income tax – Kelley PC http://kelleypc.com/ Tue, 01 Mar 2022 23:45:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://kelleypc.com/wp-content/uploads/2021/07/cropped-icon-32x32.png income tax – Kelley PC http://kelleypc.com/ 32 32 Safe Harbor CPA Announces Article About Tax Preparation Services for San Francisco High Income Individuals with Canadian Citizenship https://kelleypc.com/safe-harbor-cpa-announces-article-about-tax-preparation-services-for-san-francisco-high-income-individuals-with-canadian-citizenship/ Tue, 01 Mar 2022 23:45:00 +0000 https://kelleypc.com/safe-harbor-cpa-announces-article-about-tax-preparation-services-for-san-francisco-high-income-individuals-with-canadian-citizenship/ Safe Harbor CPAs is proud to announce a new post on San Francisco tax preparation for Canadian citizens. When it comes to personal tax filing, we find that the struggle is real for many affluent Bay Area residents who are Canadian citizens. —Chun Wong SAN FRANCISCO, CALIFORNIA, USA, March 1, 2022 /EINPresswire.com/ — Safe Harbor […]]]>

Safe Harbor CPAs is proud to announce a new post on San Francisco tax preparation for Canadian citizens.

When it comes to personal tax filing, we find that the struggle is real for many affluent Bay Area residents who are Canadian citizens.

—Chun Wong

SAN FRANCISCO, CALIFORNIA, USA, March 1, 2022 /EINPresswire.com/ — Safe Harbor LLP, a top-rated San Francisco CPA firm in http://www.safeharborcpa.com/is proud to announce a new position for San Francisco tax preparation for high-income, high-net-worth individuals who are Canadian citizens. A customized plan for expatriate tax preparation can minimize both the tax bite in the United States and Canada.

“When it comes to personal tax filing, we see the struggle is real for many affluent Bay Area residents who are Canadian citizens,” said Chun Wong, managing partner at Safe Harbor LLP. “We are experts in processing individual tax returns for high-income earners, including those exposed to foreign tax, such as preparing tax returns for Canadian expats.”

San Francisco residents can view CPAs Safe Harbor’s new message regarding personal tax preparation at https://www.safeharborcpa.com/there-is-nothing-easy-about-taxes-but-our-specialists-can-help-reduce-them/. High-income Canadian residents who live or work in the Bay Area may need help preparing international and/or expatriate tax returns (https://www.safeharborcpa.com/expatriate-tax-service/). The professional CPA firm can help Bay Area individuals with international taxation, expatriate tax filings, and even multi-state tax services. Affluent individuals living in the Bay Area can contact the company to schedule one of the openings for a no-obligation consultation. To learn more about how a top tax advisor can simplify financial matters for Bay Area residents, visit the topic specific page at https://www.safeharborcpa.com/tax-advisor/. Safe Harbor CPAs handle audits and tax issues for residents of the Bay Area, including Daly City, Burlingame and San Mateo. The company supports Marin County residents in towns such as Mill Valley and Tiburon.

SAN FRANCISCO CPA BRINGS “PAIN RELIEF” TO TAX PREPARATION FOR INDIVIDUALS

Here is the context of this version. A wealthy Canadian may face a unique set of financial challenges when reporting personal income or expenses on an annual tax return. If the tax return becomes complicated and errors occur, it can lead to psychological and financial problems throughout the year. To avoid the painful issues of incorrect 2021 filing in the US and Canada, San Francisco can find the support of a team of CPA experts to handle the preparation of expatriate tax returns for individuals. A CPA firm skilled in preparing personal income tax returns can help manage stress-free 2021 tax returns and implement a solid tax strategy for the year ahead.

ABOUT SAFE HARBOR LLP – A PROFESSIONAL CPA FIRM IN SAN FRANCISCO

Safe Harbor LLP (http://www.safeharborcpa.com) is a CPA firm specializing in accounting and tax services for individuals and businesses in the San Francisco Bay Area and greater California. Safe Harbor CPAs assist individuals and businesses with tax return preparation, IRS audit defense, and audited financial statements. The company also provides accounting services including AP/AR, payroll and inventory management. The company prides itself on its friendly yet professional service and uses state-of-the-art internet technology to provide quality customer service.

Lee McDonald
JM Internet Group
+1 415-655-1071
write to us here

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If your life has changed in 2021, watch for tax surprises | Personal finance https://kelleypc.com/if-your-life-has-changed-in-2021-watch-for-tax-surprises-personal-finance/ Sat, 26 Feb 2022 12:00:13 +0000 https://kelleypc.com/if-your-life-has-changed-in-2021-watch-for-tax-surprises-personal-finance/ If you have been affected by COVID-19 Perhaps the most discouraging surprise of 2021 was the persistence of COVID-19, which continued to sicken Americans throughout the year. Even though vaccinations blunted some of the worst outcomes, many suffered serious illnesses and significant medical costs. But if you’ve spent more than 7.5% of your income on […]]]>

If you have been affected by COVID-19

Perhaps the most discouraging surprise of 2021 was the persistence of COVID-19, which continued to sicken Americans throughout the year.

Even though vaccinations blunted some of the worst outcomes, many suffered serious illnesses and significant medical costs. But if you’ve spent more than 7.5% of your income on medical care, it may be possible to write off any expenses above that threshold.

If you have children

Anyone with children – whether or not they joined your family in 2021 – will have to navigate the child tax credit, which saw a one-time expansion as part of the COVID-19 relief measures passed at the start of Last year.

The federal government pre-distributed Child Tax Credit payments based on income tax data for the 2020 tax year. Taxpayers were able to opt out, choosing instead to claim the deduction on their tax returns, but many did not.

The credit, with a maximum of $3,600 per child 5 or younger at the end of 2021 and $3,000 for children 6 to 17, is phased out at higher incomes. This means that if you got a raise last year, you may no longer be eligible for the payment you received.

“I think this year’s child tax credit is going to really upset a lot of people,” says Ellis, who runs The Bemused, a financial education program. “It was great when the checks came in, [but] some families will find that they have to repay some of this credit.

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5 Best Accountants in Miami, FL https://kelleypc.com/5-best-accountants-in-miami-fl/ Sat, 26 Feb 2022 02:56:31 +0000 https://kelleypc.com/5-best-accountants-in-miami-fl/ Below is a list of the best accountants in Miami. To help you find the best accountants located near you in Miami, we have put together our own list based on this list of rating points. Miami’s Best Accountants: The top rated Accountants in Miami, FL are: Isa’s Bookkeeping Services – aims to save customers […]]]>

Below is a list of the best accountants in Miami. To help you find the best accountants located near you in Miami, we have put together our own list based on this list of rating points.

Miami’s Best Accountants:

The top rated Accountants in Miami, FL are:

  • Isa’s Bookkeeping Services – aims to save customers time and money for their financial needs
  • Keep your book – has over 2 decades of experience in bookkeeping, accounting and tax preparation
  • Brickell Bookkeeping Services – takes care of the accounts of each client
  • Cloud Accounting Services LLC – transforms the vision of each company into value
  • Financial Advisor Latino Bookkeepers – creates a licensed, certified and efficient tax return

Isa’s Bookkeeping Services

Awesome Accountants in Miami, FLIsa’s Bookkeeping Services aims to save customers time and money for their financial needs. Their services allow clients to focus on their growing business. With a large number of accounting professionals, they are one of the best bookkeeping firms. Moreover, their services are made available and affordable for a secure future for every business. They make sure to offer solutions that produce good results.

They offer a full range of bookkeeping and for-profit services. Additionally, these include financial reporting, tax filing, and bookkeeping services. They also provide P&L reports and tax preparation services.

Products:

an accountant

LOCATION:

Address: 777 Brickell Ave #500, Miami, FL 33131
Phone: (305) 946-1446
Website: isasbookkeeping.com

COMMENTS:

”I had the pleasure of working with Isa and his team and couldn’t be happier with the services. Isa personally helped me register my business in Florida. She assigned an accountant to my account who always delivers on time. – Ivan Alvarez

keep your book

Experienced Accountants in Miami, FLkeep your book has over 2 decades of experience in bookkeeping, accounting and tax preparation. They serve small and medium businesses to individuals who need to organize their taxes and payments. Plus, they have experienced bookkeepers, bookkeepers, and CPAs working on every job. The team ensures a flexible, friendly and profitable work ethic for each client.

The team specializes in providing professional legal tax advice and services. Their services include bookkeeping, tax return filing, and income tax services. Additionally, they also provide personal financial planning and corporate tax filings.

Products:

financial advisor, accountant

LOCATION:

Address: 8200 NE 2nd Ave Unit 1, Miami, FL 33138
Phone: (305) 392-1038
Website: keepyourbook.com

COMMENTS:

“Edith is the best accountant in South Florida! Very professional.” – Husband

Brickell Bookkeeping Services

Professional Accountants in Miami, FL

Brickell Bookkeeping Services takes care of the bookkeeping needs of each client. They make bookkeeping easy and hassle-free. Moreover, they work closely with their clients to provide an efficient accounting system. They also have experience with tax issues and complex accounting issues. In addition, they offer personalized solutions adapted to each need.

They provide a variety of legal tax services. Additionally, they provide accounting, bookkeeping, and tax filing services. They also provide tax advantages and tax exemption calculations.

Products:

legal advisor, accountant

LOCATION:

Address: 701 Brickell Ave, Miami, FL 33131
Phone: (305) 444-8877
Website: brickell-accountant-services.business.site

COMMENTS:

“Their accounting team and associates were great because they were both awesome.” – Althea Morre

Cloud Accounting Services LLC

Trusted Accountants in Miami, FLCloud Accounting Services LLC turns every company’s vision into value. They handle, manage and keep tax records in order. They also offer a tangible system that helps simplify tax needs and services. Moreover, they add a layer of transparency to every accounting procedure. The team ensures that every registration is made by experienced accountants.

The team offers a wide selection of tax and accounting services. These include tax services, tax reporting and corporate income tax. Also, they offer accounting and cloud accounting for annual reports.

Products:

tax return, accountant

LOCATION:

Address: 150 SE 2nd Ave Suite # 304, Miami, FL 33131
Phone: (305) 655-1712
Website: cloudbkkgsvcs.com

COMMENTS:

“The service was very efficient and the accountant was knowledgeable. The price of the services is very reasonable. I highly recommend Cloud Bookkeeping Services. – Alpay Nuh

Financial Advisor Latino Bookkeepers
Effective Accountants in Miami, FL

Financial Advisor Latino Bookkeepers provides licensed, certified and efficient tax returns. Their services are performed professionally by experienced bookkeepers and bookkeepers. In addition, their services ensure consistent, positive and efficient accounting for every business. They aim to give customers absolute control over their finances and spending.

The accounting firm specializes in providing legal bookkeeping services. Additionally, they offer personal income tax, corporate income tax, and bookkeeping services. They are also open for consultations for tax preparation and the IRS.

Products:

accountant, accountant

LOCATION:

Address: 3445 NW 3rd St, Miami, FL 33125
Phone: (305) 362-9739
Website: latinobookkeepers.com

COMMENTS:

“I am so glad that my friend referred me to this company and more specifically to Mr. Ramirez. Since he took over our accounting, our business has become so easy to manage and to make the right decisions. He has been above absolutely everything. Reports are always on time and we couldn’t be happier.” – Jorge Santos

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Important dates and forms to collect before filing your tax return – It’s your money https://kelleypc.com/important-dates-and-forms-to-collect-before-filing-your-tax-return-its-your-money/ Mon, 21 Feb 2022 12:00:00 +0000 https://kelleypc.com/important-dates-and-forms-to-collect-before-filing-your-tax-return-its-your-money/ Picture: Contributed As you begin to prepare to prepare your 2021 tax return, I wanted to make sure you are aware of important upcoming dates and what you need to compile so that you have everything you need to file your statement with minimal hassle. March 1 is the RRSP contribution deadline. As mentioned in […]]]>

As you begin to prepare to prepare your 2021 tax return, I wanted to make sure you are aware of important upcoming dates and what you need to compile so that you have everything you need to file your statement with minimal hassle.

March 1 is the RRSP contribution deadline. As mentioned in my last column, the deadline for your RRSP contributions to be eligible for the 2021 tax year is March 1, 2022. Refer to your Notice of Assessment (NOA) or access “My Account” from CRA to confirm your total RRSP. contribution limit for the 2021 tax year.

May 2 is the tax filing deadline for individuals. The deadline to file your 2021 personal income tax return is May 2, 2022, unless you are self-employed. I appreciate that many Canadians try to file well before this deadline, but it is very important to wait until you have all your tax documents before doing so.

June 15 is the deadline for filing self-employed tax returns. The deadline for the self-employed is six weeks after the normal deadline, which is due to some of the additional complexities their filings may face. But since they can be more complex, it’s a good idea to start earlier.

What do you need to file your application? – While not an exhaustive list, most people should, at a minimum, compile the following:

1) RRSP Contribution Receipt “Rest 2021”—A statement of all RRSP contributions you made between March and December 2021.

2) “First 60 Days” RRSP Contribution Receipt—A statement of RRSP contributions made from January 1 to March 1, 2022.

3) Non-registered tax slips for personal and corporate accounts (T3, T5, T5008, etc.)—These statements will be issued if you have earned interest, dividends or capital gains in a personal, joint or business account, depending on the investments you hold in those accounts.

4) Income tax slips (T4, T4E, etc.)—Itemized tax statements for income earned by employees which includes contributions made to things like employer pension plans, union dues, etc.

5) Retirement tax slips (T4A, T4RSP, T4RIF, etc.)—These slips confirm the amounts that have been withdrawn from retirement accounts such as RRIFs, pensions and annuities and reported to the CRA.

6) Investment advisory fees—Most investment managers these days have moved to a “non-embedded” advisory fee model where the fees you pay for their management services are broken down and can be deducted from earnings earned. These fees are often found on your December 2021 customer statement.

Currently, it is also important to collect slips for all COVID-related income programs.

When should you file?—As mentioned above, I understand that many Canadians want the unpleasant task of filing their taxes sooner, but the organizations responsible for providing all of the above slips and receipts need time to put them together.

It is your responsibility to ensure that you have all the necessary information before filing your return. So be sure to make a list of everything you should receive and contact the appropriate party by the end of March if any are missing.

And when you have everything you need, make sure you don’t miss the deadline.

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Job #1755 – Corporate Controller https://kelleypc.com/job-1755-corporate-controller/ Mon, 14 Feb 2022 21:19:44 +0000 https://kelleypc.com/job-1755-corporate-controller/ Company: Milrose Consultants Title: Controller Reports to: Chief Financial Officer Location: New York, NY The company is a privately held construction consulting firm that has made 6 strategic acquisitions in the past 24 months and plans to make several additional acquisitions as revenues exceed $100 million. Each acquisition generally requires significant integration assistance. The company […]]]>

Company: Milrose Consultants

Title: Controller

Reports to: Chief Financial Officer

Location: New York, NY

The company is a privately held construction consulting firm that has made 6 strategic acquisitions in the past 24 months and plans to make several additional acquisitions as revenues exceed $100 million. Each acquisition generally requires significant integration assistance.

The company has over three decades of experience in the complex road of municipal compliance to deliver compressed construction schedules and accelerated occupancy to our clients. The Company’s in-depth knowledge of the various municipal codes that govern construction projects, allows the Company to identify potential problems and execute the appropriate filing strategy to ensure the success of the project. Services provided to building owners, property managers and developers include special inspections, asbestos and environmental services, code and zoning advice, violation research and termination, filings and approvals Municipalities, Fire Code Services and Department of Transportation Services.

The company is looking for a Corporate Controller to join the team. This person will be a key player in building a centralized and efficient accounting organization. The Business Controller must be a strong leader who can scale business processes to accommodate rapid growth. The person must have work experience in a dynamic entrepreneurial environment.

Main responsibilities:

Accounting and finance

– Supervise and develop accounting staff

– Manage the monthly closing process, including the development and application of standard procedures and reporting deadlines

– Review monthly account reconciliations and analyzes prepared by individual financial managers

– Develop and maintain accounting systems, processes, procedures and controls

– Oversee shared services operations and ensure the timeliness and accuracy of day-to-day transaction processing (AR, AP, collections, etc.)

– Ensure compliance with US GAAP, including advice on the implementation of new standards

– Identify and improve areas of inefficiency

– Timely tax filings in various jurisdictions (e.g. income tax, sales tax)

– Liaise with external accountants and manage year-end reviews and audits

Business Analytics

– Identify key performance indicators and set up reporting procedures

– Assist with budget, forecasts and projections, including variance analyzes

– Help executives and management set business and financial goals, and develop reports to track progress

– Provide financial analysis and commentary on key business decisions

Qualifications:

– Bachelor’s degree in accounting, finance or business administration required

– CPA license preferred

– Experience working with PE-backed companies preferred

– 3 to 5 years of experience in an accounting firm preferably

– 8 to 12 years of relevant experience with a minimum of 5 years in a supervisory role

– Convenient management and working style. A successful person will be both a leader and an actor

– Experience with helpful service companies

– Advanced knowledge of financial tools, including Microsoft Office, is required

– Attention to detail and ability to prioritize effectively in a fast-paced work environment

– Ability to work collaboratively within a team

– Self-starter and can work independently.

– Thrive to take on challenges and constantly make improvements

– Experience with acquisition integration helpful

– Experience with several ERP systems, including Financial Force and helpful Quickbooks

To apply: Interested members should email their applications to Lisa Rivoli at careers@milrose.com. Please mention that you are a member of EisnerAmper’s Friends of the Firm program. Be sure to include Job #1755 in the subject line and copy friendsoffirm@eisneramper.com to your email.

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Tax accountant: a team of experienced tax advisers who solve all tax problems. https://kelleypc.com/tax-accountant-a-team-of-experienced-tax-advisers-who-solve-all-tax-problems/ Wed, 09 Feb 2022 17:04:47 +0000 https://kelleypc.com/tax-accountant-a-team-of-experienced-tax-advisers-who-solve-all-tax-problems/ Dealing with taxes can be difficult and exhausting, most people dread tax season because of the math and calculations involved. Tax Accountant is there to solve all tax problems for individuals, entrepreneurs, small businesses and large companies. Tax Accountant is a leading firm of qualified accountants, tax advisors and tax consultants with over 10 years […]]]>

Dealing with taxes can be difficult and exhausting, most people dread tax season because of the math and calculations involved. Tax Accountant is there to solve all tax problems for individuals, entrepreneurs, small businesses and large companies.

Tax Accountant is a leading firm of qualified accountants, tax advisors and tax consultants with over 10 years of experience supporting the accounting, tax planning and business advisory needs of clients nationwide . The firm comprises a team of tax accountants, tax advisers and former HMRC tax inspectors who have extensive skills and knowledge in all areas of accounting, tax, tax planning and savings , and corporate finance to support businesses and achieve the best possible outcome for them. The firm provides assistance with all aspects of financial needs, from income tax to property tax, and from starting a new business to mergers and acquisitions. He guides his clients financially and breaks down the tax process in a simple way so that clients understand how he is helping them.

The company is based in the UK and provides services such as personal tax, business tax and specialist tax management. The tax accountant understands the intricacies of tax law and has the knowledge and experience to communicate effectively with the tax authorities to help individuals achieve the best possible financial results for their organization. The team helps complete tax returns, create company financial reports, and process tax office requests on behalf of their clients. They also provide advice on all commercial aspects of clients’ business to ensure the smooth running and growth of business.

Tax Accountant also solves all issues regarding tax appeals and tax disputes. The team resolve issues directly with HMRC and see if the tax assessment can be reviewed or the dispute resolved without going to tax court and they represent clients in tax courts where this is unavoidable.

Engaging Tax Accountant professionals to review financial statements ensures tax accuracy. They ensure compliance with the necessary tax regulations and laws, assist in the correct calculation of taxes due and tax returns, the timely payment of taxes, and help businesses and individuals save money in taxes.

Get in touch with the team of professionals today and entrust them with handling your tax and other related issues.

Check out our social media pages

Facebook: https://www.facebook.com/UKtaxaccountant

Youtube: https://www.youtube.com/watch?v=cDLZ17Vk-a8&t=7s

Media Contact
Company Name: Tax accountant | Specialized tax advice
Contact: Aatif Malik
E-mail: Send an email
Country: UK
Website: https://www.taxaccountant.co.uk/

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Do Utahans Really Need Meaningless Tax Relief? https://kelleypc.com/do-utahans-really-need-meaningless-tax-relief/ Fri, 04 Feb 2022 15:04:02 +0000 https://kelleypc.com/do-utahans-really-need-meaningless-tax-relief/ Instead, let’s invest this $79 million in the needs of our community. (Rick Egan | The Salt Lake Tribune) Camp Last Hope, was built on abandoned railroad tracks, under the highway for shelter from rain and snow. Tuesday January 5, 2021. | February 4, 2022, 3:00 p.m. Utah has too much money. Wait what? Senate […]]]>

Instead, let’s invest this $79 million in the needs of our community.

(Rick Egan | The Salt Lake Tribune) Camp Last Hope, was built on abandoned railroad tracks, under the highway for shelter from rain and snow. Tuesday January 5, 2021.

Utah has too much money. Wait what?

Senate Bill 59, a bill sponsored by Senator Evan Vickers, originally proposed to reduce Utah’s income tax rate from 4.95% to 4.9% for corporations and individuals, a decision that would reduce state revenue by $79 million a year. The bill was amended by Senator Dan McCay to further reduce the rate to 4.85% before it was passed by the Senate.

The bill has a lot of support, but is it in the best interest of our community?

According to the Utah Constitution, income tax revenues can be used for three things: public and higher education, children, and the disabled.

The original plan would have put $25 back in the pocket of someone with a taxable income of $50,000. I can’t take my family to Chick-fil-A for $25. Yet this kind of money can bring lasting change to a situation that has plagued the Wasatch Front for decades and recently reached what many call a state of emergency: homeless encampments.

The state is committed to ending homelessness. However, urban homeless camping is at its highest along the Wasatch Front, especially in downtown Salt Lake City. The system refers to these people as the “homeless homeless population,” a term that whitewashes their plight. I prefer to use real words: they are homeless in intolerable and inhumane conditions.

Some have meager belongings, some have a tarp or a tent, some have a car or a motorhome. All live in unsanitary, unhealthy, dangerous and emotionally traumatic conditions. Most have disabilities and all are in a constant state of crisis which can cause and exacerbate disabilities like anxiety, depression, PTSD, diabetes, heart disease, lung disease.

Whatever the reason people sleep (mental illness, personal choice, full shelters, no-go shelters, to name a few), they pose a danger to themselves (such as dying from cold) and a host of problems for our community. Telling them to get up by their bootstraps doesn’t work; the same goes for cleaning their sites and moving them.

Tiny homes are all the rage, and Salt Lake City and the state are lending themselves to a 37-acre project on municipal land that will provide a permanent housing solution for 430 people in a few years. We’re talking about building more shelters.

However, we urgently need a solution to the crisis to get people off the streets today. A campground is a compassionate, viable, cost-effective, and relatively easy-to-implement solution. It allows people to retain some independence and will significantly improve the town center for residents and visitors alike. (I personally don’t care how prison-like the “sanctioned campground” sounds. To me, it’s just camping with extra supervision and supports).

For well under $79 million, we could find land (perhaps city-owned land), bring together community members who are already working on camping solutions, and quickly install cost-effective infrastructure like restrooms and portable showers, durable tents and Quonset huts for shelter, offices and catering. Under a two-year plan, permanent infrastructure, such as RV hookups, solar panels, a full kitchen, and permanent toilets, showers, and offices can be installed. Approximately $15 million per year will fund ongoing operating costs and high-quality case management services to move people to more stable housing.

I know, it’s easy to imagine the worst and a lot of people will say, “Not in my backyard. But we have to do something. Architects can design the campground to look good on the outside and inside, feel uncrowded, and keep campers, staff, and the surrounding community safe. We can implement best practices from similar programs across the country.

Will it be a perfect solution? Of course not, there is no perfect solution. But it will be infinitely better than the very visible and disturbing status quo. In fact, our program could become a model for other communities.

Other needs go unmet, from education to air pollution.

Would you rather get a few bucks back or see Utah invest in a lasting solution to our homeless camping problem? Add to the conversation. Better yet, write a respectful email to your senator and state representative (find them at https://le.utah.gov), and do some good.

Kim Correa, Murray, is an advocate for homeless and community services.

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Ontario police warn of investment scam offering bookkeeping and income tax services https://kelleypc.com/ontario-police-warn-of-investment-scam-offering-bookkeeping-and-income-tax-services/ Fri, 04 Feb 2022 02:10:00 +0000 https://kelleypc.com/ontario-police-warn-of-investment-scam-offering-bookkeeping-and-income-tax-services/ Police have found five recent victims who have lost a total of around $800,000 – and they believe the suspect may be targeting more people Ontario police are warning people about an investment scam that is costing investors tens of thousands of dollars. In June 2021, the Ontario Provincial Police (OPP) Grenville County Detachment received […]]]>

Police have found five recent victims who have lost a total of around $800,000 – and they believe the suspect may be targeting more people

Ontario police are warning people about an investment scam that is costing investors tens of thousands of dollars.

In June 2021, the Ontario Provincial Police (OPP) Grenville County Detachment received its first fraud complaint related to this scam. Around this time, the victim invested $100,000 with a person who claimed to be a securities investor offering bookkeeping and income tax services.

Police said the suspect operated in Grenville County, Leeds County, Rideau Lakes, Brockville and Kingston.

Now the OPP and the Brockville Police Department (BPS) have found five more victims who lost a total of approximately $800,000 to the scam.

“Due to the ongoing investigation, the name of the suspect and company cannot be released at this time, but investigators believe the suspect may continue to target potential investors,” a press release read.

Investors are better protected against investment scams by being informed.

In Canada, anyone who trades in securities or advises clients on securities must be registered with the provincial or territorial securities regulator, unless an exemption applies.

Before investing, people should check:

People can also find investment information on the Ontario Securities Commission website. website.

Anyone who suspects they have been the victim of cybercrime or fraud should report it to their local police and Canadian Anti-Fraud Center Reporting System or by phone at 1-888-495-8501.

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Tax evasion blotter: identity crisis https://kelleypc.com/tax-evasion-blotter-identity-crisis/ Thu, 03 Feb 2022 22:59:00 +0000 https://kelleypc.com/tax-evasion-blotter-identity-crisis/ A skillful client; give him credit; unhappy camper; and other highlights of recent tax cases. New York: Todd Kozel, a former CEO of a foreign oil multinational, was sentenced to five years in prison after pleading guilty to five counts of willfully failing to file personal income tax returns. From at least around 2004 to […]]]>

A skillful client; give him credit; unhappy camper; and other highlights of recent tax cases.

New York: Todd Kozel, a former CEO of a foreign oil multinational, was sentenced to five years in prison after pleading guilty to five counts of willfully failing to file personal income tax returns.

From at least around 2004 to at least around 2014, Kozel was the co-founder and CEO of a London-based oil company with operations in Iraq. From 2011 to 2015, Kozel, a US citizen, won compensation totaling over $66 million.

Kozel failed to file a timely federal personal income tax return for calendar years 2011 through 2015, resulting in more than $20 million in unpaid federal taxes. He used sophisticated offshore structures, trusts and bank accounts to hide some of his undeclared income.

He was also sentenced to two years of probation and ordered to pay $29,462,965.23 in restitution to the IRS.

Memphis, TN: Tax preparer Pia Sims pleaded guilty to charges of access device fraud, possession of access device manufacturing equipment, aggravated identity theft and conspiracy to defraud states States, according to the media. Two other charges were reportedly dismissed.

Sims allegedly conspired with accomplices to obtain stolen names and social security numbers. Investigators said an accomplice, an employee of the Illinois Department of Social Services, sold him nearly 500 names, according to cited court documents.

Reports added that she had more than 4,100 social security numbers on her computer and had filed nearly 80 fraudulent claims totaling nearly $500,000. Authorities told media she also had 15 stolen credit cards.

Sims will pay compensation to the victims and faces a maximum of 42 years in prison and a $750,400 fine, according to reports, adding sentencing is May 10.

Hattiesburg, Mississippi: A federal court has permanently barred tax preparer Terance Price from owning or operating a tax preparation business and preparing returns for others.

The permanent injunction is against Price, both individually and as a company as Superior Taxes. The court issued the injunction after Price failed to respond to the government’s complaint to him.

The complaint alleged that Price, who began operating his tax preparation business in 2015, knowingly took unreasonable positions on returns he prepared that understated tax owed by his clients, exaggerated refunds due to its customers, or both. The complaint alleged that Price prepared statements that falsely claimed home energy credits, fuel tax credits and unreimbursed business expenses for employees.

The government further alleged that Price had filed hundreds of returns since 2015 and that he had filed returns using the personally identifying information of other preparers. According to the complaint, the IRS imposed penalties on Price for failing to make reasonable inquiries to ensure that its clients were legitimately entitled to various tax credits and Price did not pay those penalties.

Durham, North Carolina: Attorney Tiffany Dawn Russell pleaded guilty to conspiracy to commit multiple fraud schemes and to file a false federal income tax return.

Russell and his co-conspirators applied for loans and credit cards with Social Security numbers that were not issued to them by the Social Security Administration. They created themselves new credit profiles or synthetic identifiers to open financial accounts and make purchases from retailers without any intention to pay for the items and services. For example, she was accused of using such a fake ID to buy a BMW and obtaining a credit card which she used to pay for her buttock augmentation surgery in 2016.

His conspirators previously pleaded guilty to committing bank fraud for their illegal use of synthetic IDs.

Russell agreed to plead guilty to participating in a massive, multi-year conspiracy to obtain more than $2.5 million from at least 12 financial institutions and the Small Business Administration. According to the government, she used a synthetic identity because she had bad credit. Beginning in August 2017, Russell embarked on a new scheme, known as credit washing, to remove legitimate debt accounts from her credit history by falsely claiming that she had been the victim of identity theft and that she had not opened these accounts. Once the credit reporting agencies removed those accounts, his credit rating improved, allowing him to get credit. She and her conspirators continued to make these false claims of identity theft, demanding that credit reporting agencies delete newly opened accounts. As a result, financial institutions relied on these washed credit reports to decide whether or not to extend his credit.

In 2020, Russell and others also fraudulently obtained over $1 million in loans under the CARES Act. The 10 loan applications, including two for his law firm, contained false statements regarding the number of employees, monthly payroll, income and expenses. Russell used the money to buy property in three states and to pay personal debt.

Russell pleaded guilty to conspiracy to commit mail, wire and financial fraud, for which she faces a maximum of 30 years in prison and a $1 million fine; she faces an additional fine of three years and $250,000 for filing a false statement. She also faces a mandatory restitution order of $2,041,605 to the victim financial institutions, the SBA and the IRS. She will also give up an additional $2,019,571 in the United States.

Hampton, Virginia: Resident Clarence M. Rice Jr. pleaded guilty to defrauding area victims of more than $630,000 and evading more than $50,000 in income tax.

Between 2013 and 2019, Rice told victims he would receive a large inheritance from his father’s death on the condition that Rice pay off all of his existing debts. He tricked the victims into giving him money by claiming that he needed the funds to get his inheritance. He stole over $350,000 from a 75-year-old retired bricklayer and over $140,000 from an elderly blind man.

In total, Rice stole at least $632,017.44 in the scheme. As part of the plea, Rice agreed that all of his victims had limited financial means and suffered substantial hardship as a result of his fraud.

Rice also hasn’t filed taxes since 2011. Between 2015 and 2019, he defrauded the IRS by living a cash life, brokering victims’ checks for cash, hiding assets on prepaid cards and lying to law enforcement about his income and assets. The approximate tax owed as a result of Rice’s default is $52,064.18.

He pleaded guilty to wire fraud and tax evasion and is expected to be sentenced on May 25. He faces a maximum of 20 years in prison for the fraud offense and a maximum of five years for tax evasion.

Alma, Arkansas: RV salesman Joshua Wood, previously of Alma, pleaded guilty to tax evasion and admitted lying to IRS agents.

Wood told his employer not to withhold tax from his pay and then failed to file returns from 2014 to 2016. During those years, Wood earned more than $378,000 selling recreational vehicles and automobiles.

When questioned by IRS agents, Wood falsely claimed he was shot and injured while on a Navy mission, causing him to suffer from post-traumatic stress disorder. He also lied that a CPA prepared statements on his behalf.

He faces a maximum of five years in prison.

San Antonio: Resident Robert Steven Powell was sentenced to 51 months in prison and ordered to pay $345,136.68 in federal restitution for tax evasion.

Powell, convicted in 2018, was a member of a tax regime organization that encouraged tax evasion. Although he earned salaries as high as $236,098 a year, he paid no income tax from 2000 to 2013.

Powell evaded his federal taxes by submitting bogus W-4s to his employer and claiming he was exempt from federal withholding. Powell also placed a house and an RV under other names and attempted to conceal his physical address from the IRS by obtaining multiple state identification documents using false personal residence addresses.

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The tax pyramid, not the SS benefit tax, is the problem https://kelleypc.com/the-tax-pyramid-not-the-ss-benefit-tax-is-the-problem/ Tue, 25 Jan 2022 07:02:07 +0000 https://kelleypc.com/the-tax-pyramid-not-the-ss-benefit-tax-is-the-problem/ Proponents of exempting Social Security benefits from New Mexico income tax argue that the tax constitutes double taxation, that the benefits accrue to the beneficiaries who in return receive their own money which has already been imposed. This claim is largely false. The Federal Social Security Trust Fund, which is essentially an accounting device within […]]]>

Proponents of exempting Social Security benefits from New Mexico income tax argue that the tax constitutes double taxation, that the benefits accrue to the beneficiaries who in return receive their own money which has already been imposed. This claim is largely false.

The Federal Social Security Trust Fund, which is essentially an accounting device within the Federal Treasury, is credited with funds from several sources and pays benefits from these sources. The four main sources are employee contributions, employer contributions, and interest earned on each of these contributions for the period between receipt and payment of benefits. Of these four sources, only employee contributions were taxed. The employer gets a tax deduction for their contributions and, of course, no one is taxed on the interest earned by the government.

The trust fund also regularly receives an annual transfer from the federal treasury equal to the amount of tax paid on social security benefits by current beneficiaries. Interest also accrues on these funds. This transfer is essentially a grant to the Social Security Trust Fund from the general funds of the Treasury.

In addition, since the sum of these amounts above is insufficient to support the level of benefits paid, Congress will occasionally act to support the fund by raising taxes on future taxpayers or making direct transfers into the fund. All of these amounts bear interest and are available to pay current beneficiaries. These beneficiaries have neither contributed nor taxed them.

Finally, long-term Social Security recipients also benefit from winning a sort of longevity lottery. Their benefits are partly financed by contributions paid by or on behalf of workers and other beneficiaries who die prematurely. Of course, the surviving Social Security beneficiaries did not contribute or tax on these amounts.

In total, it seems likely that about 75% to 85% of the amounts of social security benefits paid to the average recipient come from funds on which that recipient was not originally taxed. This is in line with the existing legal provision that no beneficiary is taxed on more than 85% of social security benefits received.

Although the taxation of Social Security benefits is not an example of double taxation, New Mexico imposes a clear example of double taxation that harms both New Mexico businesses and consumers. The Gross Receipts Tax “pyramid” occurs when businesses must pay gross receipts tax on goods or services needed to produce their final product, and then that tax is incorporated into the final price charged. to the consumer, all of which is then subject to gross receipts tax.

Recently, the legislature partially eliminated tax pyramiding of gross receipts, but significant pyramiding remains. If the legislator is concerned about double taxation, pyramiding is a more appropriate target than social security benefits.

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