Will the IRS now own the Beach Bar?

[bamaggie]

Say it ain't so! It looks like Allan, owner of the Beach Bar, has gotten in hot water with the IRS.

We're headed down in May and I hope this doesn't cause another St. John favorite to close its doors before we get some good drinks on the beach...

http://www.stjohntradewindsnews.com//in ... 2&Itemid=1

[bevm]

I'm sorry to say this but I work for a bank and I really have no sympathy for him. He should have thought about "the forfeiture of hundreds of thousands of dollars in property" when he was committing fraud. It all comes down to greed, plain and simple.

[Xislandgirl]

I'm sorry to say this but I work for a bank and I really have no sympathy for him. He should have thought about "the forfeiture of hundreds of thousands of dollars in property" when he was committing fraud. It all comes down to greed, plain and simple.

I have no sympathy for him but I do have sympathy for the staff that works hard to make sure that locals and tourists are happy. I have sympathy for the bands that play there when they are so few places to showcase their talent. I feel sympathy for the young West Indian musicians that hop on stage during the Jazz Jam and get some much needed exposure to the world of live music.
The man was stupid, no question.But I still hope that somehow the Beach Bar will stay open.

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[promoguy]

I have no sympathy for him but I do have sympathy for the staff that works hard to make sure that locals and tourists are happy. I have sympathy for the bands that play there when they are so few places to showcase their talent. I feel sympathy for the young West Indian musicians that hop on stage during the Jazz Jam and get some much needed exposure to the world of live music.
The man was stupid, no question.But I still hope that somehow the Beach Bar will stay open.[/quote]

One of the hazards of working for a stupid employer.

[Marcia (Mrs. Pete)]

Those CTR's and SAR's were his downfall. Structuring his deposits to avoid these became obvious. Folks, you can't get away with it. You have no idea how much effort is put in to checking out every single depositor. (This is the banker in me talking)

I don't care who owns the place. I just want to be able to sit in one of those white stools, or on the ledge, and enjoy good food and beverages while the water laps on the shore, with the love of my life by my side.

A little bit of their tuna down now wouldn't be bad right now either.

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[bevm]

A CTR is a Currency Transaction Report. They must be done on any cash deposit or withdrawl of $10,000 or more. A SAR is a Suspicious Activity Report. These can be done on any one at any time if the teller and/or manager believes there is suspicious activity going on (i.e. someone who suddenly starts bringing in large sums of money). I've done SAR's on people without their knowledge and you do not have to disclose this to them (at least in Pa. you don't).
Hope this answers your question Jorge.

[jofus]

Jorge wrote;
OK, in layman terms. What are CTR's & SAR"s. I'm just curious. I did a job for a fellow last year that built a 1.5 mil home with cash. I did not know it when I started the job. He actually walked up to me at the end with a grocery sack stuffed with $100. bills. I was a little nervous in taking that money. He owns a bunch of Mexican Restaurants in this area. I guess it is easy to have alot of cash in that type of business. The crazy thing is that he is giver of my x-mas bonus buds.


Hey Jorge,
Exactly what kind of "buds" does this guy give out at x-mas?

jofus

[cptnkirk]

Hey Jorge,
Exactly what kind of "buds" does this guy give out at x-mas?

jofus

Thats funny

[sailorgirl]

CTR's and SAR's are how they got Gov. Spitzer... that and his own incredible hubris and stupidity!

[augie]

Jorge,

Does that guy need any side work?

I'd like to get on his Christmas "card" list!

[PA Girl]

I also worked at a bank and even in our small town, SAR and CTRs were common, especially for operators of bars and restaurants. It seems like tax trouble and bar/restaurant ownership is a common coupling.

[alw1977]

I don't feel sorry for him either, because that's the risk you take when you under-report income. However, having worked in the restaurant industry for many years, and having family who recently got out of that business, I can't begin to tell you how common this is (though not my family - BIL is an accountant and owns another business where he regularly gets audited). Kind of like steroids were for baseball, all the athletes knew it was wrong, but everyone was doing it, so... the line becomes blurred. Until you get caught.

With the rising operating costs on islands like St. John, profit margins have to be shrinking. Unfortunately, this makes people take risks. I agree though - no matter what happens, The Beach Bar is a prime spot, and it won't go away permanently.

[Pianogrl]

Bottom line thought......it all comes down to integrity & character. It's never right to do wrong.