North Carolina Man Goes to Great Lengths Not to Pay IRS
Billy Floyd, of Monroe, NC was indicted on charges of interfering with the due administration of the Internal Revenue laws and filing false tax returns. It was alleged that Floyd filed amended tax returns for the years 2000-2002 showing his tax liability reduced to zero. In 2010 he again filed amended returns but included the […]
Connecticut Man Faces Prison Term for Hiding Income in Panama
Saul Hyatt, from Weston CT., pleaded guilty to one count of concealing over $1.5 million in income by using an undeclared bank account in Panama. Hyatt registered a Panamanian Corporation, The Centennial Group, which bought and sold duty-free alcohol and tobacco products. Both products were shipped to warehouses in the US and the profits, totaling […]
Year End Tax Planning Tips
Here are some of the most important, according to AccountingToday, 2016 tax-planning considerations for individuals: Accelerate Deductions and Defer Income: Â It sometimes makes sense to accelerate deductions and defer income. There are plenty of income items and expenses you may be able to control. Consider deferring bonuses, consulting income or self-employment income. On the deduction […]