11 May Newsletter May 11, 2018
Inside this edition:
- Airplane Broker Tries to Slip Under the IRS’s Radar
- Interesting Facts From the IRS
- A Bit of Humor
- A Must Read!
- Your IRS questions answered here
- Question & Answer
- For the foodies …Slow Cooker Cashew Chicken
Airplane Broker Tries to Slip
Under the IRS’s Radar
A resident of Pompano Beach, FL, Timothy Beverley was sentenced to 90 months in prison for filing fraudulent tax returns, wire fraud and filing false monthly reports with the U.S. Probation Office.
From 2010 to 2013, while working as an airplane broker at Majestic Jet, Inc., Beverley would direct the airplane escrow agents to wire funds from the sale of planes to nominee accounts that he controlled. It was shown in court that the amount Beverley stole during this time was over $2.2 million. In addition, Beverley stole funds directly from the business bank accounts of Majestic and used the funds to pay for his personal expenses, including his boat and rent.
Beverley did not disclose these stolen funds on his 2010-2013 personal income tax returns.
While working at Majestic, Beverley was on supervised release for a 2004 federal conviction for money laundering. Part of his conditional release required him to file monthly reports with the U.S. Probation Office that listed his net earnings from his employment. Beverley failed to report the stolen funds on his reports.
Beverley’s sentencing included three years of supervised release as well as payment of restitution to the U.S. Treasury in the amount of $634,906.
Interesting Facts From the IRS
- The IRS has instructions for employees on how to collect taxes after a nuclear war.
- According to the IRS Rules, hair donations to organizations such as Locks of Love are not tax deductible as hair is considered to be a body part and just like blood donations, they are not tax deductible.
- If you rob a bank, the IRS requires you to pay taxes on the stolen money.
- The lowest number ZIP code is 00501, which is for an IRS center in NY.
- There is an Atari 2600 game called Tax Avoiders and it was conceived by a former IRS Revenue Agent.
- The goodie or “swag” bags given to the guests at the Academy Awards are so expensive that the IRS categorizes them as taxable income.
- The IRS ranks higher than Comcast in terms of customer satisfaction.
- Willie Nelson released an album in 1992 specifically to pay off his debts to the IRS, entitled, ‘The IRS Tapes: Who’ll Buy My Memories?’
A Bit of Humor…
“The best things in life are free, but sooner or later the
government will find a way to tax them.“
A Must Read!
A Denver, CO woman found out the hard way that you MUST read your tax return before your tax preparer sends it out electronically.
Andrea Dean waited to receive the nearly $6,000 she expected from her return to show up in her bank account. Unfortunately, her friend who is an attorney put the wrong bank account number on the tax refund portion of the electronic filing form.
The IRS states that once a taxpayer signs a return, it’s final.
It’s up to the taxpayer to approve all items on the return before it’s submitted to the IRS. The only recourse the taxpayer has is to initiate a civil case to settle the loss. Only if fraud is suspected will the IRS investigate.
No one has come forward to report the unexpected deposit.
I’d like to hear from you…
If you have an IRS issue, or just want to refer a friend, relative or client, I’d love to hear from you. I can provide a no-obligation, confidential consultation to help you solve your IRS problems.
Thank you for your kind words
Jeff and his staff have helped our family through our tax troubles in the past. And I know he’ll continue in the future. – Don Musante
Q & A
Answer: Your Tax Resolution Specialist can request a removal (abatement) of penalties two ways: 1) “First Time” Penalty Abatement and 2) a Reasonable Cause Argument. The IRS writes off billions of dollars in penalties every year, but you must know how to do it correctly.
***If you have a general question that you would like answered in our next publication, email Jeffrey Schneider. Unfortunately, we cannot provide answers to your specific problem.
For the foodies…
Slow Cooker Cashew Chicken
Jeff loves cashews, and this recipe for Slow Cooker Cashew Chicken is better than takeout.
As much as Jeff would like fried rice with it, I serve it with cauliflower fried “rice” a recipe that I shared some months back.
Ta Ta for now,
For more great recipes and other information visit our Pinterest page.