Tag:

Income Tax

Middlesex NJ
Police & Fire
Tax Advisor Failed To Pay His Own Taxes In Middlesex County: Prosecutor Tax Advisor Failed To Pay His Own Taxes In Middlesex County: Prosecutor
Tax Advisor Failed To Pay His Own Taxes In Middlesex County: Prosecutor A judge has ordered a longtime tax preparer to stop doing anyone's taxes after discrepancies were identified in those returns, authorities said. He also failed to file one of his own tax returns, they said. Jerry R. Jones, 82, of Monroe had a five-year state prison sentenced suspended on Friday, March 1 assuming he follows the court's order, according to Middlesex County Prosecutor Yolanda Ciccone, Chief Griffin M. Banos of the Monroe Township Police Department, and the New Jersey Department of Treasury, Division of Taxation’s Office of Criminal Investigation. Jones agreed t…

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by Jon Craig
Westport
News
Westport Investment Advisor Gets Jail Time: Did Not Report $1.4M To IRS, Feds Say Westport Investment Advisor Gets Jail Time: Did Not Report $1.4M To IRS, Feds Say
Westport Investment Advisor Gets Jail Time: Did Not Report $1.4M To IRS, Feds Say An investment advisor from Fairfield County will spend time in prison after failing to report more than $1.4 million in income to the IRS, federal officials said.  Westport resident Thomas Pacilio, age 64, was sentenced on Thursday, April 13 to six months in prison for omitting around $1,476,425 in profits in income tax returns between 2015 and 2018, according to the US Attorney's Office for the District of Connecticut.  Earlier Report - Westport Investment Advisor Failed To Report $1.4M In Profits To IRS, Feds Say According to federal officials, in 2011, Pacilio a…

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by Ben Crnic
Hartford
News
Glastonbury Man Found Guilty Of Failing To Pay Taxes On $950K In Income Glastonbury Man Found Guilty Of Failing To Pay Taxes On $950K In Income
Glastonbury Man Found Guilty Of Failing To Pay Taxes On $950K In Income A Connecticut attorney was convicted of failing to pay taxes on about $950,000 in income. Deron Freeman, a resident of Glastonbury in Hartford County, was found guilty on Monday, April 18, of three counts of making and subscribing a false tax return and four counts of failure to pay income tax, according to Leonard Boyle, United States attorney for the District of Connecticut. Freeman, age 47, owned a law office in Hartford, where he primarily practiced in the areas of personal injury and criminal law, Boyle said.  The US Attorney's Office said Freeman fell "severely behind" in p…

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by Nicole Valinote
Newtown
News
Bethel Man Admits To Underpayment Of $500K In Income Taxes Bethel Man Admits To Underpayment Of $500K In Income Taxes
Bethel Man Admits To Underpayment Of $500K In Income Taxes A Fairfield County business owner is facing federal prison time after admitting to underpaying more than $500,000 in income taxes. Bethel resident Timothy P. Draper, age 54, pleaded guilty to one count of tax evasion Monday, April 18 in Hartford federal court. Prosecutors said Draper failed to deposit numerous checks into his landscaping and rental business accounts, resulting in underreporting approximately $1.8 million on his tax returns between 2015 and 2017. Draper was also accused of paying personal expenses out of the business accounts and failing to categorize the payments as inco…

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by Michael Mashburn
Worcester
News
Former Harvard Department Chair Found Guilty Of Hiding Ties To China Former Harvard Department Chair Found Guilty Of Hiding Ties To China
Former Harvard Department Chair Found Guilty Of Hiding Ties To China A former Harvard University department chair has been found guilty of charges in connection with lying to federal authorities about his ties to China and failing to report income he received from a university in China. Charles Lieber, age 62, was found guilty on Tuesday, Dec. 21, of: Two counts of making false statements to federal authorities,  Two counts of making and subscribing a false income tax return, Two counts of failing to file reports of foreign bank and financial accounts with the Internal Revenue Service. Lieber is the former chair of Harvard's Chemistry and Che…

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by Nicole Valinote
Orangetown
News
New York Extends Income State Tax Deadline To Match Date Set For Filing Of Federal Returns New York Extends Income State Tax Deadline To Match Date Set For Filing Of Federal Returns
New York Extends Income State Tax Deadline To Match Date Set For Filing Of Federal Returns New York State announced it will be extending its income tax deadline to match the federal government’s newly announced later deadline. In New York, the income tax deadline will now be Monday, May 17, a 30-day extension from the original deadline, and the same date as the new deadline for federal returns. Budget Director Robert Mujica, Jr. said that the extension is to provide New Yorkers some breathing room as the state continues dealing with COVID-19. 
“At the governor's direction, the Department of Tax and Finance will be extending the New York State income tax deadline to May 17&n…

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by Zak Failla
Mount Pleasant
News
Owner Of Hudson Valley Tax Preparation Business Admits To Scam IRS Of $500K Owner Of Hudson Valley Tax Preparation Business Admits To Scam IRS Of $500K
Owner Of Hudson Valley Tax Preparation Business Admits To Scam IRS Of $500K A Hudson Valley tax preparer and the owner of Eversley Tax has been sentenced to six months in prison for preparing false and fraudulent income tax returns. Eversley Barrett, of New Windsor, was sentenced on Friday, Jan. 29, to prison time after pleading guilty to 16 counts of an 84-count indictment, said Audrey Strauss, the U.S. Attorney for the Southern District of New York. “Eversley Barrett abused his position of trust as a tax preparer by filing false tax returns on behalf of his clients and himself," said Strauss. "He caused over half a million dollars in losses to the IRS, all for hi…

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by Kathy Reakes
Nassau
Politics
COVID-19: If Federal Aid Doesn't Come, NY Income Taxes Will Increase, Cuomo Says COVID-19: If Federal Aid Doesn't Come, NY Income Taxes Will Increase, Cuomo Says
Covid-19: If Federal Aid Doesn't Come, NY Income Taxes Will Increase, Cuomo Says Some of New York’s wealthiest residents could see a rise in their income taxes if the federal government fails to provide emergency aid to states that are necessary due to the COVID-19 pandemic. During an interview on WAMC Radio in Albany, Cuomo said that without funding from President Donald Trump’s administration, New York and other states will be forced to levy significant tax hikes, largely on their wealthiest residents. Cuomo has been critical of the federal government during the pandemic, constantly chiding the administration for its lack of assistance after Trump told governors that …

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by Zak Failla
Ocean
Police & Fire
Jersey Shore Pizzeria Owner Gets 15 Months In Fed Pen For Ducking $425,000 In Taxes Jersey Shore Pizzeria Owner Gets 15 Months In Fed Pen For Ducking $425,000 In Taxes
Jersey Shore Pizzeria Owner Gets 15 Months In Fed Pen For Ducking $425,000 In Taxes The owner of a Wildwood Crest pizzeria must serve a plea-bargained 15 months in federal prison for filing false income tax returns, authorities said. Giuseppe D’Arancio, 61, of Cape May Court House must serve the entire term handed down Wednesday in U.S. District Court in Camden because there's no parole in the federal prison system. He also must spend a year of supervised release and pay $507,246 in restitution to the IRS under the sentence imposed by U.S. District Judge Joseph H. Rodriguez. D'Arancio and a co-owner of Sal's Pizza on New Jersey Avenue "kept two sets of acco…

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by Jerry DeMarco
Litchfield
News
COVID-19 Crisis Could Cost Connecticut Billions, Lamont Says COVID-19 Crisis Could Cost Connecticut Billions, Lamont Says
Covid-19 Crisis Could Cost Connecticut Billions, Lamont Says The novel coronavirus (COVID-19) outbreak could wind up costing Connecticut billions of dollars and wiping out the state’s rainy day fund. Calling the numbers “sobering,” Connecticut Gov. Ned Lamont previously said that Connecticut will end the fiscal year with a $1 billion budget shortfall, with the number potentially doubling over the next cycle, which begins in July. Budget numbers released by the Office of Fiscal Analysis show Connecticut’s budget deficit this year grew to over $1 billion, an increase of more than $687 million over the previous estimate. Sales tax revenue dro…

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by Zak Failla
Pleasantville
Lifestyle
New York's No. 1 - For Highest Taxes In Nation, According To New Data New York's No. 1 - For Highest Taxes In Nation, According To New Data
New York's No. 1 - For Highest Taxes In Nation, According To New Data A brand-new study has revealed that New York and Connecticut are paying the highest taxes in the country. 24/7 Wall Street released the report reviewing the “total tax burden as a share of income on a per capita basis” to identify the states with the lowest and highest tax burden. Federal taxes were not included in the calculations. The study found that New York led the way as the highest taxed state in the country, with 12.7 percent of income going toward taxes. Connecticut was just being at 12.6 percent. The study’s methodology can be found here. Details from the report include:  N…

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by Zak Failla
Fairfield
Politics
Millionaire CT Gubernatorial Candidates Throw Blows On Twitter Millionaire CT Gubernatorial Candidates Throw Blows On Twitter
Millionaire CT Gubernatorial Candidates Throw Blows On Twitter Candidates for governor in Connecticut took to Twitter this week to blast one another and promote their campaign themes Two Greenwich rivals with the greatest personal wealth in the gubernatorial race — Democrat Ned Lamont and Republican David Stemerman — traded social media shots over their business backgrounds and how each made his fortune. The flap began when Stemerman, a hedge fund giant, criticized two of his Republican Party primary opponents for proposing to eliminate the state income tax to help fix the state economy. Instead of drawing predictable fire from GOP foes Mark Boughton …

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by Jon Craig