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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.
Form 8308 is Report of a Sale or Exchange of Certain Partnership Interests
Report the sale or exchange by a partner of all or part of a partnership interest where any money or other property received in exchange for the interest is attributable to unrealized receivables or inventory items.
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Understanding the Tax Gap
The Internal Revenue Service developed the concept of the tax gap as a way to gauge taxpayers’ compliance with their federal tax obligations. The t... Read more >
Definition:
50% special depreciation allowance. For qualified property you acquire after May 5, 2003, you can take a special depreciation allowance that is equal to 50% of the property's depreciable basis. However, instead of claiming the 50% special allowance, you can elect to claim the 30% special allowance or elect not to claim any special allowance.
Self-Employment Tax
Definition:
The self-employment tax rate on net earnings remains the same for 2003. This rate, 15.3%, is a total of 12.4% for social security (old-age, survivors, and disability insurance) and 2.9% for Medicare (hospital insurance).
Employee
Definition:
Works for an employer. Employers can control when, where, and how the employee performs the work.
If you live in the following cities and need an taxation attorney you should contact
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Ashland
Bardstown
Berea
Bowling Green
Campbellsville
Corbin
Covington
Danville
Elizabethtown
Erlanger
Florence
Frankfort
Ft Mitchell
Georgetown
Glasgow
Henderson
Hopkinsville
Latonia
Lexington
Louisville
Madisonville
Mayfield
Morehead
Murray
Newport
Nicholasville
Owensboro
Paducah
Pikeville
Radcliff
Richmond
Shelbyville
Shepherdsville
Versailles
Winchester
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