This article was about the IRS warning people about scammers trying to scam them out of their money, this is a type of fraud because people are stealing millions of dollars from innocent people by tricking them into giving them money they don’t owe. This has been going on for a long time, as soon as someone found out how to make it believable they did it. This article talked about how the IRS scammers are so successful at stealing people’s money. They said they scare people, if I got a call from the IRS saying what the scammers call says I would be scared to. They said in total the scammers have got $23 million. This relates to the chapter because this week was about fraud and how people steal innocent people's money. These scams are very
A previous leader of The Sommet Group, Brian Whitfield, was accused and found guilty after a plea of not guilty to stealing money from clients and the government in the amount of $20 million. The IRS believed the estimated money stolen was upwards of $22 million. The federal prosecutor claimed and proved Whitfield had stolen and then used money for his own personal expenses. Although, the case originally indicted Whitfield’s
As a consumer I want to be able to trust that I can walk inside a well-known bank and not have to worry about the bank employees taking advantage of me. Over the years we keep on hearing about all these financial scams and almost all of the time it is the consumers who are affected and when the scam is brought to light, it is the lawyers who see a big payday. I choose this particular issue because I am tired of the little man, meaning us the consumers being affected the most by these scams. I would think that the millions of dollars in bonus money that these senior level executive make each year would be enough but no they are greedy sociopaths that takes advantage of people who have less than they do in order to become rich and
Last week, we talked about the IRS Criminal Investigation unit, which just released their Fiscal 2012 report. That report was filled with the sort of dry statistics you would expect from an IRS annual report: 5,125 total investigations launched, 202 crooked tax preparers indicted, 199 identity thieves sent to prison, and 64 months average time behind bars for money launderers. But the report also includes dozens of stories of tax cheats who really just should have known better — and some whose stories are so entertaining we just had to share them. Are you having a bad day? Well, be glad you're not one of these people!
There have been many financial corruptions and scandals though out history and in 1869 one such scandal rock The United States financial institute’s foundation. The attempt to corner the gold market lead to the preverbal straw which almost broke the camel’s back. This scandal has become to be known as Black Friday, not to be confused with the Friday following Thanksgiving this Black Friday proved that without oversight of the market it could quickly become a market of the few.
The country needs to start monitoring how the government is spending the federal budget and they need to start splitting it fairly to benefit our country. 83% of the federal budget is spent on the Big Five which are the main expenses in the budget. We have to stop spending it all on the Big Five. Our government should really pay attention to what we need most of in this country and focus on the needs. The government needs to take away 20% of the Big Five and split it to categories that need it.
The taxation that occurred on the colonies after French and Indian War, the British Monarchy and Parliament came to the conclusion that the colonist where going to be held accountable for this debt to the crown in defending the colonies during the war. Parliament’s response to this position was to pass several acts as their effort to collect money in which they believed to be their justified right to collect. The long and expensive war that defended the colonies gave the crown the impression of the colonies where now indebted to them, further giving Parliament the belief of having the right place a tax on the colonies under the Parliamentary Acts of 1764. Leading the colonist to berate the acts and cry out “no taxation without representation”
In recent news, the leak of The Panama Papers revealed several heads of state and corporations are taking part in illegal tax evasion.
In modern times, society is still burdened by individuals seeking to get rich quick. Names such as Marty Frankel and Robert Rooney, with their modern form of the Ponzi scheme, have appeared in the news. Although modern con-artists may enjoy the short success Ponzi did, none may ever possess the charm, the demeanor, or the ability to touch the hearts of individuals intended to be swindled.
Michael Moore and his video crew went a number of different places, such as Pennsylvania to locate people’s money. While in some of those states, he found out that the Government was robbing people of their money, and then foreclosing their hom...
According to the definition by the Office of Fair Trading (OFT) (2006), a scam is a misleading or deceptive business practice where a person receives an unsolicited or uninvited contact (for example: email, letter, phone or some sort of advertisement) and false promises. Examples of scams include bogus lotteries, a supposed inheritance from a distant foreign relative on their death bed, any type of foreign money making scheme, or loan services. For years now there has even been an email being sent to everyone from the FBI pertaining to money that has been allocated to you. The email is a complete scam and does not come from the FBI. The FBI has a whole department dedicated in fighting White Collar Crime. Deception goes hand in hand with scams. Throughout a scam the illicit actor is trying to get another person to buy into their idea and to do so they have to
Unattributed, (2009, April 187). Combat Fraud of Almost $1 Trillion, Retrieved March 03, 2014 from Internet site http://ethicaladvocate.blogspot.com/
According to Accounting Theory: Contemporary Accounting Issues by Evans, accountants have developed two alternative approaches to accounting for income taxes, which are the cash method and the allocation method. The cash method is described as a simple and direct approach. The amount of income taxes actually paid for the year is reported on the Income Statement. The amount comes from the firm's income tax return and fit is not adjusted in any way. Therefore, the firm's actual transaction to record its income tax liability is the basis for the amount of the income tax expense reported on the Income Statement. The allocation method is a bit different. The actual amount of tax that is paid in the year is ignored when it comes to reporting income tax expense on the Income Statement. The amount of income tax expense reported on the Income Statement is based on the on the income tax rate that the firm pays, which is applied to the amount of pretax income. This makes the Income Statement perfectly consistent with the before-tax income. Using the allocation method makes it look like all items on the Income Statement based on the same method.
Fraud in charitable organizations occurs when legitimate organizations or the individuals working for the organization misuse donations, or when illegitimate organizations or individuals collect donations on behalf of a sham organization. Perpetrators of charity fraud prey on the generosity of their donors through a variety of means. Some individuals may try to get the attention of a passerby on the street requesting cash for the hungry or disabled while others may use telemarketing scams in which the perpetrator tries to convince the potential donor of their legitimacy and the immediacy of financial need for a worthy cause. Yet, the most u...
The revenue/cost period-: Revenue and the cost period in accounting that the company get income from normal business activities. It’s referred to normal business income that the company got by selling their product and service.
Smith, Aaron, “Five things you didn't know about Bernie Madoff's epic scam” (December 11, 2013) http://money.cnn.com/2013/12/10/news/companies/bernard-madoff-ponzi/ (March 31, 2014)