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December 2011 Archives

IRS looking into property transfer and gift tax filing issue

Every person is allowed to gift up to $5 million in his or her lifetime, exempt from gift taxes. But within a year, each person is also allowed to gift up to $13,000 without that counting towards the lifetime exemption. However, in order to keep track of the amount gifted for each individual, the IRS relies on tax forms that are filed each year.

Heiress' estate may be in jeopardy after tax fraud allegations

As many people in Texas know, paying taxes can be confusing, especially as more and more people try to save money by doing their own taxes. There is plenty of room for errors. However, the IRS is not usually sympathetic to people they suspect of committing tax fraud. In a current case, the two men who handled a famous heiress' estate have been accused of committing tax fraud.

Texas man enters guilty plea for tax evasion, Medicare fraud

A Texas man has pleaded guilty to several charges surrounding an alleged Medicare scheme. The charges include conspiracy to commit health care fraud, conspiracy to commit money laundering, and tax evasion. The man and a number of unidentified accomplices were said to have used a variety of vehicles to transport patients, offering kickbacks in exchange for their Medicare numbers. The tax fraud charges involve the man's company, Pearl Ambulance. He apparently reported his 2003 annual income to be under $200,000, though investigation by the IRS apparently showed that he earned $2 million and owed $329,310 in taxes for the year. These actions ended up resulting in a failure to file a tax return.

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