24 Jul Cash On Hand gets man Jail Time
Last week a business man in Getzville NY was sentenced to probation and fined for filing false tax returns. He ran a medical transportation company and a taxi service for several years. From 2007 through 2010 he did not deposit his cash into his corporate bank account. All checks were deposited into the corporate account, but all the cash was put into other personal accounts and family members accounts (most likely minor children). He then provided his tax preparer with only the corporate banking accounts, but said nothing of the cash being deposited.
This is a good example of someone trying to “get one over” on the IRS. Please understand, the IRS understands companies who try to pull these shenanigans. Taxpayers have been trying to hide income for many decades. It just does not pay off! The IRS knows that many people attempt to “pull the wool” over their eyes, but they are on too many tax schemes to commit tax evasion. Tax avoidance is lawful. Tax avoidance is using legal means to reduce your taxes. Tax evasion is using illegal means to reduce your taxes.
Give us a call so we can help you practice tax avoidance.