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Income Tax

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Westport Investment Advisor Gets Jail Time: Did Not Report $1.4M To IRS, Feds Say Westport Investment Advisor Gets Jail Time: Did Not Report $1.4M To IRS, Feds Say
Westport Investment Advisor Gets Jail Time: Did Not Report $1.4M To IRS, Feds Say An investment advisor from Fairfield County will spend time in prison after failing to report more than $1.4 million in income to the IRS, federal officials said.  Westport resident Thomas Pacilio, age 64, was sentenced on Thursday, April 13 to six months in prison for omitting around $1,476,425 in profits in income tax returns between 2015 and 2018, according to the US Attorney's Office for the District of Connecticut.  Earlier Report - Westport Investment Advisor Failed To Report $1.4M In Profits To IRS, Feds Say According to federal officials, in 2011, Pacilio a…

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by Ben Crnic
News
CT Man Found Guilty Of Failing To Pay Taxes On $950K In Income CT Man Found Guilty Of Failing To Pay Taxes On $950K In Income
CT Man Found Guilty Of Failing To Pay Taxes On $950K In Income A Connecticut attorney was convicted of failing to pay taxes on about $950,000 in income. Deron Freeman, a resident of Glastonbury in Hartford County, was found guilty on Monday, April 18, of three counts of making and subscribing a false tax return and four counts of failure to pay income tax, according to Leonard Boyle, United States attorney for the District of Connecticut. Freeman, age 47, owned a law office in Hartford, where he primarily practiced in the areas of personal injury and criminal law, Boyle said.  The US Attorney's Office said Freeman fell "severely behind" in p…

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by Nicole Valinote
News
Fairfield County Man Admits To Underpayment Of $500K In Income Taxes Fairfield County Man Admits To Underpayment Of $500K In Income Taxes
Fairfield County Man Admits To Underpayment Of $500K In Income Taxes A Fairfield County business owner is facing federal prison time after admitting to underpaying more than $500,000 in income taxes. Bethel resident Timothy P. Draper, age 54, pleaded guilty to one count of tax evasion Monday, April 18 in Hartford federal court. Prosecutors said Draper failed to deposit numerous checks into his landscaping and rental business accounts, resulting in underreporting approximately $1.8 million on his tax returns between 2015 and 2017. Draper was also accused of paying personal expenses out of the business accounts and failing to categorize the payments as inco…

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by Michael Mashburn
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Former Harvard Department Chair Found Guilty Of Hiding Ties To China Former Harvard Department Chair Found Guilty Of Hiding Ties To China
Former Harvard Department Chair Found Guilty Of Hiding Ties To China A former Harvard University department chair has been found guilty of charges in connection with lying to federal authorities about his ties to China and failing to report income he received from a university in China. Charles Lieber, age 62, was found guilty on Tuesday, Dec. 21, of: Two counts of making false statements to federal authorities,  Two counts of making and subscribing a false income tax return, Two counts of failing to file reports of foreign bank and financial accounts with the Internal Revenue Service. Lieber is the former chair of Harvard's Chemistry and Che…

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by Nicole Valinote
News
COVID-19 Crisis Could Cost Connecticut Billions, Lamont Says COVID-19 Crisis Could Cost Connecticut Billions, Lamont Says
Covid-19 Crisis Could Cost Connecticut Billions, Lamont Says The novel coronavirus (COVID-19) outbreak could wind up costing Connecticut billions of dollars and wiping out the state’s rainy day fund. Calling the numbers “sobering,” Connecticut Gov. Ned Lamont previously said that Connecticut will end the fiscal year with a $1 billion budget shortfall, with the number potentially doubling over the next cycle, which begins in July. Budget numbers released by the Office of Fiscal Analysis show Connecticut’s budget deficit this year grew to over $1 billion, an increase of more than $687 million over the previous estimate. Sales tax revenue dro…

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by Zak Failla
Lifestyle
Only NY Ranks Higher Than CT For Highest Taxes In Nation Only NY Ranks Higher Than CT For Highest Taxes In Nation
Only NY Ranks Higher Than CT For Highest Taxes In Nation A brand-new study has revealed that New York and Connecticut are paying the highest taxes in the country. 24/7 Wall Street released the report reviewing the “total tax burden as a share of income on a per capita basis” to identify the states with the lowest and highest tax burden. Federal taxes were not included in the calculations. The study found that New York led the way as the highest taxed state in the country, with 12.7 percent of income going toward taxes. Connecticut was just being at 12.6 percent. The study’s methodology can be found here. Details from the report include:  N…

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by Zak Failla
Politics
Millionaire CT Gubernatorial Candidates Throw Blows On Twitter Millionaire CT Gubernatorial Candidates Throw Blows On Twitter
Millionaire CT Gubernatorial Candidates Throw Blows On Twitter Candidates for governor in Connecticut took to Twitter this week to blast one another and promote their campaign themes Two Greenwich rivals with the greatest personal wealth in the gubernatorial race — Democrat Ned Lamont and Republican David Stemerman — traded social media shots over their business backgrounds and how each made his fortune. The flap began when Stemerman, a hedge fund giant, criticized two of his Republican Party primary opponents for proposing to eliminate the state income tax to help fix the state economy. Instead of drawing predictable fire from GOP foes Mark Boughton …

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by Jon Craig