Man in Washington Guilty for Federal Tax Evasion Charge
A man from Washington pleaded guilty this week to federal charges, as he tried to avoid paying income taxes. With the help of the IRS, the man’s crimes were discovered and will be justified.
The guilty man from Washington is 46 year old Peter Ian Turner, who was last recorded to be living in Washington. He pleaded guilty earlier this week in the United States District Court for attempted federal income tax evasion. Turner will now face up to five years in prison, which will be decided upon in his sentence on May 15 by Senior U.S. District Judge Michael Mihm.
According to the reports, the actual account is only for the year 2000. However, he accepted a 21-page plea agreement that was filed in the U.S. District Court, stating that he is required to file corrected tax returns from the year 2004 all the way through 2009 or at least provide substantial reasoning and evidence that those years were filed appropriately and according to the law.
From the reports given, Turner was a pharmacist since 1990 and worked as one until at least the year 2010, according to his plea agreement. At the start of 2000, Turner had stopped filing tax returns to the IRS. Additionally, according to his plea agreement, he attempted to hide the amount of money he made by putting that money, in addition to his property, in the names of acquaintances.
As of now, Turner remains free on bond until his sentence hearing comes up.
Categories: Federal Tax, Income Tax, Tax Evasion Tags: avoiding taxes, federal income tax, federal tax fraud, income tax, tax court, tax crime, tax evasion, tax fraud
Florida Prisoner Caught Filing Fraudulent Federal Income Tax Returns
It seems that prison isn’t a good enough reason to keep you from cheating on your federal income tax.
WJHG (Source Below) has reported that Michael William Joseph III, an inmate of the Apalachee Correctional Institution in Florida, has pleaded guilty for filing fraudulent federal income tax returns to the IRS. This wouldn’t be Joseph’s first conviction of tax fraud, however. He has been serving time for faking federal income tax returns dating all the way back to 2006.
Prison, however, hasn’t kept Joseph from trying to scam the government with some fake federal income tax returns. He had filled out a series of tax forms with fabricated amounts of income and deductions. He had used the identities of his co-inmates in order to validate his returns. The illegitimately refunded federal income tax would then be deposited to various accounts he had control over.
What had tipped off Joseph’s tax scam was the size of his illegal refunds. Joseph had sought a total of nearly $180,000 in federal income tax returns. For a time it seemed that Joseph had managed to pull his scheme off when the government cashed him out for an alleged $50,000.
But investigators quickly got wind of his scam and successfully retrieved over $17,500 of the unlawfully refunded federal income tax from his personal bank account. An additional $11,600 was found in the mother’s ex-husband’s backyard.
The fifty three year old Joseph was indicted on various charges including but not limited to filing false federal income tax returns. Other charges include theft and mail fraud, amounting to a prison sentence of up to twenty years.
Categories: Federal Tax, Income Tax, State Tax, Tax Evasion, Tax Law Tags: avoiding taxes, federal income tax, federal tax, income tax, IRS, tax code, tax court, tax crime, tax evasion, tax fraud
Companies avert paying taxes AGAIN before their taxes go up
The wealthy are scrambling to take advantage of the current tax code by exploiting the system in mass numbers and driving profits into their pockets before the tax hikes on the rich Obama wants go into effect.
Countless companies including Costco and the Las Vegas Sands have declared what they call “special dividends’ to liquidate tax free capital. This amounts to over $20 billion dollars in this last quarter alone. Other firms are shelling out bonuses, commissions, and dividends early before the wealth bombshell is to be dropped on the wealthiest few.
“We’re going to have a big jump in household income in the fourth quarter” said Crandall. “It’s going to be in excess of $50 billion.”
A majority of this scrambling is occurring in the uppermost crust of the elite. The 2% of the wealthiest Americans will be the benefits of this early cashout. President Barack Obama wants to target these wealthiest of individuals to help solve the fiscal crisis that lies before us by raising their rates.
Of interest in 2009 52% of the 124 billion dividends reported by federal government went to this 2% according to the IRS. A definite symbol of how backwards our world has become with income inequality.
This statistic alone proves just how unequal income distribution really is as the rich get richer and the poor get poorer. The wealth has shifted from labor income to capital income, an income with yields the benefit of lower taxes
How will this increase in taxes effect us in the long run? The rich typically save rather than spend so it is a good indication that a tax increase won’t hurt the economy by too much. It is about time that the wealthy began paying their fair share of this American Dream rather than being the gold tipped parasites that they are.
Categories: Federal Tax, Income Tax, Tax Law Tags: avoiding taxes, corporate tax, federal income tax, federal tax, federal tax fraud, income tax, tax code, tax court, tax evasion, tax fraud, tax law, tax reform