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St. Louis Tax Law Blog

Man faces 45 years in prison over tax evasion allegations

There are some large companies in Missouri that employ an entire team of financial workers to help ensure that payments are properly documented, wages paid and earnings reported. However, there are other, smaller businesses that do not have the means to hire such financial professionals, leaving many of the the financial decisions to rest on the shoulders of owners. Though it may be easy to make a mistake or miscalculations, federal officials may view an innocent oversight as deliberate tax evasion.

Unfortunately, a man in another state faces such accusations. Officials indicate that the 41-year-old man owns a construction company. Federal officials say that he cashed commercial checks and paid his employees in cash. In doing so, they claim, he skipped making payments that are mandatory under FICA, the Federal Insurance Contributions Act.

Man pleads guilty to federal tax evasion accusations

Many business owners in Missouri and across the country are dedicated to paying their fair share of taxes. Despite this dedication, there may be oversights that may seem minor but could be perceived as an attempt of tax evasion. For example, a business owner may opt to deposit a check written out to him or her into a personal bank account rather than that of the business, with no thought that doing so could be perceived as suspicious to the IRS.

Unfortunately, a man in another state has been accused of evading taxes. He has recently pleaded guilty to charges related to the accusations. Officials claim that from 2009 to 2014 he underreported his roofing company's income by over $6 million. As part of a plea agreement, he has agreed to pay over $414,000 in restitution. He could also face an additional penalty and prison time.

Are you under IRS investigation for suspected criminal activity?

Most people find the IRS intimidating. No one wants to owe the agency and many people cringe at the word "audit." For many Missouri residents, getting a notice in the mail of an IRS audit would be the worst thing that could happen to them.

However, those people may not be under investigation by the IRS for criminal activity. It may have come as a surprise to you to find out that the IRS conducts this type of investigation. It conducts investigations into alleged violations of the Bank Secrecy Act, the Internal Revenue Code and statutes relating to money laundering.

Do I have to pay taxes on all my income?

If you get a raise at work, one of your first thoughts may be to wonder how it will affect your taxes. It is a fact of life in Missouri and across the country that income gets taxed, and the more you make, the more taxes you pay. When tax time comes, you likely grab your calculator and start adding up every stream of your income, then figure out how much you owe the government.

What you may not realize is that not every dime you receive may be taxable. While it is true that the money you earn each week at your job likely comes with a tax, you may be receiving funds that you do not have to claim on your forms for the IRS.

Couple indicted for federal tax evasion

Couples in Missouri manage their money in different ways. While some may combine all their assets, with both spouses having access to all accounts, others keep their finances separate. It is unclear how the finances of a couple in another state who were recently indicted on tax evasion charges had their assets divided.

The couple was indicted on a day in mid-June. According to reports, they face charges of conspiracy and tax evasion. Court records indicate that the couple attempted to avoid paying federal income taxes on the husband's income by using a variety of different bank accounts and submitting fake forms to the Internal Revenue Service, concealing his assets and income.

What to do in the event of an IRS investigation

Anyone in Missouri who has filed their own taxes is likely aware of the complications associated with the process. For many, the idea of making a mistake is nerve-wracking. Unfortunately, the threat of being under an IRS investigation is even more difficult.

Unfortunately, there are some people who will find themselves being scrutinized by the IRS. Many may simply need to provide additional information or clarification. Unfortunately, others may be suspected of a crime, including tax evasion or fraud, among others.

You can defend against accusations of tax evasion

It is common for people to dread having to handle their taxes. In many cases, it is a time of year (or multiple times of year for those who pay estimated taxes) that leaves individuals feeling hit hard financially when they owe. Of course, obtaining a refund can often alleviate some of this dread, but still, you may feel ill at ease when it comes to dealing with the Internal Revenue Service.

The situation may become even more stressful if you find yourself accused of tax evasion. This is a serious crime, and you could face substantial consequences if convicted of such actions. However, you may have felt that you did not intentionally try to avoid paying your taxes and believe that the charges are not warranted. Fortunately, as with any criminal charge, you have the right to defend against such allegations.

Man faces multiple charges, including obstructing IRS laws

Most everyone in Missouri recognizes the importance of taxes and the many things that paying them provide for those who live in the United States. Despite this knowledge, the process and laws surrounding the Internal Revenue Service, or IRS, can be overwhelming. Unfortunately, a man in another state is likely facing a stressful time after he was indicated on multiple tax charges.

The defendant in the case is described as self-employed. According to reports, he operates a carpet cleaning service. Reports claim that he was indicated on multiple charges. An indictment is simply a formal written statement, indicating that a grand jury believes that there is sufficient evidence to warrant charges. A trial has been tentatively scheduled for July.

Coping with tax audits in Missouri

For many in Missouri and across the country, filing taxes is a time-consuming task that is filled with complications. Often, there is a concern that a simple mistake will lead to an audit and, potentially, criminal charges. For many, the risk of audits is daunting, and many people who must undergo them are unfamiliar with the process.

An audit is a formal examination of tax returns conducted by the IRS to uncover inaccurate information or discover fraud. An audit can occur as a result of a random or intentional selection. A random audit is typically a simple matter of taking a closer look at a filing. A person will receive a letter in the mail, indicating the IRA's intent to conduct an audit.

Did you know you can sue the IRS?

What could be worse than owing taxes to the IRS? Being audited by the IRS. After completing the audit, there is a good chance that the agency will hand you a tax bill. At this point, you may decide to agree with the agency's findings, but if you don't, you do have an option.

If you decide to dispute the findings, the IRS will send you a 90-day letter called a "notice of deficiency" that outlines the changes to your tax returns that the agency wants to make. At this point, you have 90 days to file a dispute in the Tax Court. If you miss this deadline, the changes suggested by the IRS take effect since you effectively agreed to its findings.

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