Ticket to a VIP Seat in Jail for Financial Advisor Who Stole Millions from Pro Athletes

A financial advisor in California is going to jail for 37 months for stealing more than 30 million dollars from his pro athlete clients and filing false tax returns. Ash Narayan used the stolen funds to invest in The Ticket Reserve, a ticket selling company that was never profitable.

From 2009 to 2016, Narayan advised his clients to invest in The Ticket Reserve, but failed to disclose to them that he was on the company’s board of directors, or that it was a risky investment and an unprofitable business. At other times he instructed employees to forge his clients’ signatures on wire transfers without the clients’ consent.

Some of the athletes Narayan stole funds from include San Francisco Giants pitcher Jake Peavy, Denver Broncos quarterback Mark Sanchez and retired Houston Astros pitcher Roy Oswalt.

In 2012 alone Narayan reported income of $543,072 when he should have reported $1,138,072. In addition to the prison sentence, Narayan was ordered to pay $18,811,231 in restitution.

Paving the Road to Prison Via Tax Fraud

Gary Peterson, owner of Peterson Sealcoating and Paving in Illinois, pleaded guilty to tax evasion for depositing business checks into joint bank accounts with family members, and in another family member’s account that he controlled. He also cashed company checks and excluded the funds from his tax returns by concealing the income from his accountant.

For 2016 Peterson reported income of $75,028 with a tax due of $10,919. In reality his taxable income was $1,174,261 and the tax due was $402,431.

Peterson admitted that he under reported his income during 2012-2015 that would have resulted in additional tax due of $33,216 in 2012, $82,388 in 2013, $146,853 in 2014 and $356,230 in 2015.

He faces a maximum sentence of five years in prison and a fine of up to $250,000, plus restitution and penalties.

Filing Your Taxes When You Know You’ll Owe Money to The IRS

As we wrap up the year the last thing most people are thinking about is their taxes. But planning ahead can have a serious impact on your tax bill next year, especially if you know you’ll owe taxes.

In this article, we’ll talk about some steps you must take if you know you’ll be owing taxes to the IRS or state.

Note: If you already have tax troubles or owe more than $10k to the IRS or state but can’t pay in full, contact our firm today. We help people find tax relief, file years of unfiled tax returns, and sometimes settle their tax debt for a fraction of what’s owed.

 

Report All Your Income

One of the biggest reasons people get in trouble with the IRS is their failure to report income. Oftentimes it’s an honest mistake and they simply forget about income they’ve made throughout the year.

Did you take on a consulting gig? Your client might have filed a 1099 reporting your income.

Did your savings and investments earn interest? You’ll likely need to report that income as well.

The stock market has been on a wild ride, and breaking records despite COVID-19. If you sold stock and cashed on on the gains, these gains are reported to the IRS and it means that a lot of Americans might get an unexpected tax bill.

As the year wraps up, it’s wise to take inventory of where your income came from this year so you can stay on top of any tax forms you might get outside of your normal W2.

 

Run The Numbers Ahead of Time

Some people like surprises but when it comes to taxes, it’s best to avoid them.

You do not have to wait for tax filing season to estimate how much you might owe. Be proactive about consulting with your tax advisor and estimate your tax liability based on how you did for the year.

They’ll be able to suggest tax strategies before the year ends that can save you thousands of dollars on your tax bill.

 

Set Money Aside to Pay Your Taxes.

Taxes are inevitable. If you know for certain you’ll owe money to the IRS but don’t have the money to pay all of it up front, it’s best to set at least some money aside early so you can pay as much of your tax bill upfront as possible.

The IRS can be more lenient if they see you’re trying to honor your responsibilities and settle your tax debt.

 

Learn About Tax Relief Options

The IRS has the authority to levy your bank account, garnish your paycheck and seize your assets if it has to, but they also have many tax relief options to help taxpayers in need.

Things like settling your tax debt for a fraction of what you owe, installment plans, penalty abatements, and more, can all be viable tax relief options depending on your situation.

If you owe money to the IRS and can’t afford to pay, you have options. It’s best to reach out to a tax relief firm like ours to learn more about them.

 

Don’t talk to the IRS, talk to us first.

If you do get hit with a surprise tax bill and lack the money to pay it, you need to settle your tax problem as soon as possible. The IRS wants their money, and they have unbridled authority to get it, so simply avoiding the tax bill will not make it go away, but make it worse.  A lot worse.

However, dealing with the IRS is often intimidating for most taxpayers. Talking to the IRS and trying to resolve your own tax problem is like going to court without a lawyer, you’ll most likely get crushed.

A tax resolution firm like ours has years of experience helping taxpayers just like you resolve IRS and State tax problems and negotiating the best deal on your behalf. If you owe the IRS money either for 2019 or prior years, contact us now for a consultation to learn about your options.

The good news is the IRS has several debt settlement options including their Fresh Start Initiative  and is generally willing to settle with taxpayers who have been blindsided by a surprise tax bill and can’t pay it off in full.

Hopefully, tax filing season will bring the big fat refund you are expecting, but it is important to be prepared for the unexpected. The new tax bill has unleashed a host of unintended consequences, including smaller refunds and surprise tax bills. By being prepared, you can reduce the pain of a surprise tax bill, so you can get on with the rest of your life.


At McCauley Law Offices, P.C., our lawyers will find a solution to your tax problems, no matter how complex your IRS issue is. View our services and contact us (or call 610-388-4474) to schedule a free consultation with one of our tax attorneys. View and purchase Gregory McCauley’s published work “TAXJAMS: Simple Solutions” on Amazon. From our office in Chester County, Pennsylvania, we find tax solutions for clients throughout the country.

Two-Bit Developer Steals 10 Million Dollars from Microsoft

A former Microsoft software engineer, Volodymyr Kvashuk, has been sentenced to nine years in prison for stealing digital gift cards from the tech giant valued at more than 10 million dollars.

Kvashuk was able to mask the digital evidence by using a bitcoin mixing service before the funds were deposited into his accounts. He stole $12,000 in value using his own account access before switching to email accounts belonging to other Microsoft employees. This cast suspicion on several others, with Kvashuk claiming innocence and incriminating co-workers before a jury found him guilty of all counts.

In a seven-month period, 2.8 million in bitcoin was transferred to his bank and investment accounts, and on his tax return he claimed the bitcoin was a gift from a relative. Kvashuk used a portion of the stolen funds to purchase a lakefront home and a $160,000 Tesla.

He was ordered to pay $8,344,586 in restitution and may be deported to his native Ukraine after serving the prison term.

IRS Nabs Billionaire in Biggest Tax Evasion Case in US History

Tech mogul Robert Brockman has been charged with tax evasion totaling over two billion dollars, the largest case of its kind in the United States.

Brockman, the CEO of Reynolds and Reynolds, a company that makes management software for car dealerships, is also accused of money laundering, wire fraud and other crimes over a 20-year period. His illegal schemes included offshore entities in Bermuda and Nevis, and secret bank accounts in Bermuda and Switzerland. Among items he purchased with unreported taxable income were several homes and a luxury yacht for 29 million dollars named Turmoil.

To avoid detection, Brockman created an encrypted email system to communicate with employees and used code names such as ‘bonefish’ and ‘snapper’ and ‘the house’ for the IRS. He once asked a money manager to attend a ‘money laundering conference’ under an assumed identity, and had the same manager destroy documents using shredders and hammers.

He faces a lengthy prison sentence and millions of dollars in fines.

Your IRS Questions Answered Here…

Question: I’ve finally decided to seek help from a Tax Professional who specializes in Tax Problem Resolution.  I want to start getting my paperwork together for the appointment; what will I need to bring with me?

Answer:  It’s very important to have certain documentation with you for the initial interview.  Your tax resolution specialist will need this info to determine the best way to move forward to resolve your tax issues.  The items to bring include:

  • The most recent IRS/State tax notices and collection letters;
  • Copies of your last two years of filed income (1040) tax returns;
  • A monthly household cash flow budget by expense category (list all outflows of money)
  • Your most recent paystubs with YTD info verifying income from all sources and all withholdings and payroll deductions;
  • If you are self-employed, an independent contractor, or small business owner, prepare a “rough draft” current profit and loss statement. If this is not possible, just bring your Schedule C from your most recently filed 1040;
  • A list of any quarterly estimated tax payments made, if any, for the current year

Son of Former Mob Boss Doesn’t Toe the Line

Gennaro Angiulo, the owner of GJ Towing in Boston, was charged with a payroll fraud scheme that defrauded the US government by more than 3.3 million dollars. Angiulo is the son of Gennaro ‘Jerry’ Angiulo, a former mob boss who ran the mafia in Boston with his brothers from the 1960s to the 1980s.

From 2014 through 2017 the younger Angiulo paid a portion of wages to his employees in cash, and failed to collect, account for, or pay over to the IRS the required withholding and FICA taxes.

To fund payroll Angiulo cashed checks made out to the towing company and failed to record those checks as income, furthering his legal troubles.

Angiulo faces up to 15 years in prison, restitution, and fines up to $750,000.

Office Manager of Supply Company Supplies Herself with Company’s Cash

The office manager of a contractors supply company in Illinois, Joan Chenoweth, has been indicted by a grand jury for embezzlement and for filing false tax returns.

Chenoweth controlled the company’s finances and had access to the business’s credit cards and bank accounts. In addition to writing company checks to herself, she paid personal credit card bills with company credit cards, and wrote unauthorized payroll checks to herself that exceeded her salary.

She avoided detection by making false entries into the company’s accounting program and by deleting true and correct entries. During a four-year period Chenoweth stole approximately $624,152.

In addition to the fraud charges, she is charged with filing false income tax returns for 2014 through 2017.

If convicted, Chenoweth will be required to pay restitution and penalties, and faces up to 20 years in prison.

Finance Director Steals Over 1.5 Million from School Board Goes to Prison to Learn a Lesson

Laurie Wade, the financial director for the Franklin County Board of Education in Kentucky, was sentenced to 10 years in prison for money laundering and filing false tax returns.

Beginning in 2011 and continuing through 2019, Wade wrote numerous unauthorized checks from the school board account to herself and made false entries into the company’s accounting program to cover her tracks.

Simultaneously, Wade served as the treasurer of the Leestown Gospel Church and controlled its finances with little oversight. Over a period of several years she used the Church to launder money she had stolen from the school board. She made repeated deposits into the church bank account and then wrote checks to herself, attempting to legitimize the stolen funds. It was a check from the school board for $89,100, deposited into the church account, that first alerted the FBI to Wade’s criminal activity.

Charged! And We Don’t Mean His Car!

Cory Beck, a senior manager in the information technology department at Tesla, the electric car maker, pleaded guilty to three counts of filing false tax returns after he failed to disclose more than $220,000 in income generated from selling MacBooks he stole from his employer.

Beck had access to the company’s vast array of computer products. He stole the laptops from October 2015 to March 2018.

He faces up to three years in prison and fines totaling $100,000 for each of the three counts he pleaded guilty to.