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$3,000 per phony return; scam by the slice; siphoning the UAW; and other highlights of recent tax cases. Concord, N.H.: William Bischoff, 76, of York, Maine, has been sentenced to four years in prison for operating a multi-million-dollar investment fraud scheme and failing to file federal income tax returns. According to court documents and statements […]
The accounting profession is changing. As the tax filing industry becomes more and more commoditized, CPAs need to pursue a more advisory-based practice model that ensures they are enhancing their clients’ financial lives throughout the year, instead of just during the busy tax season crunch. And, as the dust from last year’s federal tax overhaul […]
Mary Boone, the owner of a prestigious Manhattan art gallery, pleaded guilty Wednesday to federal tax charges. Boone, 66, admitted to filing income tax returns falsely claiming approximately $1.6 million in personal expenses as tax deductible business expenses in 2011, when she held a 90 percent partnership interest in the gallery. According to prosecutors she […]
James Sikich, founder of Top 100 Firm Sikich Co., died last Tuesday, Aug. 28. According to reports, Sikich died from injuries sustained while helping with flood relief efforts near his home in Central Wisconsin. He had retired at the end of 2017 after 35 years at his namesake firm. Founded as Sikich, Gardner Co., the […]
Brian Perez, a 35-year-old former CPA, has been sentenced to 18 months in prison for wire fraud and tax evasion, according to U.S. Attorney Ryan Patrick. Perez, who pleaded guilty on March 1, also received three years of supervised release and was ordered to pay $162,755 in restitution to his employer and an additional $42,435.18 […]
A lot of people assume artificial intelligence is still a far-off technology, but in fact, it’s something we already use dozens, if not hundreds, of times each day. Consider all of the AI applications built into your smartphone. It leverages supervised machine learning to recognize your thumbprint so you can unlock it easily. It uses […]
High tax rates in some states could be having an impact on how well professional football teams perform on the field. A paper presented at last month’s annual meeting of the American Accounting Association found “a significant negative relation” between National Football League teams’ performance and the individual income tax rates of their home states. […]
The American Institute of CPAs has sent two letters to officials at the Internal Revenue Service and the Treasury Department about the repatriation tax on foreign earnings under the Tax Cuts and Jobs Act, asking them not to levy penalties on companies that didn’t pay it for tax year 2017. Photo: AICPA The TCJA amended […]
The Tax Cuts and Jobs Act has gone from a hot topic of conversation that closed out 2017 to an operational reality with widespread implications for how businesses operate, invest, compete and deliver products and services. And while corporate tax and finance professionals are grappling with the myriad details around implementing the new law, others […]
Software touch; $3.5 million scam; big woof; and other highlights of recent tax cases. Killeen, Texas: Former tax preparer Shermin Marshall has been sentenced to 42 months in prison for aiding and assisting in the preparation and filing of a false tax return and aggravated ID theft. According to court documents, Marshall devised a scheme […]
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