He Gambled...And He Lost
Renato Medina used to own Lucky Chances, a Colma, California cardroom (poker club). Colma, which may have more tombstones than people, was the target of a federal corruption investigation. Mr. Medina was found to have been taking personal deductions on his corporate tax return. Last year he pleaded guilty to three counts of tax evasion. On Thursday he was ordered to serve fifteen months at ClubFed (per his plea agreement). He has already made restitution of $973,841. Mr. Medina no longer owns Lucky Chances (his sons own the cardroom).
What Mr. Medina did—taking personal deductions on his corporate return—is one of the more popular ways of cheating on taxes. The government knows this, and this is also one of their more popular areas in audits. Be aware of this if you're tempted by following in Mr. Medina's footsteps.
What Mr. Medina did—taking personal deductions on his corporate return—is one of the more popular ways of cheating on taxes. The government knows this, and this is also one of their more popular areas in audits. Be aware of this if you're tempted by following in Mr. Medina's footsteps.