Ex-IRS Agent Pleads Guilty to Tax Scheme

A former IRS agent who told her clients that her inside knowledge of the agency would prevent detection of a fraudulent deduction has pleaded guilty to attempting to interfere with the administration of IRS laws, the Associated Press reported.

Marissa Hyde, 43, told U.S. District Court Judge Ted Stewart that she “made a mistake” by using the fraudulent deduction on behalf of clients of her company Accounting and Business Consulting, located in Layton, Utah.

Hyde admitted she had tried to cheat the government by creating a false deduction for her clients, the AP reported. Stewart scheduled sentencing for Jan. 11. The charge carries a maximum sentence of three years in prison and a $250,000 fine.

The prosecutors described the scheme as using domestic and offshore entities in a way that claimed to provide legitimate tax benefits but which actually was intended to hide income and assets and evade taxes, the AP reported.

You may like these other stories...

Many senior US tax professionals believe that a streamlined audit process will be the top benefit resulting from the IRS Transfer Pricing Audit Roadmap, a new toolkit organized around a notional 24-month audit timeline,...
Tax accounting to be simplified for money-market fundsThe US Securities and Exchange Commission (SEC) voted 3-2 on Wednesday for sweeping changes to institutional money-market funds, Emily Chasan, senior editor of...
By Cathy Stopyra and Todd SimmensUnderpayment interest, refund interest, and penalties charged to businesses are just a few of the considerations the IRS calculates when determining taxation for a given company. Though...

Upcoming CPE Webinars

Jul 31
In this session Excel expert David Ringstrom helps beginners get up to speed in Microsoft Excel. However, even experienced Excel users will learn some new tricks, particularly when David discusses under-utilized aspects of Excel.
Aug 5
This webcast will focus on accounting and disclosure policies for various types of consolidations and business combinations.
Aug 20
In this session we'll review best practices for how to generate interest in your firm’s services.