Massachusetts residents may have heard of the conviction of three men for financial crimes related to a failed bank in Georgia. Two of the defendants in this case held prominent banking positions, and reports say that their actions may have contributed to the banks failure.
Massachusetts readers may be interested to know that a former attorney was convicted in federal court. Prosecutors called it the biggest case of criminal tax fraud in United States history. The case was based on the claim that he and other men ran a 10-year long scheme that netted one billion dollars in fake losses and $7 billion in phony tax deductions. His co-defendant was acquitted by the jury.
Tax payers in Massachusetts may be interested in a recent article discussing how far back the IRS can go when attempting to charge a taxpayer with fraud or tax evasion. The answer depends on a few factors, and can range from three years to an unlimited amount of time.
A federal grand jury indicted a Pembroke man for sending papers to the U.S. secretary of the treasury, expecting payment of $100 billion. The man is facing two charges for tax evasion, seven charges of filing false tax returns, two charges of making false claims and endeavoring to impede the Internal Revenue Service.
Massachusetts residents may wish to know that, according to sources, one of the leading creation scientists is fighting the IRS over alleged taxes owed between 1998 and 2006. Kent Hovind is one of the leading advocates of "Young Earth Creationism," which holds that the Bible is inerrant. When read literally, the Bible allows for the earth's age to be about 6,000 years, rather than the scientifically accepted 4.5 billion years.
Residents of Massachusetts may be interested in a tax evasion case involving the creator of Beanie Babies. The billionaire developer of the massively popular plush toys recently pleaded guilty to charges of tax evasion. After failing to report earnings from an offshore bank account to the Internal Revenue Service, he will now have to pay a fine of $53 million and could face up to five years in prison.
A Massachusetts man has been indicted and charged with tax evasion in U.S. District Court. The indictment accuses the defendant of various tax-related crimes that allegedly took place over a 15 year period starting in 1994.
A group of U.S. citizens, including Boston natives, living in Switzerland, said that they've been labeled tax dodgers. This was in reaction to a move by Swiss banks to prevent tax evasion through its secret accounts. The deal required banks to reveal data about clients and pay fines that reached up to $1 billion, spelling out even bigger trouble for actual tax evaders. That trouble came in the form of fines, penalties and possible prosecution if that information disclosed their identities to the Internal Revenue Service.
Because of several scams that have affected people from Massachusetts and others across the nation, a number of agencies, including the IRS, are using new programs to verify the authenticity of tax refund claims. Several of the companies that are working to prevent tax evasion include SAS Institute, LexisNexis Group and International Business Machines Corp.
The owner and operator of a large Massachusetts company was convicted of tax evasion after failing to file tax returns between 1997 and 1999. He was sentenced to three years in prison and has been ordered to pay more than $716,000 in restitution. When he completes his jail sentence, he will also face two years of supervised release.