Fraud is definatly a serious acusation. I would definalty advise you to seek legal council since you are talking about not just money, but jail time. If you did correct any mistakes after you found out about them, a judge would take that into account and if you really did nothing fraudulant in your knowledge, your partner will get stuck with the penatlies. My uncles company has been dealing with enbezzlement issues that are somewhat similar as in he had no knowledge even though he had access to the information.
Good luck and talk to a lawyer!
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Question
Submitted 344 days ago...
CAPITAL GAINS AND FRAUD
Our ex partner altered general release documents to appear that he
had bought us out for 70,000 less than he did. He was being audited
and we we contacted and faxed the altered paperwork by the agent.
We just recently got an accountant and did not know anything about
capital gains. We were honest and sent over all legal documents
and even are going through an examination of all our personnal and
new businness accounts now from that year. It's been very stressfull!
What will happen from here to him and us? Should I get a lawyer?
We haven't been issued any paperwork from the agent other than
the examination so far. I am hoping honesty counts somehow!!
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Submitted 344 days ago...
Answer 2 / 5
Submitted 344 days ago...
Answer 3 / 5
Submitted 344 days ago...
Answer 4 / 5
Submitted 344 days ago...
Okay, I don't think you'd need a lawyer, you're not being charged with any criminal activity. The IRS agent will take a look at your books and make a decision as to whether you owe any taxes or not.
The aduitor probably won’t care if you did not know anything about capital gains. He will probably tell you that it was your responsibility to learn about capital gains tax beforehand. I know that sounds harsh, maybe he’ll be easy on you, but I would just be careful about getting my hopes up. It’s possible you won’t owe anything.
One thing to remember, if the auditor determines you owe back taxes, you can appeal or set up a payment schedule. It’s hard to think of it this way – but the IRS isn’t out to get you. They just expect everyone to play by the same rules.
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