Starting a business or some type of start-up is a major commitment and the men and women who do so must be dedicated and resourceful. When starting out or expanding operations, entrepreneurs and small business owners must often rely upon bank loans and lines of credit for financing. In addition, these individuals frequently use a large portion of their own personal funds to pay for expenditures and operational costs. In some cases, the lines between business and personal become blurred and finances are co-mingled.
The son of a U.S. representative was recently indicted on numerous criminal charges related to income fraud, tax evasion and wire fraud. The businessman denies any wrongdoing and refutes the claims against him including that he lied to obtain bank loans and then used the loan money for personal expenditures.
Authorities contend the man used thousands of dollars obtained from bank loans and slated for use to support business operations on personal expenditures. Criminal charges against the man include allegations that he used the loan money on clothing, jewelry, electronics and to pay gambling debts.
The man has not yet entered a plea, but contends he is innocent of any wrongdoing. What's more, he believes the charges against him were drummed up by those seeking to embarrass and undermine his father's political career.
Entrepreneurs and small business owners who are facing IRS scrutiny or criminal tax charges would be wise to consult with a criminal defense tax attorney who handles IRS matters. A defense attorney can provide advice on how to deal with IRS inquiries and requests as well as help devise a defense strategy for those facing serious criminal charges related to tax evasion and fraud.
CBS Philly, "Son of US Rep. Chaka Fattah Charged With Fraud, Freed On Bail," Tony Hanson, Aug. 5, 2014
