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Atlanta man sentenced to prison on tax fraud

A Georgia man from Cumming was sentenced to four years and nine months in federal prison for tax fraud. The U.S. Attorney charged him with creating a scheme to dupe his business partners and failing to report the stolen funds on his tax returns.

In 2004, he started an investment business that was similar to another business he owned. The new company was to sell overstock golf clubs. However, he took the funds from the investors in his new business and placed them in the bank accounts of his other business. He then lied to his accountants that the additional funds were from loans. His accountants then filed the fraudulent tax returns based on this misrepresentation.

The total fraud involved $1.3 million, and he filed fraudulent tax returns in 2006 and 2007.

The Internal Revenue Service (IRS) estimates that the government loses $385 billion in tax revenue because of tax fraud. While the IRS and its enforcement arm have suffered cuts in funding, their enforcement is still aggressive, as this case demonstrates.

Anyone facing an investigation by the IRS should immediately contact a tax attorney for advice. Criminal penalties apply and complex financial dealings, even if innocent, can get you in over your head very rapidly.

Another reason you want an attorney representing your interests is the risk of inadvertent mistakes or misstatements that could become a further source of legal trouble, including lying to an IRS agent, an independent criminal felony.

Source, Atlanta Business Chronicle, "Suburban Atlanta man gets prison for tax fraud," Jacques Couret, December 11, 2012

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