Mark L Stone, CPA, MST’s Post

Tax fraud leading to jail I'm certain that anybody familiar with this work environment did not doubt that Philly’s Tony Luke's owners were involved in tax fraud. The sentence for 10-year tax scheme almost seems like a cultural tradition. I'm not pointing a finger at them, but I am saying that it is epidemic cultural behavior in Philadelphia and elsewhere. Public comments, if compiled, would focus around "everybody does it". Don't discount the accuracy of street smarts. My public comments about tax fraud along the line of 'never saw one that didn't' raise ire within the professional community. I conclude they must be burying their head in the sand. There is solid government-produced data backing up my observations. It is important to get the message out that whenever there is risk of criminal tax fraud, those involved should speak to a lawyer and no one else. The accountant will adopt different work procedures when the attorney is involved. Handled appropriately, most cases can be settled without jail time. https://lnkd.in/evHxE7-k

Did you know the average fee according to the last http://cchcpelink.com course- I listened to by NY and CT Attorney Eric Green for a CPA or EA was $17,800? So what case law platform are you going to and what citator do you use and not to mention which of the 3 major publishers for tax research do you use that has ours and their editorial explanations, gray areas and annotations that would help you serve your clients or company affected by tax controversy like the below? Well if you need a trial for 7 days to to the link below (and if that's too short then come to me if I am your CCH Research and Learning Consultant as I only allowed to help CCH clients in or headquartered in NYC and Nassau county and the western Suffolk County and I can get you a 29 day comp temp access to https://lnkd.in/ezkYU3J and http://vitallaw.com and you can see for yourself why CCH WK is the fastest speed to your answers! https://lnkd.in/e66CNR2a https://lnkd.in/ebEy79FG

Do you have questions about the upcoming tax season? In this week’s Rudler Review, our experts answer common questions that may be beneficial for you to know when preparing your 2023 taxes.

This is one of the unintended consequences of 2017 tax reform! When Congress did away with the theft loss deduction, situations arise where the solution to theft and casualty losses can generate taxable income and related taxes. This is a truly sad story. #taxes #theftprevention #theftlossdeduction https://lnkd.in/dzFr7hjX

Update on the tax scheme known as Equity Theft we have been working to help expose: A clear and decisive order to the Mass state legislature to act. https://lnkd.in/eX96G2nS

Issue Number: IR-2023-139 WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued proposed regulations identifying certain monetized installment sale transactions and substantially similar transactions as listed transactions – abusive tax transactions that must be reported to the IRS. Material advisors and certain participants in these listed transactions are required to file disclosures with the IRS and are subject to penalties for failure to disclose these transactions. The IRS listed monetized installment sales this year as part of the agency’s Dirty Dozen list of common tax scams and schemes. Monetized installment sale transactions generally include the following elements: A seller of appreciated property, or a person acting on the seller’s behalf, identifies a buyer who is willing to purchase the property in exchange for cash or other property. The seller enters into an agreement to sell the property to an intermediary in exchange for an installment obligation, which provides for interest payments from the intermediary to the seller. The seller then purportedly transfers the property to the intermediary, although the intermediary never actually takes title or takes title to the property only briefly before transferring title to the buyer in exchange for the buyer’s cash or other property. The seller also obtains a loan with an agreement that provides for interest payments from the seller to the lender that equal the amount of interest that the intermediary pays the seller under the installment obligation. Both the installment agreement and the loan provide for interest due over the same periods, with principal due in a balloon payment at or near the end of the term of the installment agreement and loan. The sales proceeds received by the intermediary from the buyer, reduced by certain fees, are provided to the lender to fund the loan to the seller or transferred to an escrow account of which the lender is a beneficiary. The lender agrees to repay these amounts to the intermediary over the course of the term of the installment obligation. The seller then treats the sale as an installment sale under section 453 on a Federal income tax return for the year of the purported sale and defers recognition of gain until the year in which the seller receives the principal balloon payment. Written comments regarding the proposed regulations must be submitted by Sept. 3, 2023. A public hearing has been scheduled for October 12, 2023. Report tax fraud As part of the Dirty Dozen awareness effort, the IRS encourages people to report individuals who promote improper and abusive tax schemes as well as tax return preparers who deliberately prepare improper returns. For more information, see Abusive Tax Schemes and Abusive Tax Return Preparers.

And this is why we advocate for regulation of the tax industry .Its way to easy to become a tax preparer.

Another tax preparer charged with fraud. Currently you don’t need a license to prepare tax returns. I think many people are unaware of that and automatically assume that their tax preparer is a CPA or EA. If the person is unlicensed, they don’t have the same ethical requirements as a CPA or EA. Make sure you choose your taxpreparer wisely and remember they now have access to your sensitive information.

Another business has been charged with sales tax fraud! G&A Auto Care Inc. and Guy Kennedy Nicolas are facing six felonies for failing to report over $2 million in sales and not paying over $160,000 in sales tax owed to NYS. The charges include Grand Larceny in the Second Degree, Criminal Tax Fraud in the Third Degree, and Criminal Tax Fraud in the Fourth Degree.   Sales Tax Defense LLC, is the expert in sales and use tax, could have helped their situation. Our services extend past assisting businesses in determining what sales are taxable and filing sales tax returns. If they had reached out to us earlier for assistance, we would have offered the following options to avoid criminal charges and costly penalties:   - Voluntary disclosure - an opportunity to correct the error and avoid all monetary and criminal penalties.   - Offer In Compromise (OIC) - a second chance and incentive to pay future taxes in this tax, interest, and penalty forgiveness program.   - Sales Tax Payment Plans (IPA) - if the business does not have the funds to pay for the taxes, we will work with the state to issue a payment plan and work out as favorable a schedule as possible.   We are here to assist with any of your sales and use tax needs and can help you avoid serious charges and fines. #salestax #VDA #Taxfraud https://lnkd.in/eCRARAWi

Tax Fraud Blotter: Bad housekeeping Meating their fate; write-off rip-off; a dent in his plans; and other highlights of recent tax cases. https://buff.ly/3FCWAxB