Estimated reading time: 1 minute, 9 seconds

CPA Guilty in Tax Shelter Scheme

Tuesday, Jul 16 2024
Tax
Written by 

An Indiana CPA has pleaded guilty to preparing false tax returns for clients who illegally claimed millions of dollars in deductions. The scheme caused a tax loss of $2,532,936, according to the Internal Revenue Service.

Between 2013 and 2022, Jason L. Croce prepared returns that claimed the deductions for royalty payments. Court papers say he knew the payments were “circular flows of money designed to give the appearance of genuine business expenses.”

Participated maintained control of money transferred while deducting the transfers as business expenses on their tax returns. The amount of money participants paid in “royalties” was driven by the amount of income they wish to shelter.

Bob Scott
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 1707 times
Rate this item
(0 votes)
More in this category: « Tagetik Tax Provisioning Debuts ProConnect, Tax Advisor Bundled »
Bob Scott

Latest from Bob Scott

Visit other PMG Sites:
Template Settings
Theme

Color

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

Body

Background Color
Link Color
Text Color

Header

Background Color
Background Image
pattern1 pattern2 pattern3 pattern4 pattern5

Footer

Background Color
Background Image
pattern1 pattern2 pattern3 pattern4 pattern5
Layout
Select layout
Menu
Select menu
Typography
Google Font
Body Font-size
Body Font-family
Direction
Reset
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.
Ok Decline