"

Estimated reading time: 1 minute, 22 seconds

CPA Gets Three-Year Sentence

A Nevada CPA has been sentenced to three years in prison for tax return fraud and scamming clients. Lance K. Bradford of Henderson, Nav., must also pay $6,734,338 in restitution to the United States.

Bradford pled guilty to aiding and assisting the filing of false tax returns.

In 2011 Bradford, who also operated a real estate business, began a scheme in which clients made payments to his partnership and in exchange received a tax deduction about five to seven times the amount of money paid.

Bradford knew the deductions were not permitted and did not report investments as losses on clients’ tax returns, but instead used a variety of techniques hike the returns they received.

One example came in 2014, Bradford asked a client for $417,780 investment in his partnership and in exchange would enter depreciation-based losses on his client’s 2013 corporate tax return. Instead, he inflated the company’s cost of goods sold by by $2,110,000,

Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
Read 1590 times
Rate this item
(0 votes)

Visit other PMG Sites:

Template Settings

Color

For each color, the params below will give default values
Tomato Green Blue Cyan Dark_Red Dark_Blue

Body

Background Color
Text Color

Header

Background Color

Footer

Select menu
Google Font
Body Font-size
Body Font-family
Direction
PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.