Why register with the Steelers Fever Forums?
 • Intelligent and friendly discussions.
 • It's free and it's quick. Always.
 • Enter events in the forums calendar.
 • Very user friendly software.
 • Exclusive contests and giveaways.

 Donate to Steelers Fever, Click here
 Our 2014 Goal: $450.00 - To Date: $450.00 (100.00%)
 Home | Forums | Editorials | Shop | Tickets | Downloads | Contact Pittsburgh Steelers Forum Feed Not Just Fans. Hardcore Fans.

Go Back   Steelers Fever Forums > Miscellaneous > Locker Room

Steelers Fever Fan Shop

Doc's Sports Get FREE NFL Picks and College Football picks as well as Football Lines like live NFL Lines and updated NFL Power Rankings all at Doc's Sports Service.

Pro Bowl
8:00PM Eastern on ESPN

Thread Tools
Old 08-25-2010, 10:26 PM   #1
Living Legend
MasterOfPuppets's Avatar

Join Date: Feb 2006
Posts: 14,728
Gender: Male
Member Number: 1990
Thanks: 1,049
Thanked 4,722 Times in 2,016 Posts
Default Trader nailed with $172 million bill in back taxes, asks 'What's the IRS?' Read more

He failed as a day-trader and barely survived in New York on a beer budget, but Marcos Esparza Bofill has been hit with a $172 million tax bill by the IRS.

"Who's the IRS?" Esparza Bofill, a twentysomething Spanish émigré, asked a friend who alerted him to his astronomical back taxes.

Esparza Bofill moved to New York from his native Spain in 2006 to try his hand at day-trading. When he nearly went bust after a year, he moved back home.

"He lost money while he was here. He couldn't afford rent," said friend Adam Baruchowitz of Brooklyn.

Esparza Bofill didn't file an income tax return for the year he was here swapping stocks - and that's leading to big problems with Uncle Sam.

The feds tracked his every trade. But because Esparza Bofill never accounted for his losses or expenses in tax filings, the IRS presumed he made a pure profit - a staggering $500 million in income.

"He definitely wasn't a $500 million-a- year earner," another friend, who asked not to be identified, told the Daily News Tuesday.

"He lives a very modest life," the friend said of Esparza Bofill, whose tastes lean more toward garage music than the symphony. "So just to think that all of a sudden he owes $172million is pretty ridiculous."

A tax-lien notice the IRS sent to Esparza Bofill's old walkup apartment in Alphabet City was posted Tuesday on thesmokinggun.com website.

Esparza Bofill declined to comment Tuesday.

"He doesn't know what's going on, ya know. Like, he's not an American native," said the friend. "So, all of a sudden, the IRS is looking for him, and the first thing he says to me is, 'Who's the IRS?'

"He thought I was joking when I first started talking to him about it," the friend added. "I said, 'No, it's not a joke, man. This is for real.' I'm like, 'Try to Google yourself,' and all of a sudden three blogs popped up."

Manhattan CPA Marc Albaum said Esparza Bofill's problems with the IRS are not unusual. "If you don't file, the IRS assumes that you have 100% profit, that basically it's as if you bought the stock at no cost," Albaum said. "Now, the remedy for this is simply to file. He could wipe out anything he owes," said Albaum.
Read more: http://www.nydailynews.com/ny_local/...#ixzz0xdqRhKvW
MasterOfPuppets is online now   Reply With Quote


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On

Forum Jump

All times are GMT -5. The time now is 12:20 AM.

Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2015, Jelsoft Enterprises Ltd.
Shoutbox provided by vBShout v6.2.1 (Lite) - vBulletin Mods & Addons Copyright © 2015 DragonByte Technologies Ltd.
User Alert System provided by Advanced User Tagging v3.0.8 (Lite) - vBulletin Mods & Addons Copyright © 2015 DragonByte Technologies Ltd. Runs best on HiVelocity Hosting.
Navbar with Avatar by Motorradforum
no new posts