Living or Pancakes?

Joe’s Crab Shack the seafood chain which originated in Houston, Texas finds itself now in a feud with the IRS which they will most likely lose.  According to reports, the seafood restaurant owes more than $15 million in back taxes.

Joe’s has a seafood empire built on the profitable concepts of Long John Silver quality with Red Lobster prices. Recently, Joe’s has seen market share grow significantly, as Ray Blanchette, CEO says, “The Joe’s Crab Shack brand is well-positioned within its segment and has an enormous potential for growth,” Blachette went on, “I’m extremely honored to join this youthful, fun, family-friendly organization and I welcome the opportunity to reinforce and build excitement around its reputation for great food, upbeat service and unique atmosphere.”

What came as a shock to the seafood franchise today was that Joe’s owes taxes for being undercharged for Property Exchange Rate Depreciation, which is a long-standing tax code rule which places the tax receipts on the value estimates of a company’s real estate and buildings.  Harold Crick of the IRS said Monday, “According to the rule, Joe’s Crab Shack has been filed under ’shack’ status on the value estimate.  We just assumed they were located in real shacks, and the metaphor was lost”.  IRS agent, not know for their erudition with euphemisms or happy hour attendance are troubled that the seafood chain has been hoodwinking them into thinking that the restaurant locations were truly small beach-front shacks with fresh crab legs, fish, and hushpuppies.

Hope is not lost for Joe’s.  There are rumors that Joe’s Crab Shack could be appointed to a cabinet position in the Obama adminstration, at which time, their tax evasion and indiscretions with be ignored.