Tax Preparers Get Busted for Fraudulent Practices
Every tax season is full of stories and tales of people who go to great lengths to avoid paying taxes. In addition there are dozens of reports of unscrupulous tax preparers that get caught trying to cheat the system: either their clients or the IRS, or both.
We want to share a few of those stories with you, which come from Accountingtoday.com. The first tale comes from Latham, NY, where a 52-year-old tax professional has pleaded guilty to false returns. The preparer admitted to preparing 16 returns that contained all kinds of false information, from false deductions for unreimbursed employee expenses to energy efficiency credits. The false returns were submitted between 2008 and 2011. He could face as much as three years in prison and a fine of $100,000.
Elsewhere, the Justice Department has asked a federal judge to permanently bar three Liberty Tax Service franchises in South Carolina after they allegedly prepared false returns in order to give their clients’ refunds a boost. According to the complaint, one franchise filed returns that included a “bogus ‘arts and crafts’ business on one of its client’s return and a bogus ‘hair care’ businesses on another’s.”
Meanwhile, another preparer, in Louisiana, will be spending two years behind bars and another year of supervised release, along with paying a hefty fine of more than $225,000 after he was convicted of filing a false personal income tax return and preparing bogus returns for many of his clients.
These are just a few examples of dishonest tax preparers that are out there. So now that tax season is in full swing, make sure you choose a tax preparer you can trust.
Why Are the Wealthy Paying Fewer Estate Taxes?
Why Are the Wealthy Paying Fewer Estate Taxes? The estate tax was a hot topic throughout the election process and now that we have a new president-elect it’s sure to get an even closer look when White House leadership changes hands early next year. Or course, both candidates had different views regarding this tax,…
Want to Avoid Taxes in Retirement – Try This
There’s been no shortage of thoughts and opinions regarding Donald Trump’s tax returns since the election process began, especially since his leaked return hit the mainstream media a few weeks ago. One could argue at length regarding those numbers and whether or not they paint a positive picture of Trump and his finances. However,…
How Would Proposed Tax Plans Affect the Country’s Economy?
We’re just days away from the election and it’s likely that most Americans will just be happy that it’s finally over, no matter whom or what they voted for. However, there are some very important things at stake in this election, including how each candidate’s tax proposals would affect our nation’s economy, as well…
How Much Are Fortune 500 Companies Saving in Taxes?
It’s a well-known fact that many of the richest companies in America have become so financially successful thanks in large part to the tax-savings methods they employ, not the least of which is keeping large amounts of income overseas. These American companies have no problem doing business stateside, but because the U.S. has some…