russ

In a piece of good news, the IRS announced today that US taxpayers will automatically be treated as deferring income from Canadian Registered Retirement Savings Plans (RRSPs) and Canadian Registered Retirement Income Funds (RRIFs). In other words, the treatment will … Continue reading →

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Legaspi Gets 21 Months

Posted on October 5, 2014 by Russ

Francisco Legaspi didn’t want to go to jail. Back in November 1992, he pleaded guilty to tax evasion. Instead of showing up for his sentencing in January 1993, he headed to Mexico and then Canada to avoid prison. That worked … Continue reading →

Posted in Tax Evasion | 1 Comment

One Good Erasure Deserves Another

Posted on October 1, 2014 by Russ

I wonder if this sounds familiar to anyone: An organization is looking for key information stored on IRS computers. A lawsuit ensues, and the hard drives were allegedly wiped clean. No, I’m not talking about the IRS Scandal, Lois Lerner, … Continue reading →

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James Traficant Dies

Posted on September 27, 2014 by Russ

James Traficant, the colorful ex-Congressman from Youngstown, Ohio, died today at age 73. He had been injured on Tuesday when a tractor flipped on to him at his farm near Youngstown. Mr. Traficant spent eight years at ClubFed following his … Continue reading →

Posted in Ohio | Tagged | 1 Comment

California Mandates E-Filing of Business Returns

Posted on September 27, 2014 by Russ

The California legislature passed a law mandating e-filing of most business returns beginning with 2014 returns filed in 2015. This legislation was signed into law. Exemptions are available but must be requested from the Franchise Tax Board. Although not mentioned … Continue reading →

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They Both Begin With “E”

Posted on September 21, 2014 by Russ

Here’s a good way to make some money (for a while). You create a phony vendor, and send invoices to your company for that vendor for work that was, of course, never preformed. The money from the phony vendor isn’t … Continue reading →

Posted in Tax Evasion | 1 Comment

“I’ve tried to tell you the truth every time I’ve been here”

Posted on September 21, 2014 by Russ

That quote is from IRS Commissioner John Koskinen during his testimony from earlier this week on Capitol Hill. I have a simple question for Commissioner Koskinen: Why doesn’t that quote read, “I’ve told you the truth every time I’ve been … Continue reading →

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Hyatt Decision a Win for FTB as Far as Damages, but Decision Upheld that FTB Committed Fraud

Posted on September 18, 2014 by Russ

The Nevada Supreme Court released its decision today in Franchise Tax Board of California v. Hyatt. The decision is definitely a win for the FTB as far as damages; however, the Court upheld that the FTB committed fraud against Mr. … Continue reading →

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Zuckermans Sentenced; No Word on Fido & Lulu

Posted on September 17, 2014 by Russ

Earlier this year I reported on the case of Mathew and Sandra Zuckerman. The Zuckermans stopped filing and correctly paying taxes back in 1986. When you’re doing something illegal it’s best to keep a low profile. The Zuckermans eschewed that … Continue reading →

Posted in Tax Evasion | 1 Comment

Hyatt Decision Due Tomorrow (Thursday)

Posted on September 17, 2014 by Russ

The long running battle between Gilbert Hyatt and the Franchise Tax Board of California here in Nevada is likely nearing a conclusion. The Nevada Supreme Court listed the Hyatt case in their list of Forthcoming Opinions. Given that the FTB’s … Continue reading →

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