October, 2012

Message from Nelson & Company, P.S., CPAs

Need a letter for a loan? We can do that - for a fee.

Many clients are considering taking advantage of historical low interest rates to refinance their mortgages. A few may need letters from us to support or explain their tax returns or financial position..

We can provide you with one, but be aware there is a fee for this service that is based on the complexity of your data, tax return, and what your lender requires.

Don't hesitate to contact us if your lender is asking you questions you don't understand. Please provide us with the lender's contact information so we can discuss with them exactly what they need.

David S. Nelson, CPA, CTRS
Certified Public Accountants

"Alexander Hamilton started the U.S. Treasury with nothing and that was the closest our country has ever been to being even."

Will Rogers

IRS Times & Inquirer

Inside This Issue...

Loan Broker Imprisoned for Evading Taxes on $4.7 Million
Arizona Man Guilty of Wire Fraud; Admits to Tax Charges
Landscape Company Owner Guilty of Evading Taxes

Loan Broker Imprisoned for Evading Taxes on $4.7 Million

A Colorado loan broker was sentenced to 18 months in prison for filing a false income tax return and trying to evade taxes on $4.7 million in income.

Leonid Shifrin, 42, of Aurora, Colo., pleaded guilty to the charge.

According to court records, from 2002 through 2005, Shifrin underreported his business receipts by $4.7 million for the years 2002 through 2005. This underreporting of the business and other receipts for these years resulted in an additional tax due of $946,679.

"Today, it takes more brains and effort to make out the income tax form than it does to make the income."

Alfred E. Neuman

Arizona Man Guilty of Wire Fraud; Admits to Tax Charges

An Arizona man was sentenced to 48 months in federal prison for wire fraud and filing false tax returns.

Phillip E. Narum, 47, was found guilty at trial on the wire fraud charges and pleaded guilty to the tax charges.

According to court records, Narum was hired in 2004 as an independent contractor at Young and Sons Contracting, a family-owned and -operated construction firm in Tucson, Ariz. Between 2005 and 2008, Narum defrauded Young and Sons of approximately $573,000, which he used to make credit card and mortgage payments and to purchase personal items such as a motor home, multiple dragsters and dragster parts.

Narum did not report the fraudulently obtained money as income to the IRS, resulting in his tax charges.


Landscape Company Owner Guilty of Evading Taxes

Mark S. Holpe, 61, of Midlothian, Va., was sentenced to 18 months in prison and fined $40,000 for evading the payment of federal employment taxes on unreported cash wages he paid employees of Nature’s Way Landscaping. Holpe had previously pleaded guilty to evading the assessment of $326,196 of employment taxes.

Holpe worked for Nature’s Way, a residential and commercial landscaping business in the Richmond area. He was originally the president, but became treasurer in 2007, when he sold a portion of the business.

He admitted that Nature’s Way had two groups of employees. One group of about 12 employees was leased from a staffing company, which accounted for the employment taxes. About 30 additional individuals were employed directly by Nature’s Way, which paid them directly. The work and services performed by the two groups of employees were the same.

“Employers who do not withhold employment taxes are victimizing legitimate businesses by creating an unfair competitive advantage over those businesses that lawfully pay their fair share of employment taxes,” Rick A. Raven, acting special agent in charge for the IRS, said in a statement.


--Our Policies-- www.DNelsonCPAs.com

Nelson & Company, P.S., CPAs Since 1979

Circular 230 Disclosure:
To ensure compliance with requirements imposed by the IRS, we inform you that (i) any tax advice contained in this communication (including any attachments) was not intended or written to be used, and cannot be used for the purpose of avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.


Contact Us
Back to our Home Page
Back to Last Page Visited
Printer Friendly Page