Taxable Talk

From Russ Fox, E.A., of Clayton Financial and Tax of Irvine, CA
All items below are for information only and are not meant as tax advice.
Please consult your own tax advisor to see how each item impacts your own situation.
A Slam for Traylor? No, It's the Slammer.
Robert "Tractor" Traylor, a former NBA player for Milwaukee, Cleveland, Charlotte, and New Orleans, pleaded guilty on Friday to a charge of preparing a false tax return. Mr. Traylor, 29, attempted to conceal assets of his cousin, Quasand Lewis, according to this AP story. Mr. Lewis, Traylor's cousin, was recently convicted of drug trafficking and money laundering--he distributed 22,000 pounds of marijuana in the Detroit metropolitan area.

Here's a wonderful quote from the story: "Robert Traylor is a basketball player, not a businessman," Traylor's attorney, Steven Fishman, told The Associated Press on Thursday night. "He got some bad advice and unfortunately he took it. So here we are."

Unfortunately for Mr. Traylor, the IRS doesn't appreciate lying on a tax return. Mr. Traylor could be sentenced to as much as fourteen months at ClubFed.
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