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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 8308 is Report of a Sale or Exchange of Certain Partnership Interests
Report the sale or exchange by a partner of all or part of a partnership interest where any money or other property received in exchange for the interest is attributable to unrealized receivables or inventory items.
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Definition:
The self-employment tax rate on net earnings remains the same for 2003. This rate, 15.3%, is a total of 12.4% for social security (old-age, survivors, and disability insurance) and 2.9% for Medicare (hospital insurance).
Compulsory payroll tax
Definition:
An automatic tax collected from employers and employees to finance specific programs.
Estate and Gift Tax
Definition:
One of the oldest and most common forms of taxation is the taxation of property held by an individual at the time of their death. Such a tax can take the form, among others, of estate tax (a tax levied on the estate before any transfers). An estate tax is a charge upon the decedent's entire estate, regardless of how it is disbursed.
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