A financial adviser faces multiple charges for tax crimes and other crimes. He currently faces five charges for mail fraud, 13 charges for interstate transportation of goods gained in a fraudulent manner, 10 charges of money laundering and three charges for tax evasion. The man is accused of mismanaging funds for two family friends to benefit himself. The damages in question equal to more than $1 million. The man had previously filed bankruptcy and received federal bankruptcy protection. However, the new allegations may change the situation and leave him civilly liable to these people and to other lawsuits against him due to fraudulent information that he provided to the bankruptcy court.
The IRS recently announced new tax laws that would provide relief to dual citizens. However, the new laws have both positive and negative aspects. The new tax laws are for non-residents, including dual citizens who lived outside the United States beginning in 2009. Furthermore, the non-resident must not have filed a United States tax return for at least three years and be considered low risk by the Internal Revenue Service. If you are currently under an IRS investigation or haven't disclosed all your income in the country where you live, you are generally considered high risk. The benefit of using the new tax laws is a reduction in the possible penalties that you could wind up paying.
The IRS files federal tax liens against taxpayers in Suffolk County whom they believe are dodging their tax obligation. This action usually comes after years of letters and warnings have failed to get the money. According to the IRS, a federal tax lien is a legal claim against all your property including your real estate, financial assets and other personal property.
If you are found guilty of evading federal taxes, the chances of facing prison time are high. At least that is what one U.S. District judge from Massachusetts said in a recent case. He sentenced a New Hampshire man to one year in federal prison for conspiracy to defraud the government through the evasion of income taxes. The defendant was also fined $7,500 and ordered to pay restitution to the government of more than $178,000 for the tax evasion.
Running a business is difficult. There are a lot of things to remember, such as; payroll, ordering supplies, paying utilities and most importantly, paying your taxes. As a Massachusetts consumer, when you purchase an item in a store or order food in a restaurant, the money collected by the business for taxes is to be paid on a regular basis, often quarterly, to the state.