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Taxation Legal News
Morgan County Businessman Pleads Guilty To Sales Tax Fraud
Today Charles William Jackson, owner of CJ's Bar & Grill located at 4532 Knoxville Highway in Oliver Springs, Tenn., pled guilty to one count of sales tax fraud, a violation of Tenn. Code Ann. Section 67-1-1440(g). The Tennessee Department of Revenue's Special Investigations Section conducted the investigation leading to today's guilty plea.
“The Department of Revenue is committed to applying Tennessee's tax laws and policies uniformly to all taxpayers to ensure a level playing field,” said Revenue Commissioner Reagan Farr. “The department cannot and will not allow people engaged in fraudulent tax activities to have a competitive advantage over honest businesspeople.”
Jackson, 57, was indicted by the Morgan County Grand Jury on May 15, 2006, on one count of sales tax fraud, a Class E Felony. The indictment charged that Jackson unlawfully and knowingly evaded and defeated sales tax due the state of Tennessee by failing to register with the Department of Revenue and by failing to file sales tax returns for CJ's Bar & Grill for the monthly periods of Jan. 1, 2003, through March 31, 2005. These fraudulent actions resulted in CJ's Bar & Grill failing to report $74,448.43 of taxable sales for the business and failing to remit $6,700.36 of the sales tax collected and due. Read more at state.tn.us.
If you have employees, you are responsible for Federal Taxes
If you have employees, you are responsible for several federal, state, and local taxes. As an employer, you must withhold certain taxes from your employees pay checks. Employment taxes include the following. Federal income tax withholding Social Security and Medicare taxes Federal unemployment tax act (FUTA).
No Taxation Without Explanation
The report highlights NYC's unique tax diversity. While other large cities tend to rely primarily on just two taxes-most often property and sal... Read more >
Definition:
A tax credit for certain people who work, meet certain requirements, and have earned income under a specified limit.
Acquisition
Definition:
The purchase of one corporation by another, through either the purchase of its shares, or the purchase of its assets.
Exemptions
Definition:
Amount that taxpayers can claim for themselves, their spouses, and eligible dependents. There are two types of exemptions-personal and dependency. Each exemption reduces the income subject to tax. The exemption amount is a set amount that changes from year to year.
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