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California Body Shop Owner Pleads Guilty to Underreporting Nearly $1.2 Million in Income

November 22, 2024 By CollisionWeek Editor

Will pay over $300,000 in back taxes and $250,000 penalty. The Internal Revenue Service Criminal Investigation (IRS-CI) agency announced that the owner of a Fullerton, Calif.-based auto body shop pleaded guilty November 15 to filing false tax returns for tax years for tax years 2015 to 2022, underreporting his income by at least $1,184,914. In […]

Filed Under: News Tagged With: California, IRS, Lawsuits, Tax

New Jersey Repair Shop Owner Sentenced to Prison for Filing a False Corporate Tax Return

July 20, 2023 By CollisionWeek Editor

A New Jersey man was sentenced July 19 to one year and one day in prison for filing a false corporate income tax return with the IRS. According to court documents and statements made in court, Gabriel Ferrari of Edison, N.J., owned and operated Buses and Trucks, Inc., in Linden, N.J. In 2011, Ferrari used […]

Filed Under: News Tagged With: IRS, Lawsuits, New Jersey, Tax

Treasury and IRS Issue Guidance Clarifying Deductibility of Expenses For Businesses that Received a PPP Loan

November 20, 2020 By CollisionWeek Editor

The U.S. Treasury Department and Internal Revenue Service (IRS) released guidance clarifying the tax treatment of expenses where a Paycheck Protection Program (PPP) loan has not been forgiven by the end of the year the loan was received. Since businesses are not taxed on the proceeds of a forgiven PPP loan, the expenses are not […]

Filed Under: News Tagged With: IRS, Paycheck Protection Program, U.S. Treasury Department

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