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Archive for November, 2011

Michigan Man Feels Full Wrath of IRS

Monday, November 14th, 2011

In today’s complex rules and regulatory environment it is vital business owners comply with laws and keeping accurate records. A Bloomfield, Michigan businessman with a checkered past found that out the hard way.
John Walter Kaber, owner of Merchant Processing, which installed credit card processing systems, learned what it means to feel the full weight and [...]

IRS free resources help employers choose and maintain retirement plans

Friday, November 11th, 2011

Do you need help in thinking about offering a retirement plan to your employees? The Internal Revenue Service can help. The IRS has free resources on starting and maintaining retirement plans to help you make informed decisions for yourself and your employees.
For small business owners who want to start a retirement plan, the IRS is [...]

Don’t Cross IRS On Payroll Taxes

Thursday, November 10th, 2011

Even if your business is cash-strapped, don’t give in to the temptation that you can neglect paying payroll taxes. The IRS will come after you! Quite rightly they view this as government money and thinking you can keep the lights on or the warehouse stocked and pay the government later is not an option. First [...]

KC man accused of masterminding tax fraud scheme

Wednesday, November 9th, 2011

More than 1 in 4 Illinois gas station operators have admitted to or have been caught cheating the state on taxes. Station operators have underreported the amount of fuel they sell, pocketing millions in state sales taxes. Within the past 18 months 14 station operators have been indicted on charges of illegally withholding a portion of the sales taxes customers paid at the pump.

But, according to state officials, the indictments don’t come close to the extent of the fraud. Thus far, the Illinois Department of Revenue has identified 651 gas station operators (27 percent of 2400) who have allegedly cheated the state, and $54 million in back sales taxes, interest and penalties have been recovered – mostly through quiet settlements or after violators came forward under the threat of greater penalties.

Here is how the fraud was uncovered. Distributors, who deliver the gas, track how many gallons they deliver to each station. State officials then calculated each station’s estimated sales, based on publicly reported sales on their monthly sales tax returns. Investigators often found discrepancies that showed it would have been physically impossible for the gas stations’ sales records to be truthful.

What has been going on in Illinois probably has been going on elsewhere. Be warned!

Tax fraud among Illinois gas station operators is ‘pervasive’

Wednesday, November 9th, 2011

More than 1 in 4 Illinois gas station operators have admitted to or have been caught cheating the state on taxes. Station operators have underreported the amount of fuel they sell, pocketing millions in state sales taxes. Within the past 18 months 14 station operators have been indicted on charges of illegally withholding a portion of the sales taxes customers paid at the pump.

But, according to state officials, the indictments don’t come close to the extent of the fraud. Thus far, the Illinois Department of Revenue has identified 651 gas station operators (27 percent of 2400) who have allegedly cheated the state, and $54 million in back sales taxes, interest and penalties have been recovered – mostly through quiet settlements or after violators came forward under the threat of greater penalties.

Here is how the fraud was uncovered. Distributors, who deliver the gas, track how many gallons they deliver to each station. State officials then calculated each station’s estimated sales, based on publicly reported sales on their monthly sales tax returns. Investigators often found discrepancies that showed it would have been physically impossible for the gas stations’ sales records to be truthful.

What has been going on in Illinois probably has been going on elsewhere. Be warned!