29 Dec
Posted by Brian Anderson as Corporate Finance
The IRS has filed felony criminal tax charges pursuant to Internal Revenue Code Section 7202 for willful failure to collect, truthfully account for and pay over trust fund taxes. This is yet another in a series of criminal tax charges being brought against responsible officers who haven’t paid over corporate trust fund taxes. In most situations the IRS proceeds against responsible officers who willfully fail to pay corporate trust fund taxes, by assessing the tax directly against the individual under Internal Revenue Code Section 6672. This is generally referred to as the trust fund recovery penalty. Sometimes the IRS goes further and brings criminal tax charges.
In this case the defendant is a New York CPA who, according to the information filed in U.S. District Court, failed to pay payroll taxes to the IRS for three years running.
The picture says it all, no? In case you can’t tell, I am driving an old car with flaming Sweet Sixteen candles on top of it, crossing over the 250,000 miles banner. The car is also disproportionally big compared to the driver.
My 1996 Honda Accord sedan is running strong, running long after sixteen YEARS and 250,859 MILES. When my dad passed down his car to me when I left college, it was already 10+ years old. Now that it crossed over the quarter-million mark, it’s still doing well with no immediate problems. Can you believe it?
Here’s what I wrote in ode to old cars post back in 2009:
1. An Old Car is most likely to paid off. Which means… no car payment, which means… more money in your pocket. Of course, repairs can cost higher than a new car’s, but in many cases the math still works out in the Old Car’s favor. Even with peri