With tax day around the corner, many are rushing to get everything in order and filed on time. Whether it is the rush of the filing or one’s desire to reduce their tax liabilities, individuals in New York and elsewhere could face serious civil and criminal tax liabilities. Tax fraud is a serious matter, making it essential to explore the matter entirely. This can help one explain what happened and could even open up opportunities to reduce the penalties faced by the situation.
According to recent reports, the Hempstead Town Councilman, Edward Ambrosino, admitted to committing federal tax fraud. This resulted in the Republican councilman to resign from his elected seat he has held for the past 16 years.
Federal prosecutors stated that Ambrosino will be disbarred as an attorney for diverting more than $800,000 in legal fees from clients when he was required to provide them to his former Uniondale-based law firm. In addition to this, it was stated tat he evaded income tax at a substantial level and filed false and fraudulent corporate tax returns. Finally, it was asserted that he claimed false and fraudulent business expense deductions. For these tax crimes, Ambrosino faces up to five years in a federal prison and restitution for $254,628 to the IRS for tax years 2011 through 2014. He has agreed to pay restitution to his former firm, amounting to $700,000.
Whether one is face with civil or criminal tax law matters, it is important to take these matters seriously. Litigating these situations can be overwhelming and complex, making it vital to gain knowledge and assistance. Making informed decisions and taking proper action could help an individual resolve tax fraud and other tax issues.