A Chelsea business man with at least three different business entities is under investigation by the Massachusetts Secretary of State's office and the Boston office of the Securities and Exchange Commission. Civil charges were brought against the man who was once a Chelsea Planning Committee member, alleging that he never registered with the state as an investment adviser. State authorities say the man never officially registered his companies and certainly none of them were registered to sell securities.
For those Bostonians who need to file extensions, schedule payments, pay off liens or appeal a tax decision, take heart. You are not alone. It seems every week there is a new celebrity charged with tax evasion, the failure to file tax returns and/or face multiple audits.
In the last few weeks, this blog has discussed the criminal penalties and fines taxpayers can face if they file incorrect or fraudulent tax returns. However, it is important to recognize that taxpayers can commit misconduct that doesn't rise to the level of a criminal infraction and still face serious consequences.