Author Archives: Russ

From Owning a Party Mansion to Partying at ClubFed

Posted on September 14, 2014 by Russ

Claude Verbal II wasn’t the most well liked owner of a home in North Raleigh, North Carolina. It seems that the 15,000 square foot mansion wasn’t used as a home; rather, it was a place to PARTY! To be fair, … Continue reading →

Posted in Tax Fraud | Tagged | 1 Comment

It Never Works, But They Keep Doing It

Posted on September 14, 2014 by Russ

“It amazes me that people who withhold payroll taxes and don’t remit them to the IRS can get away with it.” That’s what my friend, Scott Harker, EA, said to me this morning. Yet time and again I read stories … Continue reading →

Posted in Payroll Taxes, Tax Fraud | 1 Comment

Let’s Give Lois Lerner Credit Where Credit Is Due

Posted on September 10, 2014 by Russ

We don’t know with certainty what Lois Lerner’s role is in the IRS scandal. However, let’s give credit to Ms. Lerner in exposing something that definitely is wrong with the IRS. It turns out that Ms. Lerner was upset with … Continue reading →

Posted in IRS | Tagged | 1 Comment

Cash & Carry

Posted on September 10, 2014 by Russ

Myong Ho Pak is the owner of Yama Sushi restaurant here in Las Vegas. The restaurant is popular and has done quite well; it features all you can eat sushi. It may have done a bit worse on its 2008 … Continue reading →

Posted in Las Vegas, Tax Evasion | 1 Comment

New Jersey Tries Hail Mary on Sports Betting; Will IRS Intercept?

Posted on September 9, 2014 by Russ

Yesterday, Governor Chris Christie of New Jersey announced that New Jersey would not prosecute any casino or race track that offered sports betting. This is in spite of a federal court ruling that New Jersey’s sports betting law was unconstitutional. … Continue reading →

Posted in Gambling, New Jersey | 1 Comment

Lies, Deceit, and Nefarious Schemes

Posted on September 7, 2014 by Russ

As a poker player, I know there’s a time to lie. As a tax professional, I know that time is not while preparing your tax return or advising others on taxes. These individuals learned that the hard way. First, we … Continue reading →

Posted in Tax Evasion | 1 Comment

Another Friday: More IRS Revelations

Posted on September 7, 2014 by Russ

Shock of shocks, another Friday and we get more revelations on the IRS Scandal. Of course, if one believes the IRS and the Obama Administration, Lt. Frank Drebin had it right: Let’s get to the updates: First, the IRS announced … Continue reading →

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Ohio Small Business Owners Get a Break

Posted on September 7, 2014 by Russ

There’s a new tax deduction in Ohio that gives small business up to a 50% tax deduction on their state income taxes. This includes sole proprietorships, partnerships (and LLCs taxed as partnerships), and S-Corporations. The deduction is taken on Form … Continue reading →

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$1.25 Billion Attracts Tesla to Nevada

Posted on September 4, 2014 by Russ

As you likely heard, Tesla will be building its new “Gigafactory” at a site in Storey County near Reno in northern Nevada. What attracted Tesla to Reno? About $1.25 billion. Tesla get a 100% sales tax abatement for 20 years … Continue reading →

Posted in Nevada | Tagged | 1 Comment

IRS Won’t Say Why It Erased Lois Lerner’s Blackberry

Posted on September 4, 2014 by Russ

Let’s assume you’re under a court order to find some emails. Your hard drive crashed, but you think that some of them are saved on your Blackberry. Would you: (a) Try to find them on the Blackberry, (b) Do nothing, … Continue reading →

Posted in IRS | Tagged | 2 Comments