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Taxation Legal News
Lake Worth Tax Return Preparer Convicted On Tax Fraud, Contempt Charges
Following a five-week trial, a federal jury in West Palm Beach has found defendant Louis Wayne Ratfield, a Lake Worth, Fla., tax return preparer, guilty on 50 charges against him in connection with his participation in a tax fraud scheme to hide income and assets in bogus trusts, Eileen J. O’Connor, Assistant Attorney General for the Justice Department’s Tax Division, R. Alexander Acosta, U.S. Attorney for the Southern District of Florida, and Michael Yasofsky, Jr., Special Agent in Charge, Internal Revenue Service (IRS), Criminal Investigation Division announced today.
On April 13, 2006, a 56-count indictment was returned charging Ratfield with preparing for clients and himself fraudulent federal individual and trust income tax returns, corruptly impeding the enforcement of the tax laws and criminal contempt. Prior to trial, the government dismissed five of those counts. The indictment alleged, and evidence offered at trial established, that Ratfield operated a tax preparation business, LWR Accounting and Tax Service, which was later called LWR Financial Services Trust. The businesses were located in Lake Worth where Ratfield also resided. Read more at usdoj.gov.
There are tax rules if change in accounting method is made
Generally, the partnership must get IRS consent to change its method of accounting used to report income (for income as a whole or for any material item). To do so, it must file Form 3115, Application for Change in Accounting Method. See Form 3115 and Pub. 538, Accounting Periods and Methods.
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News about Taxation cases in Delaware and nationwide:
E-File Returns Running At Record Pace
The Internal Revenue Service announced today that taxpayers are continuing to electronically file their tax returns at a record pace, up almost 6 p... Read more >
Is Estate Tax Reform Dead?
WASHINGTON, D.C. - Senate Republicans' attempt to push through a permanent cut in the estate tax before adjourning was nothing short of a... Read more >
Work Opportunity Credit and Welfare-to-Work Credit
Definition:
The work opportunity credit and the welfare-to-work credit are scheduled to expire for wages paid to individuals who began working for you after 2003.
Exemptions
Definition:
Amount that taxpayers can claim for themselves, their spouses, and eligible dependents. There are two types of exemptions-personal and dependency. Each exemption reduces the income subject to tax. The exemption amount is a set amount that changes from year to year.
Compulsory payroll tax
Definition:
An automatic tax collected from employers and employees to finance specific programs.
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