Fraud in Federal Tax
The former owner of the Decatur-based racing fuel company, Evan Knoll, has been arrested for violating the conditions of his bond in federal tax. A three page motion was filed October 29, 2012 by Assistant U.S. Attorney Michael A. MacDonald taking Knoll into custody last November1, 2012 in his hometown. He threatened a government witness and asked to return some of his firearms from a friend that is taking care of them. He will be sentenced on November 21, 2012 in U.S. District Court in Grand Rapids. July 25, 2012, he pleaded guilty on 1 count of bank fraud and 8 counts of filing a false claim against the government.
Knoll owned several businesses like Services Inc. in Decatur and General Sales. He also had a Knoll Gas, Torco Racing Fuels Inc., EWK, LLC, Knoll Gas Motorsports Inc. and eRaceFuels Inc. it is said that Knoll is claiming for refunds of up to $110 million in federal gasoline excise taxes. It was learned that Knoll had used derogatory names and threatened physical harm against the government witness.
John Karafa, Knoll’s attorney is already aware of this information. According to MacDonald, the federal probation officer contacted the prosecutors saying that Knoll had violated the terms of his bond stating that he does posses firearms or any harmful weapons. MacDonald also said that the person who is in charge of the alleged firearms contacted the Van Buren County Sheriff’s Office after Knoll asked to have his firearms back because he is going to sell it. This was granted by U.S. Magistrate Ellen S. Carmody. Knoll is help for federal custody.
Categories: Federal Tax, Income Tax, Tax Law Tags: federal tax, federal tax fraud
Tax Code Tweaked
The revised tax code is already a step closer to reality last Monday night at a city council meeting. The amendment’s goal is to lessen the regulations for landlords. The council approved the 2nd reading of the revised penal code. The code has not been revised since 1964. The amendment states that landlords are required to report quarterly the names of their tenants. This was suggested by Councilman Sherrie Curtis wherein the landlord must file the report by the time they renew their license or when they have new tenants.
Linda Ziegler, Ohio Avenue resident, added that landlords should only include adults in their tenant reports. Before the ordinance will be adopted, it will still have to undergo one more reading. It will be rediscussed at finance committee meetings at 11 a.m. November 13 and 6 p.m. November 19, before the regular council meeting. The chairman of the committee, Curtis, urges everyone who have comments to attend the meeting on November 13 session.
Ziegler and Brian Kerr, both Ohio Avenue resident, states that the addition of an agreement that gas and oil lease royalties are subject to taxing is not necessary. They said that not so much amount can be generated from these royalties within the city limits. Ryan Stovall, former council member and headed the tax code revision said that they need to do it if that what it takes to get the updated code passed. He emphasized that taxes are paid on gambling income but they are not trying to get rich from these royalties.
Categories: Federal Tax, Income Tax, Tax Law Tags: federal income tax, federal tax, income tax, tax code
It Pays to Prepare: filing federal tax for 2013
According to the Internal Revenue Service (IRS), now is the perfect time to begin reviewing your federal income tax withholding rate so that you can avoid both big tax refunds and tax bills when you file your federal tax returns next year.
Every year, there are millions of citizens who have to wait for long processes of refunds simply because they have more taxes withheld than the actual required amount. This can prove to be a hassle since they will not be able to access their money immediately. On the other hand, a poorly calculated tax can also lead to having to pay additional taxes on the day of filing.
Jennifer Jenkins, spokesperson for Ohio IRS, said, quote, “By reviewing and adjusting your withholding rate, you are less likely to have to write out a big check in April to pay taxes due. That’s if your withholding is less than it should be. Or, if your withholding rate is too high, adjust it to put more money in your paycheck now. The timing couldn’t be much better for those who are looking ahead to holiday gift-giving season, cold weather heating bills, and end-of-year charitable donations”.
You can make adjustments and modifications to the number of your withholding allowances at any time. Simply check out the different forms available such as the W-4 form at the IRS website (irs.gov). There is also an IRS Withholding calculator to help you fill out your information properly.
Categories: Federal Tax, Income Tax Tags: federal income tax, federal tax, filing taxes, income tax