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Taxation Legal News
Chicago Attorney Sentenced To Prison For Tax Evasion
Robert Wayne Hallock, an attorney from Chicago, Ill., was sentenced today in federal court for attempting to evade taxes on more than $1 million in income, the Justice Department and Internal Revenue Service (IRS) announced. U.S. District Judge Matthew F. Kennelly in Chicago sentenced Hallock to 24 months in prison. In addition, the court ordered Hallock to serve two years of supervised release upon the completion of his term of imprisonment.
“People who attempt to cheat on their taxes will be prosecuted, convicted and sent to prison,” said Eileen J. O’Connor, Assistant Attorney General for the Justice Department’s Tax Division. “The Department of Justice and IRS continue to protect the U.S. Treasury and the interests of all honest taxpayers.”
In October 2006, Hallock was convicted of tax evasion after a week-long trial. According to the indictment and evidence introduced at his February 1997 trial, Hallock, formerly a partner at the law firm of Kirkland & Ellis LLP, sold a fraudulent Certificate of Deposit from which he received approximately $1.8 million dollars. In an attempt to hide the income from the government, Hallock funneled it through a Florida bank account in the name of a limited liability company and hired an associate to use those funds to purchase hundreds of thousands of dollars in cashier’s checks that Hallock used to spend on personal expenditures. The expenditures included, among other things, $150,000 in checks to his girlfriend and her parents; and a $100,000 honeymoon aboard a private yacht. The court found that Hallock evaded over $400,000 in income taxes for 1997.
More information about the Justice Department’s efforts against income tax evaders can be found at http://www.usdoj.gov/tax/taxpress2007.htm. Information about the Justice Department’s Tax Division can be found at http://www.usdoj.gov/tax.
Form 5471 is Information Return of U.S. Persons With Respect to Certain Foreign Corporations
Report information with respect to certain foreign corporations. A domestic partnership may have to file Form 5471 if it: Controls a foreign corporation; or Acquires, disposes of, or owns 5% or more in value of the outstanding stock of a foreign corporation; or Owns stock in a corporation that is a controlled foreign corporation for an uninterrupted period of 30 days or more during any tax year of the foreign corporation, and it owned that stock on the last day of that year.
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Definition:
Amount that taxpayers can claim for their eligible dependents. Each exemption reduces the income subject to tax. The exemption amount is a set amount that changes from year to year.
Employee
Definition:
Works for an employer. Employers can control when, where, and how the employee performs the work.
Standard Mileage Rate
Definition:
For 2004, the standard mileage rate for the cost of operating your car, van, pickup, or panel truck is increased to 37.5 cents a mile for all business miles.
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