Items Tagged with 'IRS'

Nastar Roofing owner William Skaggs and payroll administrator Billie Adkison admitted to a $2.5 million employment tax fraud scheme, paying employees in cash but failing to withhold taxes or report that income to the IRS. 

The co-owner is reported to have willfully made a false statement in her Individual Income Tax Return Form 1040 for tax year 2017.

The contractor concealed the true size of his companies' payrolls from the IRS to reduce the cost of doing business and increase his profits. 

The roofing contractor could face up to five years in prison and a fine for not paying several years' worth of federal payroll taxes.

The roofing contractor owed more than $700,000 in income taxes to the IRS after failing to report more than $7.1 million in revenue and approximately $2.43 million in income.

Legal experts weigh in on recent IRS guidance on COVID-19 related tax credits for sick and family leave, cybersecurity, and the insurance costs associated to the early storm season.

Contractors relying on backlog to keep them going during the summer months may have some difficulty in the fall, warned Trent Cotney, CEO of Cotney Attorneys & Consultants.