Usana’s “strong” return on equity numbers issued some upgrades and downgrades late last week, and had this to say about Usana Health Sciences: Nutritional and personal care products developer USANA Health Sciences (USNA – Cramer’s Take – Stockpickr) has been upgraded to a buy from a hold. Its revenue increased by 16.9% in the third quarter compared with the same … Read more Usana’s “strong” return on equity numbers

Mannatech Fires Auditors Grant Thornton

Mannatech Inc. fired its auditors, Grant Thornton, after refusing to comply with GT’s demand that Sam Caster be removed from all duties. Caster is the founder of Mannatech and the current chairman of the board. He resigned as CEO two months ago after Texas started legal proceedings against the company for making illegal health claims … Read more Mannatech Fires Auditors Grant Thornton

An American Hedge Fund

I have been remiss in my duties…. I promised Timothy Sykes that I’d review his book, An American Hedge Fund on FRAUDfiles. And I still haven’t gotten around to it, thanks to an upcoming move of my office and a dozen other work-related things that have needed my urgent attention. I promise to do a … Read more An American Hedge Fund

Usana tries to spin NASDAQ news into something else

When Usana lost auditors Grant Thornton, it filed an unreviewed 10-Q, prompting a delisting warning letter from NASDAQ. Following the hiring of PriceWaterhouseCoopers as the new auditors, Usana filed an amended 10-Q, which brought them back into compliance with SEC rules. Yesterday, a NASDAQ panel determined that the company is compliant and in no current … Read more Usana tries to spin NASDAQ news into something else

Mandatory Arbitration With Credit Card Companies

Last week, investigative journalist Gary Weiss wrote a article on credit card arbitration. It highlighted a process that I didn’t know a whole lot about. It seems that most (if not all) credit card agreements these days have some teeny-tiny print about mandatory arbitration. It basically means that if you have a dispute with your credit card, you can’t go to court. You’ve already agreed to go before an arbitration board (the National Arbitration Forum), and they are apparently often unfriendly to consumers.

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Can you really avoid an IRS audit? (Or at least reduce your chances?)

Yes and no. Great accountant answer, huh? The truth is that the Internal Revenue Service has some special red flags in place that help flag your tax return for an audit. Those super-secret red flags are revealed to no one. Apparently the IRS system takes your tax return data, runs its super-secret algorithm, and decides if your tax return is a high risk for problems.

So the usual way you get flagged for an audit is due to what you’ve reported on the face of your tax return. Home office deductions have long been dogged as items that increase your chances for an audit, and I tend to believe that’s true. Why would a home office be a red flag? It’s a much-abused deduction, and it can be closely tied to other questionable deductions like those from a multi-level marketing “business.”

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Local Lawyer Defending Wesley Snipes

It’s not often that a Milwaukee lawyer is hired to represent a Hollywood actor, so I have to mention this one. Wesley Snipes has fired Billy Martin, and hired Robert Bernhoft of The Bernhoft Law Firm. Bernhoft represented Snipes previously in a paternity suit, and is now on board to help defend against tax fraud allegations.

Snipes was in a bit of trouble though, because his tax fraud trial was set to start next week in Florida. The judge wasn’t too happy that he fired his lawyer and got a new one, and then asked for the trial to be continued. The judge thought it was all a ploy to delay the trial.

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