Tax Scams and How the IRS Caught Scofflaws
Promised that they would be able to keep their homes, the victimized homeowners instead lost the titles to their homes, suffering losses when the straw buyers failed to make loan payments and the new loans went into default. Lenders were often unable to foreclose because the buyers didn't even know the properties were in their names.
Given the frequent dealing in cash, it should come as no surprise that the IRS has a steady caseload regarding the restaurant industry
In 2009, the IRS opened 116 investigations, leading to 40 prison sentences.On April 15, 2009, in Panama City, Fla., Paul Gregory Francis, of Mexico Beach, Fla., was sentenced to 41 months in prison, to be followed by three years of supervised release, and ordered to pay over $2 million in restitution to the IRS. He pleaded guilty to six counts of tax evasion, one count of possession of a firearm by a convicted felon and one count of possession of methamphetamine. According to the IRS, Francis failed to file individual tax returns for himself and corporate tax returns for Toucan's Restaurant from 2005 to 2007. He also acknowledged that he skimmed more than $1.2 million in cash from the restaurant. -- Reported by Joe Mont in Boston.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV