Delinquent Tax Filing Is Better Then Failure to File Taxes
A Tallahassee, Fla., man whose business involved selling CDs and DVDs at a flea market was convicted of four counts of tax evasion from his failure to file personal tax returns for the years 2005 to 2008.
From 2005 to 2008, Lennie Fulwood Jr., 42, made cash deposits totaling more than $1.7 million, which he placed into multiple bank accounts established in Tallahassee. The majority of the cash deposits were made into accounts in the name of Fulwood’s brother. Fulwood used the money in the accounts to purchase $683,000 in commercial and residential properties, each of which he titled solely in his brother’s name.
Having used his brother as nominee to conceal his assets, Fulwood then failed to file personal tax returns when they became due. The IRS determined that Fulwood had a taxable income of $1.1 million and owed more than $300,000 in taxes.
When questioned by the IRS about his failure to file, Fulwood claimed that he had no taxable income and that his cash deposits were attributable to “gifts from friends.” Fulwood declined to identify these friends.
Fulwood faces up to five years in prison.
It is important to note that if you have failed to file tax returns, you have the right to file them, no matter how late. At Tax Resolution Services we have helped many people with late tax filing, also known as delinquent tax filing, and we can help you too. If you have outstanding tax returns to file, contact a tax professional to help you get your records in order, before the IRS contacts you!
More Tax Help, IRS News and Tax Relief Tips:
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- Filing A Delinquent Tax Return is Better than Evading Taxes as this Connecticut Man Who Got 5 Months in Prison for Tax Evasion Found Out
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Tags: delinquent tax filing, failing to file tax returns, late tax filing, tax evasion, tax resolution services
