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Taxation Legal News
Lake Worth Tax Return Preparer Convicted On Tax Fraud, Contempt Charges
Following a five-week trial, a federal jury in West Palm Beach has found defendant Louis Wayne Ratfield, a Lake Worth, Fla., tax return preparer, guilty on 50 charges against him in connection with his participation in a tax fraud scheme to hide income and assets in bogus trusts, Eileen J. O’Connor, Assistant Attorney General for the Justice Department’s Tax Division, R. Alexander Acosta, U.S. Attorney for the Southern District of Florida, and Michael Yasofsky, Jr., Special Agent in Charge, Internal Revenue Service (IRS), Criminal Investigation Division announced today.
On April 13, 2006, a 56-count indictment was returned charging Ratfield with preparing for clients and himself fraudulent federal individual and trust income tax returns, corruptly impeding the enforcement of the tax laws and criminal contempt. Prior to trial, the government dismissed five of those counts. The indictment alleged, and evidence offered at trial established, that Ratfield operated a tax preparation business, LWR Accounting and Tax Service, which was later called LWR Financial Services Trust. The businesses were located in Lake Worth where Ratfield also resided. Read more at usdoj.gov.
Form 5471 is Information Return of U.S. Persons With Respect to Certain Foreign Corporations
Report information with respect to certain foreign corporations. A domestic partnership may have to file Form 5471 if it: Controls a foreign corporation; or Acquires, disposes of, or owns 5% or more in value of the outstanding stock of a foreign corporation; or Owns stock in a corporation that is a controlled foreign corporation for an uninterrupted period of 30 days or more during any tax year of the foreign corporation, and it owned that stock on the last day of that year.
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News about Taxation cases in Aurora and nationwide:
Definition:
Money, goods, services, and property a person receives that must be reported on a tax return. Includes unemployment compensation and certain scholarships. It does not include welfare benefits and nontaxable Social Security benefits.
Excise tax
Definition:
A tax on the sale or use of specific products or transactions.
Estate and Gift Tax
Definition:
One of the oldest and most common forms of taxation is the taxation of property held by an individual at the time of their death. Such a tax can take the form, among others, of estate tax (a tax levied on the estate before any transfers). An estate tax is a charge upon the decedent's entire estate, regardless of how it is disbursed.
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