According to www.justice.gov, a Florida man has pleaded guilty to promoting a nationwide tax fraud scheme and $14.6 million in fraudulent tax refund claims with the IRS. He conspired to defraud the US government and the American people by selling a tax fraud scheme to over 200 people in at least 19 states.
According to court documents, the professional had clients and convinced them that certain deductions qualified them for tax refunds. Apparently, (?) other tax professionals (with his help) created such fraudulent tax returns and submitted them to the IRS. The returns claimed to withhold significant sums of income taxes, so the clients were refunded the “withheld taxes”. In reality, no one had paid nor withheld any income taxes. The IRS paid out more than $7.6 million in fraudulent tax refunds.
The professional stated that he and his co-conspirators got fees from his clients ranging from $10,000 to $15,000. He filed fraudulent tax declarations, claiming entitlement to tax refunds, and received a refund of $193,347.97. He also advised clients on how to thwart IRS collection attempts by shifting the received funds to a trust.
This case is being investigated by the IRS Criminal Investigation Division.
The case is being prosecuted by Trial Attorneys Melissa S. Siskind, Kavitha Bondada, and Isaiah Boyd, III of the Justice Department’s Tax Division, as well as Assistant United States Attorney Chauncey A. Bratt of the United States Attorney’s Office for the Middle District of Florida.
Tax Implications When Foreigners Investing In Real Estate in the US The tax would be reported to the US because the property is located in the US. Under the treaty, it states ARTICLE 6 Income from Real Property1. Income derived by a resident of a Contracting State from real property (including income from agriculture or…
FIRPTA Withholding Requirements: What is FIRPTA? If you bought US real Estate from a foreign person, you may be subject to U.S. income tax on foreign persons selling U.S. real estate or FIRPTA. The tax is 15% of the purchase price. What transactions subject to FIRPTA? a foreigner (non-US citizen, a foreign corporation, foreign partnership,…
On February 23rd, the U.S. Tax Court filed T.C. Memo. 2022-5 deciding whether the Office of Appeals abused its discretion in rejecting an offer-in-compromise (OIC) . The United States Tax Court found no abuse of discretion and granted summary judgment in favor of the IRS. Why? The petitioner submitted form 12153 timely requesting Collection Due…
IRS tax forms change all the time. The most beneficial way to find the latest forms is: IRS.gov/latestforms IRS.gov/allforms IRS.gov/draftforms IRS.gov/formchanges IRS.gov/formsupdates Sometimes forms are not updated by the April 15th. You can view a draft of the form to see approximate expectations of what might be new and changed. For example, in 2018 form…
Financial Planning Financial Planning Doesn?t Start One Day Before the April 15th Tax Filing Deadline. Is it April 15th and you are dragging your tax files to your accountant, thinking, ?I wish I put money in a retirement account this year so I don?t have this huge tax bill now??Right? So, let?s review what retirement…
Enjoy this blog? Please spread the word :)
Manage Cookie Consent
We use cookies to optimize our website and our service. If you don't wish to be tracked, please, use an anonymous browser.
Functional cookies
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.