September 25, 2020

Inside this edition:
In the News…

• Facing 66 Years – Say “Cheese” For Your Mug Shot
• He Needed More Bread Now He’s Toast
• They Built a Mini Empire that The IRS Toppled Like a Ton of Bricks
• Federal Agent Cleans Up Stealing Cash Found in Laundry Detergent Boxes
• N is for Not Filing and Paying Taxes

Interesting Reading…

• Question and Answer
• A Five Star Review
• For the foodies – Cashew Cabbage
• A Bit of Tax Humor

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“Jeff and Ali, they’re like family now. If I knew someone who was having tax issues, I would explain to them that the confidence you get from Jeff and Ali both handling your tax affairs is far worth it.”

~Helen Kruger

Facing 66 Years – Say “Cheese” For Your Mug Shot

The Philadelphia-based franchise owners of the Tony Luke’s cheesesteak company were charged with conspiracy to defraud the IRS, tax evasion, and aiding and assisting in filing false tax returns.

The indictment claims that from 2006 to 2016, Anthony Lucidonio Sr., 82, and his son Nicholas, 52, hid more than eight million dollars in receipts from the IRS. The pair deposited only a portion of their income into business bank accounts and filed false business and personal tax returns that substantially understated their income. The Lucidonios allegedly gave their accountant a second set of numbers to prepare their corporate and individual tax returns.

Failing to report the eight million dollars is only the beginning. The Lucidonios also committed employment tax fraud by paying their employees a portion of their salaries “on the books” and a bit “off the books” in cash. In 2014 and 2015, the pair allegedly filed false quarterly employment tax returns that significantly understated wages paid and taxes due. In another scheme, they paid employees with checks that they then asked them to sign for the company in exchange for cash-filled envelopes.

The father and son face a maximum sentence of 66 years in prison, a period of supervised release, restitution, and penalties.

He Needed More Bread Now He’s Toast

Peter Jamgochian, the co-owner of a commercial cleaning company in New Jersey, admitted to evading more than $300,000 in tax payments by cashing checks at a check-cashing facility, paying employees off the books, and failing to report all his income.

In 2013 and 2014, Jamgochian cashed over two million dollars in check payments made by customers and used the cash to pay employees and for his personal expenses. He kept this information from the company’s accountant and knowingly signed false corporate returns.

Jamgochian’s actions caused the company to underpay $248,936 in medicare and social security taxes, and he caused the IRS an additional tax loss of $76,201 by understating his income. He faces a maximum prison sentence of three years and $250,000 in fines.

They Built a Mini Empire that The IRS Toppled Like a Ton of Bricks

An IRS criminal investigation in New York uncovered a bribery scheme involving more than five million dollars. Between 2011 and 2017, the money was given to four construction executives; not surprisingly, there was not one legitimate tax return filed among them.

Two defendants worked for Bloomberg, a global financial firm involved in construction projects, while the other two were executives for a contractor that did work for Bloomberg. The four received kickbacks in exchange for lucrative contracts and failed to report any of it on their tax returns.

One defendant, Michael Campana, was sentenced to 24 months in prison for evading taxes on more than $420,000 he received in bribes. The bribes were in the form of cash and direct payments for personal items, including charges incurred for his wedding – $40,000 paid to a catering hall, $13,000 to a photographer, and $23,000 to a travel agent for his honeymoon. In addition, he has been ordered to pay $155,000 in restitution.

Anthony Guzzone took more than 1.4 million dollars in bribes. He received cash, construction labor and materials for work on his home, and Super Bowl tickets worth almost $8000. In addition, Vito Nigro and Ronald Olson have been charged with taking bribes and evading taxes on more than 1.8 and 1.5 million dollars, respectively. Sentencing for the three men is scheduled for later this year.

Federal Agent Cleans Up Stealing Cash Found in Laundry Detergent Boxes

Tyrone Cedric Duren, a former Homeland Security agent specializing in the investigation of bulk cash smuggling, was sentenced to 130 months in prison for money laundering, making false statements, and tax evasion.

While working as a federal agent, Duren stole money from people smuggling drug proceeds to Mexico and deposited the cash into his personal and business bank accounts. In several instances, Duren placed GPS trackers on vehicles used to transport proceeds from drug sales and then took a portion of the drug money after it was seized. He spent the stolen money on real estate and international travel.

One example used in court was an incident in 2014 when Duren was tracking a car he suspected was loaded with cash. They stopped the vehicle at a border patrol checkpoint, where they found the money concealed in laundry detergent boxes. Duren took custody of the seized cash, but he took more than $100,000 for himself before putting it into evidence.

Duren failed to file taxes for several years, and when he did, he did not claim any of the stolen cash as income. In addition to the jail term, the court ordered the forfeiture of Duren’s primary residence, a judgment of $275,000, and restitution to the IRS.

N is for Not Filing and Paying Your Taxes

Barney and Betty have been married for 20 years and have filed as married for all of those years. They each were employed by different companies, and when the pandemic hit, they were both furloughed and remain unemployed. They haven’t yet filed 2018 or their 2019 taxes and have no plan to do so. Betty wants to file, but Barney says that they will owe money for both years, and they do not have the money to pay up.
However, Barney thinks that because of COVID, they will get away with not filing and paying their tax liability. Betty decided to go along with her husband and not file separately.

The IRS is still expecting folks in their situation to file and pay what they owe.

Folks may not pay taxes for a host of reasons Continue reading here…

Question:

I received a Notice of Federal Tax Lien via certified mail for unpaid taxes, and I’m scared. I don’t know what to do. How do I get this situation resolved?

Answer:

A Notice of Federal Tax Lien (NFTL) is a public record and is generally filed with the County Recorder where you reside.

It’s a formal notice to all your creditors that the IRS has a secured interest in your real and personal property. A federal tax lien is usually the “kiss of death,” however, there are four ways to resolve a federal tax lien. You can request a Lien Subordination, a Lien Discharge, a Lien Release, or a Withdrawal of a federal tax lien.

A federal tax lien will make it very difficult, if not impossible, for you to purchase or sell a home, vehicle, and other property on credit. It may also prevent you from accessing the equity in real property you may have built up over the years. However, the IRS has several different options that deal with resolving an NFTL if you qualify. One of these is to apply for a Withdrawal of the Lien. Winning the Withdrawal of an NFTL is as if it never happened in the first place! The IRS will consider this if the Lien was filed prematurely or was not following IRS procedures, which happens a lot! The good news is that you generally won’t have to meet or even speak with the IRS after you retain us. It’s essential to consult with a tax professional to see what Lien relief programs you may be eligible for before the IRS starts seizing your property. We can help protect what you already own and preserve your rights!!

If you have a state or federal tax problem or just want to refer a friend, relative or client, I’d love to hear from you. I provide a no-obligation, confidential consultation to help you solve your IRS problems.

Call us today and let’s get to work solving your tax problem 877.355.8010 or book your appointment online, https://meetme.so/SFSTax

877.355.8010
Jeffrey Schneider,
EA, CTRS, ACT-E NTPI Fellow
Email: jeff@sfstaxacct.com
738A Colorado Ave
Stuart, FL 34994
www.sfstaxproblemsolutions.com

CASHEW CABBAGE

I made this last night for dinner.. with my twist on it. I added edamame at the very end of the cooking, black bean sauce to the liquids, and some chili sauce with garlic for extra heat. The replacement of Sake for the white wine gave it a lovely flavor. And grilled shrimp on top!

The recipe left quite a bit of leftover veggies, and later this week, I will mix it with rice noodles for another dinner.

Enjoy.

Find the recipe on the SFS Tax Problem Solution Pinterest page along with other pins and videos.

“If you love something, set it free.
If it comes back, it will always be yours.
If it doesn’t come back, it was never yours to begin with.
But…
If it just sits in your living room, messes up your stuff, eats your food, uses your telephone, takes your money, and doesn’t appear to realize that you actually set it free in the first place, you either married it or gave birth to it.
Either of which is probably tax deductible.”