Wester Cooley once belonged to the House of Representatives as a congressman from Oregon's second district. That was back in 1995 when he served one term. A lot has happened since then, and most of it hasn't been good.
A New Jersey CPA was sentenced to fifty-four months in prison for a $500 billion fraud scheme. In addition to his prison term, he was sentenced to three years of supervised release and ordered to pay $43,582,699 in forfeiture.
A controversial component of the 2010 health care law imposes a new 2.3 percent excise tax on most medical devices, beginning in 2013. The IRS has just issued a fifty-eight-page document on implementation of the rules.
While everybody has heard much about the "fiscal cliff," many people don't realize just how hard a hit they might take. The details are none too favorable. Take for example, the alternative minimum tax (AMT).
Charitable contributions – whether of the cash or noncash variety – are as much a part of year-end tax planning as Form 1040. However, the rules governing the deductibility of charitable contributions are not quite as simple as most taxpayers assume them to be.
It wasn't our fraud! That was a big part of the overall defense presented by two men accused of helping Texas financier R. Allen Stanford cover his tracks when he bilked trusting investors out of $7 billion.
Earlier in the year, the Tax Court allowed a taxpayer to use a formula clause to determine the value of a business interest for gift tax purposes (TC Memo 2012-88). But the IRS refuses to knuckle under to the court.
Today's tax crime cases include that of a woman who's headed to prison for close to two years for filing at least seventy-six fraudulent income tax returns, falsely claiming refunds of approximately $533,434.
Today's tax crime news includes a case against a Virginia tax fraud promoter whose customers allegedly filed more than $67 million in false refund claims, and a New York tax preparer charged in a scheme involving $7 million in fraudulent deductions.