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Taxation Legal News
Morgan County Businessman Pleads Guilty To Sales Tax Fraud
Today Charles William Jackson, owner of CJ's Bar & Grill located at 4532 Knoxville Highway in Oliver Springs, Tenn., pled guilty to one count of sales tax fraud, a violation of Tenn. Code Ann. Section 67-1-1440(g). The Tennessee Department of Revenue's Special Investigations Section conducted the investigation leading to today's guilty plea.
“The Department of Revenue is committed to applying Tennessee's tax laws and policies uniformly to all taxpayers to ensure a level playing field,” said Revenue Commissioner Reagan Farr. “The department cannot and will not allow people engaged in fraudulent tax activities to have a competitive advantage over honest businesspeople.”
Jackson, 57, was indicted by the Morgan County Grand Jury on May 15, 2006, on one count of sales tax fraud, a Class E Felony. The indictment charged that Jackson unlawfully and knowingly evaded and defeated sales tax due the state of Tennessee by failing to register with the Department of Revenue and by failing to file sales tax returns for CJ's Bar & Grill for the monthly periods of Jan. 1, 2003, through March 31, 2005. These fraudulent actions resulted in CJ's Bar & Grill failing to report $74,448.43 of taxable sales for the business and failing to remit $6,700.36 of the sales tax collected and due. Read more at state.tn.us.
Corporate Reorganizations; Transfers of Assets or Stock Following a Reorganization
These proposed regulations address the effect of transfers of the assets or the stock of parties to a reorganization pursuant to transactions intended to qualify as reorganizations within the meaning of section 368(a) of the Internal Revenue Code. REG-130863-04. Published August 17, 2004.
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News about Taxation cases in Maryland and nationwide:
IRS Updates Tax Gap Estimates
Washington — Internal Revenue Service officials announced today that they have updated their estimates of the Tax Year 2001 tax gap based on the Na... Read more >
Definition:
A tax credit for certain people who work, meet certain requirements, and have earned income under a specified limit.
Partnership return
Definition:
If you need more time to file a partnership return, file Form 8736, Application for Automatic Extension of Time To File U.S. Return for a Partnership, REMIC, or for Certain Trusts, for an automatic 3-month extension. File Form 8736 by the regular due date of the partnership return.
Standard Mileage Rate
Definition:
For 2004, the standard mileage rate for the cost of operating your car, van, pickup, or panel truck is increased to 37.5 cents a mile for all business miles.
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