Posts tagged "tax law"

Lawyer accused of not paying federal income tax for 5 years

A former Whitehall prosecutor, Lumumba Toure McCord, has been recently indicted on charged that state that he failed to file federal tax returns or pay federal income tax for the past five years.

A federal grand jury indicted MCord, also known as Toure McCord, this week on five charges of his failure to file tax returns with the Internal Revenue Service (IRS).

The indictment stated that McCord, age 41, of 851 Kenwick Rd. D, made approximately $355,000 in gross income from the years between 2006 and 2010.

McCord was formerly the chief prosecutor for Whitehall in 2000 until he was fired that June after he was arrested on two charges of interfering with custody plans for this 2 year old son. The jury had found McCord not guilty of the charges; however, he was not reinstated to his job in Whitehall for reasons that were not presented to the public, although it is most likely because of the two charges for his interference of custody plans that he had with his son.

McCord has worked as defense attorney for a lengthy 10 years, and has represented quite a number of defendants, especially those in high-profile cases in Franklin County Common Pleas Court. Agents from the Internal Revenue Service have investigated McCord on the tax charges that are going against him. So far, there has not been a set date for McCord’s first appearance in a federal court.


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Posted by Taxmaster - July 5, 2013 at 8:43 pm

Categories: Federal Tax, Income Tax, State Tax, Tax Evasion   Tags: , , , , ,

Former Chicago Bears player pleads guilty to Federal tax charges

A former Chicago Bears player named Chris Zorich pleaded guilty to federal tax charges, as he admitted to the judge that he did not file his taxes as he was supposed to, on time.

Zorich, 43, faces four misdemeanor counts of not filing his federal income tax returns from the period of 2006 to 2009. During that time, he supposedly had made over $1 million, which included income from a charity that he had started himself.

The judge of the trial for Zorich asked him if he knew that it was wrong to not file the tax returns. Zorich responded that he knew that it was indeed a wrong act to commit, but he didn’t provide any reason as to why he went along with it anyway. Zorich’s attorney had stated that Zorich was very much looking forward to putting the case far behind him, and moving on.

Zorich is a Chicago native and played on the 1988 Notre Dame team that won the national championship. He also had played for the Chicago Bears from 1991 to 1996, ending his career with the Washington Redskins back in 1997.

The former Chicago Bears NFL player is looking at a payment of $71,000 in back taxes as a part of his plea agreement with the judge. His sentencing will be done on July 12. Each count for Zorich carries a maximum sentence of a year in prison, and also a $100,000 fine.





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Posted by Taxmaster - June 15, 2013 at 8:37 pm

Categories: Federal Tax, Income Tax, State Tax, Tax Evasion, Tax Law   Tags: , , , , ,

Cyprus Rejects Controversial Tax on Deposits

The parliament of Cyprus rejected a controversial bank deposit levy earlier this week, a precondition for receiving a very pricey bailout. This quickly tore up the four day old loan deal the country already negotiated with European and international creditors that is need badly to break off default and a meltdown in its financial sector.

Many people believe that the stock market’s reaction to the Cyprus banking crisis was a case of willful denial, according to Mark Hulbert’s discussion on Markets Hub.

Coming in after days of political talks in the Cypriot capital, the vote means that a new deal, if it’s possible to even make one, will have to be done in days or Cyprus might face a total collapse of its banks. Many analysts believe that if that is to happen, it will send the tiny nation flailing out of the Eurozone.

After a long two hour debate on the divisive federal tax, there were 19 lawmakers from Cyprus’ Democratic Rally party, led by President Nicos Anastasiades that were abstained from the vote; this decision made sure that the plan would be rejected. The rest of the lawmakers in Cyrpus’ 56 seats of parliament had voted against the plan.

The rejection of this particular bill will only leave Cyprus with a few options. They could renegotiate the deal on the tax deposits with the European creditors, but they are also forming a Plan B that involves support for its banks from Russia.




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Posted by Taxmaster - May 20, 2013 at 8:28 pm

Categories: Federal Tax, Income Tax, State Tax   Tags: , , , ,

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