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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.
Corporate Reorganizations; Transfers of Assets or Stock Following a Reorganization
These proposed regulations address the effect of transfers of the assets or the stock of parties to a reorganization pursuant to transactions intended to qualify as reorganizations within the meaning of section 368(a) of the Internal Revenue Code. REG-130863-04. Published August 17, 2004.
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News about Taxation cases in Alaska and nationwide:
2005 Federal Earned Income Tax Credit
Earned Income Credit Amounts Increase
The maximum amount of income you can earn and still get the credit is higher for 2005 than it is for ... Read more >
2004 Tax Law Changes Education IncentivesThe maximum Tuition and Fees Deduction is $4,000 for those with Adjusted Gross Income (AGI) up to $65,000... Read more >
Definition:
Amount that taxpayers can claim for their eligible dependents. Each exemption reduces the income subject to tax. The exemption amount is a set amount that changes from year to year.
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).
Estate and Gift Tax
Definition:
One of the oldest and most common forms of taxation is the taxation of property held by an individual at the time of their death. Such a tax can take the form, among others, of estate tax (a tax levied on the estate before any transfers). An estate tax is a charge upon the decedent's entire estate, regardless of how it is disbursed.
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