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While the IRS Was Collecting Young Buck’s Scarface Poster and Various Other Material Possessions, They Allegedly Found a Gun

Normally, as 2nd Amendment enthusiasts will tell you, this would be NBD but if you were convicted of stabbing someone in 2004, then it’s a big no-no.

According to an indictment unsealed Monday, he’s charged with being a convicted felon in possession of a .40-caliber pistol and ammunition. Federal authorities said all this happened on or about Aug. 3. That was about the same time federal agents raided his Hendersonville home. Records that Channel 4 obtained showed that the 29-year-old owed about $300,000 in taxes dating back to 2006.

YB pleaded not guilty to the charges. As you may recall, the IRS rounded up Royal Copenhagen Bear Figurines, a Tennessee Titans refrigerator, Louis Vuitton gun holster among other things, with the intent to auction them off. Mr Buck didn’t take this very well, got his lawyer to stop the auction and he subsequently sued the Service for his inability make a living. The IRS was not impressed and now they seem to be done playing games; YB faces ten years if convicted.

Nashville Rapper Facing Federal Charges [WSMV]

Area CPA Parlays Clients’ Need for Tax Advice, Love of Guns

Richard Grassano is a CPA in Athens, Tennessee who just so happens to also be a gun shop owner. At some point in his 35 years as CPA, Mr Grassano noticed that during the traditional tax season he also saw a bump in gun sales at his gun shop (that just so happens to be next door to his office, in the same building). Being a savvy CPA, Grassano saw an opportunity:

All American is advertising tax preparation services along with a bonus gift card for use at the neighboring gun shop. The gift cards range from $5 to $25 based on the amount of the tax return. Grassano said he’s noticed that gun and ammo sales pick up every year around the time people get their tax returns. Tax season also is the busiest time of the year for his accounting business. “It’s cross-marketing,” he said. “We were looking for a way to tap into that increase in business that occurs every year around this time.”

Clearly Grassano knows that tapping into Americans’ distaste for taxes is a great opportunity for his gun business. Regardless if a client receives a refund or not, the mere idea of having to comply with the tax law and the IRS can send some people into a frenzy. A frenzy that may just cause someone to want to shoot something. So gift cards are a natural catalyst to help these people satisfy their desire for a little Remington steel.

But Grassano’s also no dummy when it comes to being familiar with his surroundings:

Athens, with the highest per capita number of concealed carry permits of any municipality in the state, according to the Memphis Commercial Appeal database, is obviously a great location for a gun shop. “I’ll have little old ladies walk in here, put an old pistol on the counter and say, ‘I don’t know what kind of bullets this gun takes, but can you get me a box?’ “Grassano said.

And btw, those little old ladies pay taxes.

Ready, aim, file! Accountant gives refund gift cards to use at gun shop [Knoxville News Sentinel]

Accounting News Roundup: Tax Cut Political Football Goes Flat; Google’s Remarkable Tax Planning; Yes, IRS Agents Are Strapped | 10.21.10

Tax Cuts Slide To Back Burner On Campaign Trail [WSJ]
It’s a sign that a decision by Democratic leaders, to put off a vote on extending the tax cuts until after the Nov. 2 elections, may be paying off politically.

“It’s harder to write an ad portraying a vote that hasn’t happened yet,” said Brian Gaston, a former senior aide to House GOP leaders and now a lobbyist at the Glover Park Group.

Google 2.4% Rate Shows How $60 Billion Lost to Tax Loopholes [Bloomberg]
Google y $3.1 billion in the last three years using a technique that moves most of its foreign profits through Ireland and the Netherlands to Bermuda.

Google’s income shifting — involving strategies known to lawyers as the “Double Irish” and the “Dutch Sandwich” — helped reduce its overseas tax rate to 2.4 percent, the lowest of the top five U.S. technology companies by market capitalization, according to regulatory filings in six countries.

TUI Travel CFO Quits After Accounting Error [Dow Jones]
In an embarrassing admission, the company said an ongoing audit for the fiscal year ended September 2010 had highlighted the accounting error in the integration of IT systems in its U.K. mainstream business that had accrued over a period of four to five years and which increased its total write-off for 2009 from GBP29 million to GBP117 million.

Chief Executive Peter Long told Dow Jones Newswires that the issue had been identified when it reported its third-quarter results but continued to investigate the matter and “only last night were we able to determine the scale of the problem.”

Banks Clueless on Foreclosure Mess Severity [Jonathan Weil/Bloomberg]
The biggest U.S. mortgage lenders and servicers say they’re putting the foreclosure mess behind them, and that it never was a major problem. The reality is these companies are so big and unmanageable, the people in charge of running them have no way to know if that is true.

One thing that remains unknowable is how many flawed home- mortgage records and foreclosure proceedings are out there waiting to be unearthed. Dozens of federal and state agencies are investigating. It’s anyone’s guess what they might turn up.

NJ man cashes $158G check IRS mistakenly sent him [Asbury Park Press]
He figured no one would notice.

For ‘B-to-B’ Companies, Finding Facebook ‘Friends’ Can Be a Struggle [WSJ]
These days, even small “business-to-business” concerns like are experimenting with social media, perceiving the popular online hangouts as low-cost, easy-to-use venues for attracting new customers and retaining existing ones. But unlike their consumer-focused counterparts—retailers that sell smartphones, jeans, games and other personal products—so-called B-to-B businesses seem to be having a harder time connecting with their target audience.

Some IRS agents carry guns, too, agents tell UAB accounting student group [Birmingham News]
“My first day on the job, I thought, ‘Why are they carrying guns?'” said Donald Smith, a UAB graduate and special agent with the IRS-Criminal Investigation unit.

Korea wants G20 to delay accounting standard consolidation [Korea Times]
Apparently they have a say in the matter

KPMG Advises Tulsa Police to Get into Arms Dealing

The strangest thing about this story is that KPMG had to tell the City of Tulsa, OKLAHOMA that, you know, maybe they could sell some of these guns to OKLAHOMANS for money.

Selling the hundreds of guns that Tulsa police confiscate each year instead of melting them down is one of several revenue-generating ideas included in the KPMG efficiency report.

But city and police officials said that would have to be done cautiously, if the idea makes it past the evaluation process.

“What (KPMG) is essentially saying is that we are destroying assets that could bring us revenue,” Mayoral Chief of Staff Terry Simonson said.

The report recommends the firearms be sold to certified dealers through the already-established city auction process, rather than incurring $80,000 per year in costs to dispose of them.

Once you’re able to get the idea of Oklahoma actually having firearm dealers around your skull, we will admit that we’re being a tad harsh on Tulsa.

You see, they used to sell confiscated guns until some freedom-hating police chief decided that occasionally these guns end up in the hands of bad people and that destroying them was a better solution. The fact that this even occurred in the Sooner State without a populist uproar and nightly vigils for all the destroyed Smith & Wessons is beyond comprehension.

But never mind that. Here we are, 20 years later and KPMG suggests they get back in the gun trade. God knows municipalities need the money these days and spending $80k melting down perfectly fine weapons is just silly. Sadly, not all guns are created equal:

If the city began selling guns again, [Capt. Jonathan] Brooks said, there are still many of the confiscated weapons that would have to be destroyed.

“Obviously, we wouldn’t be able to sell guns that have been modified or altered from the original manufacturer’s specifications, such as sawed-off shotguns,” he said.

“We also wouldn’t want to be selling any assault-type weapons.”

This guy also probably voted for Obama.

KPMG finds asset in guns [Tulsa World]

IRS Agent/Hero Thwarts Robbery Attempt, Shooting Suspect

This guy/gal is going to get a big slap on the back from Doug Shulman:

An Internal Revenue Service criminal investigations special agent shot and wounded one person during an apparent robbery attempt in San Francisco’s Bayview District overnight, police and an IRS spokeswoman said.

Our hero was apparently on duty at the time which, apparently, isn’t strange:

[IRS Spokeswoman Arlette Lee] said agents are on call 24 hours.

“It is not unusual for IRS agents to be out at different times of the morning or evening,” Lee said.

Lee said IRS special agents carry firearms but could not immediately confirm that the agent involved in the shooting had fired a service weapon.

In other news, IRS Agents also eat but are impervious to coffee.

IRS agent shoots suspect during robbery attempt [Mercury News]

Those IRS Shotguns Are Seeing Some Action

Those IRS Shotguns Are Seeing Some Action

When Young Buck woke up yesterday morning, he probably wasn’t expecting IRS agents armed to the teeth barging in and taking everything in sight.

But according to TMZ, that’s exactly what happened.

According to Young’s rep, IRS agents rolled up to the platinum-selling rapper’s house in Nashville this morning to go on a repossession rampage over the alleged tax debt — seizing assets like recording equipment, jewelry, furniture, his platinum wall plaques … and even his kids’ PlayStation.

Allegedly YB owes $300k in back taxes which isn’t the largest sum but it’s sizable enough. When TMZ asked Mr Buck how he got himself into such a pickle he responded, “This IRS situation came about because I trusted accountants, lawyers, and managers to handle my business for me while I focused on making music. From now on, I am going to stay on top of my own business.”

Hopefully this doesn’t mean that the music doesn’t suffer like the business did. We can’t imagine such a huge blow to the culture.

The IRS Goes Gun Shopping

‘Cause they’re in the market. For those of you that still doubt how serious of a force the Internal Revenue Service is, you’d better start paying attention because the the Service is in the market for guns. You would think, that with a certain hawkish administration recently in charge, every government agency would have arms dealers Smith & Wesson on speed dial but maybe change really did occur in DC.

Never mind that for now. The IRS is taking bids right now and they know what they want:

The Internal Revenue Service (IRS) intends to purchase sixty Remington Model 870 Police RAMAC #24587 12 gauge pump-action shotguns for the Criminal Investigation Division. The Remington parkerized shotguns, with fourteen inch barrel, modified choke, Wilson Combat Ghost Ring rear sight and XS4 Contour Bead front sight, Knoxx Reduced Recoil Adjustable Stock, and Speedfeed ribbed black forend, are designated as the only shotguns authorized for IRS duty based on compatibility with IRS existing shotgun inventory, certified armorer and combat training and protocol, maintenance, and parts.

The only conclusion we can come to is that somebody (Joe Francis?, Nic Cage?) is about to get their doors kicked down with extreme fucking prejudice. OR the initial visits of the thousands the IRS is making haven’t gone so well and arming their agents to the teeth should help them get their point across. OR maybe Doug Shulman just loves the cold steel of a 12 gauge against his naked skin. Whatever is going on, it’s no joke.