Home ยป tax evasion
Tag:

tax evasion

Sport

Title: Charity Board Accuses Ecuabet of Tax Evasion and Illegal Operations

by Alex Carter - Sports Editor
written by Alex Carter - Sports Editor

Ecuadorian Charity Board Alleges Tax Evasion, Illegal Operations byโฃ Sports Betting Firm ecuabet

QUITO, Ecuador – Ecuador’s Charity Boardโข has filed a formal complaint against sports betting company Ecuabet, allegingโ€ tax evasion through irregular donations to affiliated foundations adn the offering of prohibited online casinoโ€‹ games.The complaint, stemming from a review of Ecuabet’s financialโข and operational structure, raises concerns about the company’sโ€‹ compliance with Ecuadorian lawโ€Œ and โ€its declared โขnon-profitโข status.

The Board’s investigation revealed Ecuabet was initially domiciledโ€ and authorized by the island of Anjouan, in southern Africa, off the coast of Tanzania, but its โ€gaming license-wich expired inโค May 2025-is currently not listed as qualified by โคthe Anjouan gaming control authority.

Further scrutiny uncovered a network of 42 โ€‹individuals and entities linked to Ecuabet, including three foundations – Prosperar, Prosperar Salud, and Culturarte – seven โฃcompanies, and โ€‹over 32 related people, allโข represented by the same legal counsel. The Board highlighted a important increase in income for the Prosperar Salud foundation,jumping from USD 34โ€‹ million in 2022 to USD 95 million in 2024,suggesting a potential shift in operational tactics by sports forecasting companies to operate through foundations โ€beginning inโ€‹ 2023.

The complaintโค references aโ€Œ prior 2022 accusation โ€Œagainst Ecuabet,which revealed an agency contract with the prosperar Foundation andโค alleged the company offered online casino games prohibited in Ecuador,constituting unfair competition.โฃ The โ€Superintendence โคof โ€ŒEconomic Competition investigated that complaint and rejected Ecuabet’s claim that its activities were non-profit due to donations to foundations like Prosperar.

The Charity Board alleges Ecuabet is improperly benefiting from taxโ€Œ exemptions through its โ€Œrelationship with Prosperar, citing โคcontradictions in contractual obligations that prompted the Superintendency to question the legitimacy of theโ€Œ “donations.” Consequently, theโฃ Superintendency has forwarded the case file to the Prosecutor’s Office for furtherโข investigation.

0 comments
0 FacebookTwitterPinterestEmail
Business

Kilpatrick Family Finances: Prosecutors Seek $36K in Taxes

by Priya Shah โ€“ Business Editor
written by Priya Shah โ€“ Business Editor

Feds Uncover Cash in Ongoing Financial Pursuit Linked toโข Kwame Kilpatrick‘s family

Fayetteville,Georgia – Federal prosecutors pursuingโค financial recovery in the wake of Detroit’s sprawling public corruption scandal haveโข recently uncovered assets,including $6,704โ€Œ in a Michigan Treasury Department account belonging to former Mayor Kwame โฃKilpatrick,and are actively seeking funds from members of his inner circle.the efforts represent a continuing attempt to recoup millions in unpaid taxes and restitution owed โ€Œto Detroit โ€Œtaxpayers stemming from one of โขthe largest public corruption cases in U.S. history.

The ongoing financial investigation, โขwhich includes targeting bank accounts and โฃgarnishing โคwages, highlights the long โขreach of the Kilpatrick scandal even โขafter the former โฃmayor’s sentence was โคcommuted by President Donald trump in 2021.Prosecutorsโ€ areโข focused on recovering funds from those closest toโ€ Kilpatrick, including ex-Detroit Treasurer Jeffrey Beasley and โ€former city contractor Bobby Ferguson.

In recent months, prosecutors secured court approval to โ€Œindefinitely seize 25% of Beasley’s paychecks. They are also pressing Fergusonโข to increaseโฃ monthly โ€payments to satisfy over $2.6 million in restitution. Eleven months ago, a judge โ€‹authorized the seizure of the $6,704 found in Kilpatrick’s Michigan Treasury account. However, there has been no public record of furtherโฃ collection efforts directed at Kilpatrick โ€Œhimself since hisโ€‹ sentence was commuted.

The โฃinvestigation also extended to a $452,200 rental home in Fayetteville, Georgia, 21 miles south of Atlanta, butโ€‹ attempts to reach the property owner โขfor commentโข were unsuccessful.

Prosecutors have been actively investigating the finances of individuals connected to Kilpatrick, seeking to recover funds related to the corruption scandal that plagued Detroit for โฃyears. This includes Jeffrey Beasley, a former Detroit Treasurer, โฃand Bobby Ferguson, an ex-city contractor.

rsnell@detroitnews.com

0 comments
0 FacebookTwitterPinterestEmail
Health

Title: Lake Forest Doctor Sentenced for Tax Evasion and Medicare Fraud

by Dr. Michael Lee โ€“ Health Editor
written by Dr. Michael Lee โ€“ Health Editor

Lake Forest doctor sentenced for taxโฃ Evasion and Medicare Fraud

Krishnaswami Sriram, a 67-year-old medical doctor from Lake Forest, Illinois, has been sentenced toโ€Œ 34 months in federal prison for evadingโค $1.6 millionโ€‹ in taxes and defraudingโฃ Medicare. โ€‹Sriram pleaded guilty to tax โ€‹evasion inโข March and admitted to a patternโ€‹ of concealing assets and lying toโข the IRS between 2011 and 2017.

Prosecutors revealed Sriram fraudulently transferred ownership of โ€Œrental properties to his children while continuing to collect income from them, and moved $700,000 to bank accountsโ€ in India. He also failed to โคreport investment โ€accounts andโฃ property ownership to the IRS.

Beyond tax evasion, Sriram โขadmitted to falsely billing Medicare โ€‹$136,980.36 between 2012 โ€‹and 2022 by claiming to provide in-home care to beneficiaries who were either hospitalized or deceased.

This isn’t Sriram’s firstโฃ offense. Prosecutors argued for aโค harsher sentence, โฃciting โฃprior convictions for similar crimesโ€Œ in 2002, โขhighlighting a repeated disregard for the law. Judgeโค Johnโฃ Robertโข Blakey ultimately sentenced Sriram to 34โ€‹ months, along with $1.7 million in restitution and three years of supervised โคrelease. He is scheduled to surrender to prison on โ€ŒNovember 18th.

0 comments
0 FacebookTwitterPinterestEmail
Business

John Carnes Tax Evasion Sentence: Kansas City Lawyer in Prison

by Priya Shah โ€“ Business Editor
written by Priya Shah โ€“ Business Editor









Former Jackson County Attorney John C. Carnes Sentenced to 21 Months for Tax Evasion

Table of Contents

By world-today-news.com Staff


KANSAS CITY, Mo.- A federal judge on Monday sentenced former Jackson county attorney and politician John C. Carnes to 21 months in prison.Carnes was also ordered to pay restitution totaling $794,540.

Carnes pleaded guilty in November 2024 to tax evasion. He admitted to attempting to avoid paying personal income taxes for the years 2012 through 2018. According to a news release from the U.S. Attorney’s Office in Kansas City, Missouri, Carnes kept income within his attorney trust accounts and withdrew cash from these accounts to cover personal and business expenses.

An attorney trust account is a bank account where a lawyer has a fiduciary duty to hold property belonging to clients or third parties, including prospective clients. These funds are held in connection with legal representation and are seperate from the lawyer’s own assets.

The Internal Revenue Service had been continuously engaged in various investigative and enforcement activities concerning Carnes’ outstanding tax liabilities.

Understanding Tax Evasion and Attorney Trust Accounts

Tax evasion is a serious federal crime involving the illegal non-payment of taxes. Individuals found guilty can face notable penalties, including imprisonment and substantial fines. Attorney trust accounts,also known as IOLTA (Interest on Lawyers’ Trust Accounts) accounts,are crucial for maintaining ethical financial practices in the legal profession. They ensure client funds are kept separate from an attorney’s personal or business funds,preventing commingling and safeguarding client assets.

Frequently Asked Questions About John C. Carnes’ Tax Evasion Case

What crime did John C. Carnes plead guilty to?
John C. Carnes pleaded guilty to tax evasion.
What was the sentence given to John C. Carnes?
John C. Carnes was sentenced to 21 months in federal prison.
How much restitution was John C. Carnes ordered to pay?
John C. Carnes was ordered to pay $794,540 in restitution.
For which tax years did Carnes attempt to avoid paying taxes?
Carnes attempted to avoid paying personal income taxes for the tax years 2012 through 2018.
How did Carnes attempt to evade taxes?
Carnes kept income in his attorney trust accounts and withdrew cash from them to pay personal and business expenses.
What is the purpose of an attorney trust account?
An attorney trust account is used to hold client funds separately from the lawyer’s own property, fulfilling a fiduciary duty.
0 comments
0 FacebookTwitterPinterestEmail
Business

AADE: Targeting black incomes – Cases that are time-barred – 2024-10-05 01:55:46

by Chief editor of world-today-news.com
written by Chief editor of world-today-news.com

The AADE sends thousands of “rabasaki” with taxes and fines for “sins” of the past to taxpayers who are found to have hidden income or not submitted declarations.

In the “eye” of the tax auditors are employees and pensioners with undeclared retroactive and earnings, taxpayers with earnings from abroad, property owners with undeclared income, professionals who submit zero VAT returns but have significant activity. The open tax cases of 2018 are checked as a matter of priority, while older cases are also checked.

Tax auditors are racing to check as many cases as possible to beat the December 31, 2024 statute of limitations while rushing to send the memos to taxpayers by early December.

It is noted that the statute of limitations for each case is proportional to the category of tax concerned (income, VAT, real estate, etc.) if there is tax evasion or if no tax declaration has been submitted.

How AADE monitors debtors

According to the instructions given by AADE, the tax officials check and cross check:

  • The electronic records of salary or pension certificates, remuneration from business activity and income from dividends, interest, royalties.
  • Available data relating to other income and objective costs of living or acquiring assets, which are sent annually or are included in the last prior to the year for which an act of estimated tax determination is issued, a submitted income tax return and in the property statement of each year, as it arises from the Integrated Portfolio Information System of AADE.
  • The electronic database, which is available at AADE and may concern the exercise of professional or business activity, as well as from data obtained in the context of the exchange of information for the implementation of international administrative cooperation in the field of direct taxation.
  • Any information available from third parties.

Who does it concern?

In the target of the tax control mechanism are:

  • Taxpayers who have not submitted a tax return in 2019 for 2018 income.
  • Taxpayers who have submitted an inaccurate declaration or have not declared retroactive amounts of remuneration received within 2018 and relating to earlier years.
  • Self-employed people and businesses who have submitted an inaccurate declaration of gross income or expenditure for the 2018 management period.
  • Owners of rental properties who did not file or filed an inaccurate return for short-term rental income earned in 2018.
  • Taxpayers with income of foreign origin who did not submit a tax return.

The bill with the extra taxes and fines must have been issued before the expiration of 2024, as according to a decision of the Supreme Court, the public loses the right to impose taxes and fines in the event that it does not notify within the statutory period of limitation to the taxpayer the accounting deed.

Source: ot.gr

#AADE #Targeting #black #incomes #Cases #timebarred

0 comments
0 FacebookTwitterPinterestEmail
Business

IRS: How to achieve a “haircut” of up to 50% in fines – 2024-10-04 08:20:38

by Chief editor of world-today-news.com
written by Chief editor of world-today-news.com

Taxpayers must fill out a special declaration of confession of the tax offenses they have committed in order to get a “haircut”, at the tax office, of the fines from 25% to 50%.

With the declaration of acceptance of the debt confirmed in the context of the audit, the taxpayers waive the right to appeal to the courts, while they will have to pay immediately, within three days, 25% of the amount that has been confirmed. The remaining amount can be paid in installments which cannot exceed 12.

The statement

In the form called “Declaration of acceptance of actions in the context of the tax audit” interested parties should:

  • To fill in their personal details (name, VAT number, company name, type of activity, address,
  • To state that they accept the act of correcting the determination of the tax, fee or levy
  • To state that within 3 days of notification and receipt of the relevant message in the electronic account inbox they will pay 25% of the main tax and that the remaining amount after deducting 25% and reducing the fines will be paid once or in up to 12 installments.

With the new rules activated from October 1, 2024, taxpayers are given the possibility to accept the debt after the issuance of the “regret” but the deduction is reduced, depending on the stage at which the acceptance will be made. The earlier the declaration of acceptance of the debt is submitted, the greater the discount on fines will be.

The “sorry card” that those who admit the violations will fill out and submit

“Haircut” of fines

Specifically, the new procedure provides for a reduction in fines as follows:

  • 50% if the admission of violations (failure to submit declarations or submission of inaccurate declarations) is made after the issuance and notification of an inspection order or invitation to provide information, and until the deadline for submitting an overdue initial or amending declaration from the notification of a temporary corrective determination of tax. In order to secure the deduction, the audited person should submit the relevant overdue initial or amending declarations before the notification of the act of temporary corrective tax assessment (with the issuance of the audit order) or submit the relevant declarations within 10 days of the notification of the act temporary corrective tax assessment.
  • 40% if the main tax debt is accepted after notification of a definitive corrective tax assessment but before recourse to the Dispute Resolution Division (DDR). The audited person has a period of 30 days from the notification of a final corrective tax assessment to appeal to the TEN and during this time, he can accept the result of the audit and reduce the fine, in order not to risk the rejection of his appeal by the TEN and the certificate of the entire fine.
  • 30% if the main tax debt is accepted before submitting an appeal to a competent administrative court.
  • 25% if the main tax debt is accepted before the start of the discussion before a competent court.

Source: ot.gr

#IRS #achieve #haircut #fines

0 comments
0 FacebookTwitterPinterestEmail
Newer Posts
Older Posts
@2025 - All Right Reserved.

Hosted by Byohosting – Most Recommended Web Hosting – for complains, abuse, advertising contact: contact@world-today-news.com