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Taxation Legal News
Two Men Convicted Of Conspiracy, Fraud, Money Laundering And Tax Charges
R. Alexander Acosta, United States Attorney for the Southern District of Florida, Jonathan I. Solomon, Special Agent in Charge, Federal Bureau of Investigation, Eileen J. O’Connor, Assistant Attorney General, Tax Division, United States Department of Justice, and Michael E. Yasofsky, Special Agent in Charge, Internal Revenue Service, Miami Field Office, announced that defendants Robert Parker, a/k/a Bob Parker, of Broward County, and Gary N. Parker, of Greeneville, Tennessee, were convicted yesterday after a jury trial in Miami, Florida.
According to the Superseding Indictment, the defendants operated Parker Leasing and Finance Service in Broward County, Florida. According to the evidence presented at trial, Parker Leasing and Finance Service held itself out as a business engaged in the financing and leasing of commercial equipment, with millions of dollars available for loans. In fact, the defendants enriched themselves by making material misrepresentations to individuals to induce them to apply for commercial lease funding. Ultimately, the defendants failed to deliver on the promised funding and refused to return the victims’ advanced lease payments. The amounts received by the defendants and loss to all currently known victims is approximately $4,000,000.
The Parkers were also convicted of conspiring to impede the lawful governmental functions of the Internal Revenue Service of the Treasury Department in the collection of federal income taxes. The evidence established that the defendants diverted the proceeds from the advanced fee scam to themselves using various bank accounts and then converted the proceeds to cash in order to conceal the amount of income they received. Defendant Bob Parker was also convicted of evading federal income tax due and owing by him for the years 2000, 2001, 2002, 2003, and 2004. Read more at miami.fbi.gov.
Corporate Reorganizations; Transfers of Assets or Stock Following a Reorganization
These proposed regulations address the effect of transfers of the assets or the stock of parties to a reorganization pursuant to transactions intended to qualify as reorganizations within the meaning of section 368(a) of the Internal Revenue Code. REG-130863-04. Published August 17, 2004.
Newsroom
News about Taxation cases in Kansas and nationwide:
2005 Federal Earned Income Tax Credit
Earned Income Credit Amounts Increase
The maximum amount of income you can earn and still get the credit is higher for 2005 than it is for ... Read more >
No Taxation Without Explanation
The report highlights NYC's unique tax diversity. While other large cities tend to rely primarily on just two taxes-most often property and sal... Read more >
Definition:
Money, goods, services, and property a person receives that must be reported on a tax return. Includes unemployment compensation and certain scholarships. It does not include welfare benefits and nontaxable Social Security benefits.
Subchapter S
Definition:
The S-Corporation must complete and file IRS Form 1120s to report its annual income to the IRS each year.
Meal Expense Deduction
Definition:
Generally, you can deduct only 50% of your business-re-lated meal expenses while traveling away from your tax home for business purposes. Also, you can generally deduct only 50% of certain reimbursements you make to your employees for meal expenses they incur while traveling away from home on business.
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Derby
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Hutchinson
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Lenexa
Liberal
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Newton
Olathe
Overland Park
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Prairie Village
Salina
Shawnee
Topeka
Wichita
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