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Our team of IRS tax professionals found this article in the Journal-News and thought it well worth sharing with our readers. Everything that happened to this man could have been prevented had he engaged with an experienced IRS tax attorney who specializes in IRS tax help. He thought he was smarter than the Revenue Officers at the IRS. As you read, you will find out how wrong he was.
Middletown Man Defrauds IRS; Owes $725K and is Sentenced to Prison.
A Middletown man will have to pay more than $725,000 in restitution to the IRS and will spend time in prison after pleading guilty to tax fraud.
David Keith Fraley, 55, was sentenced in U.S. District Court. The sentence includes 30 months behind bars.
The Department of Justice said Fraley halted deposits of his income once the IRS started levying his bank accounts. He evaded taxes from 2009 to 2012, documents show.
“Fraley did not file his 2009 income tax return timely and a substitute for returns,” the DOJ said. “Later, the IRS issued Letter 1058, ‘Final Notice, Intent to Levy and Notice of Your Right to Hearing’ to Fraley for the 2009 income tax year. The SFRs were assessed for 2007, 2008, and 2009 for a total of $1,071,382 in tax due and owing (excluding penalties and interest). Fraley spoke to the IRS Revenue Officer and asked for an extension to file the 2009 tax return. Based on Letter 1058, Fraley understood that the IRS would institute levies toward the funds held in his bank accounts to recover the tax due and owing.”
Fraley transferred ownership of income to his business and brother in order to defraud the IRS from 2009 to 2012.
“Initially, Fraley called his contractor and told them not to issue any income in his name and Social Security number,” the DOJ said. “Then the levies against the bank accounts were ordered, which began the IRS’s levying of wages from Fraley’s account.”
Fraley also stopped making deposits into his business bank account, which was being levied, and started making deposits into his brother’s bank account, the DOJ reported.
“He even called his contractor a second time and asked the contractor to not issue any more income in his business name and EIN and to issue the income in his brother’s name and SSN,” the DOJ said.
“David Fraley took extensive measures in an effort to hide his income and to defeat his tax liabilities,” said Stephen Wajert, Acting Assistant Special Agent in Charge, IRS Criminal Investigation, Cincinnati Field Office. “His sentence is a warning that those who intentionally hide income from the IRS will be held accountable.”
The above is the news article that our tax professionals wanted to share with you. Mr. Fraley had options within the IRS Code that could have prevented all of these problems. Like many people, Mr. Fraley mistakenly thought he was smarter than the Revenue Officers at the IRS. Understand this, Revenue Officers are highly trained and experienced. They have literally seen everything. You are not going to "outfox them."
Fraley decided to "blow off the IRS by this time is probably behind bars. The IRS doesn't like being "shined on" and decided to make an example of him. He got prison time and will probably never have any significant money ever again. Don't be like Fraley when you have an IRS debt. The IRS has the authority to bring criminal charges. It really doesn't have to go that far.
Should you have an IRS tax debt and want some advice, give our team a call. Our consultations are always no-obligation and free,