The Federal Trade Commission’s annual report on consumer complains show that among people aged 20-29 who reported fraud, 40% indicated they lost money while 18% of those 70 and older who reported fraud indicated they lost money. However, the median reported loss for people 80 and older was $1,092 compared to $400 for the 20-29 group. Consumers reported losing $905 million to fraud in 2017, a rise of $63 million from 2016’s report.
When executives restructure a company, ignoring important tax implications can weaken the impact of the maneuvers or possibly leave the company weaker. Here are some guidelines on how leaders can proactively consider tax implications if the restructuring includes changes to the legal entity structure, the business footprint, or the flow of goods across taxing jurisdictions.
The Senate is slated to take an initial procedural vote to move forward a measure scale back the dynamic banking regulations passed after the 2008 financial crisis, and if it becomes law it would be the most substantial weakening of Dodd-Frank since it was passed in 2010. The new bill would exempt about two dozen financial companies with assets between $50 billion-$250 billion from the highest levels of scrutiny of the Federal Reserve. Eight years after nearly every Senate Democrat backed new rules for financial firms large and small, the party is now split as supporters say that the legislation would bring relief to midsize and regional banks.
The owner of a Virginia tax preparation business was arrested and charged by SC DOR Agents for 19 counts of assisting in the preparation of false tax returns for tax years 2009 and 2011-2015. Gary Stith of Freeman, Virginia, owes $196,012 in SC taxes, according to the DOR. Clients had no knowledge of the fraud, the DOR said, which included fabricating itemized deductions and reporting losses from nonexistent businesses. Stith allegedly charged clients 10% of their refunds as a tax preparation fee, and the IRS and SC DOR urge taxpayers to avoid preparers who base fees on a percentage of the refund.
A 54-year-old Clio man who reportedly submitted a forged birth certificate that listed himself as his niece’s father has pleaded guilty to theft of government funds after illegally obtaining Child’s Insurance Benefits from the Social Security Administration for more than $41,000 from November 2016-May 2017, according to officials. He faces up to 10 years in prison and a fine of $250,000 at his upcoming sentencing.