Tuesday, April 07, 2009

Eww! This Tax Credit [?] Stinks!

The U. S. Justice Department has sued four CPAs, 26 other tax preparers and another individual in a scheme to take phony tax credits based on purported sales of methane (the primary gas associated with "passing wind") from landfills. George Calvert and Gregory Guido of Florida are cited as being the initiators of a scam that saw $30 million in dubious tax credits. Additionally, a married couple from Texas and the Compro-Tax CEO were major subpromoters, with the Texas pair preparing returns claiming a total of nearly $8 million in credits and 54 Compro offices preparing returns including the credit.

There is no questions that the promoter and subpromoters had audicity to spare, but plenty of reasons to question their common sense. Did they really believe that these credits would go unnoticed?--especially when Congress is on a campaign to minimize the "tax gap."


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