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Yahoo
01-04-2025
- Business
- Yahoo
Former Crossville woman sentenced in COVID relief funds fraud scheme
A former Crossville woman was sentenced to prison and to pay restitution in a scheme to obtain COVID-19 relief funds for a fictitious cattle farm while living in Cumberland County. Shelby Lynn Hill, 54, of Crystal Beach, TX, was sentenced earlier this week to one year and a day in prison for fraudulently obtaining and misusing Paycheck Protection Program loans guaranteed under the Coronavirus Aid, Relief, and Economic Security Act, announced Robert E. McGuire, Acting United States Attorney for the Middle District of Tennessee. Hill also was ordered to repay $264,645 in restitution and a forfeiture money judgment, and she will be on supervised release for one year after she serves her sentence. Hill pled guilty in June 2024 to one count of wire fraud. Hill obtained several fraudulent PPP loans while living in Crossville. According to court documents and evidence presented to the court, Hill fraudulently obtained a $220,645 PPP loan for a fictitious business, Plateau Angus Farms, in 2020. She claimed to be the owner and operator of a cattle farm in Crossville. Hill told the PPP lender that Plateau Angus Farms employed 14 people and that its monthly payroll expenses exceeded $88,000. Hill submitted fake documents, including Forms W-2 and Tennessee Secretary of State records, as proof of her business. Hill received a $42,700 PPP loan for a second fictitious company, Premium Persians of the Plateau. She also misused the PPP loan proceeds awarded to a third company, Shelby Lynn Hill, MD PLLC, using a portion of the PPP loan to begin installation of a personal swimming pool. Hill was employed as a health insurance broker at the time she applied for the PPP loans. Some of the individuals she listed as employees on the Plateau Angus Farms PPP loan application were potential health insurance customers. Hill admitted that she was not authorized to use their names or personal identifiers to obtain PPP loans. The Paycheck Protection Program was created under the CARES Act and was intended to incentivize small businesses to keep their employees on payroll during the COVID-19 pandemic. The PPP program was administered and guaranteed by the Small Business Association, a federal government entity. The Federal Bureau of Investigation, Cookeville Resident Agency, Nashville Field Office, investigated this case. Assistant U.S. Attorney Stephanie N. Toussaint prosecuted the case.
Miami Herald
13-03-2025
- Business
- Miami Herald
Are you owed a tax refund from the IRS? Clock is ticking in Florida to claim $61 million
Nearly 70,000 people in Florida have left more than $61 million worth of unclaimed tax refunds on the table. Want your share of that money to move from the Internal Revenue Service into your bank account? Now is the time to file your 2021 taxes, the IRS urges. You've got a month to file and claim your dough if you've ignored your 2021 tax return. But wait. We're in 2025 and supposed to be filing Form 1040 Federal Income Tax Return based on your 2024 income, right? That's true. But under U.S. law, taxpayers usually have three years to file and claim their tax refunds. If they don't file within three years, the money becomes the property of the U.S. Treasury, according to the IRS. If you owe money, you don't have that kind of extra time to file. So, April 15, 2025,marks the third and final year you can take care of those 2021 taxes you may have let slide. April 15 is also the deadline to file your current taxes for the 2024 year — especially if you owe money. What's on the line? According to the IRS, as of March 11, over 1.1 million people across the nation have unclaimed refunds for tax year 2021 as the April 15 deadline looms to submit their tax returns. The total amount of unclaimed refunds is more than $1 billion. The median potential refund nationwide is $781 for 2021. How Florida fares Florida, with 69,800 individuals who did not file, is just below the median potential refund at $721. New Yorkers — 73,000 of them — left the most money in the IRS till: $995. California's 116,300 potentially eligible non-filers have the least amount for its residents to claim from 2021: $600 in median potential left unclaimed. What you should do Need to file a 2021 tax return? Here are some suggestions from the IRS on securing past documents you'll need. ▪ Create or log-in to the IRS Individual Online Account. You can view, download or print tax records by logging in to the Individual Online Account link at You can find transcripts of past tax returns, tax account information, wage and income statements and verification of non-filing letters. ▪ Request copies of these key documents from the 2021 tax year. These would be Forms W-2, 1098, 1099 or 5498 for the years 2021, 2022 or 2023. You can request copies from your employer, bank or other people or companies that paid you that year. ▪ Get transcript by mail: Taxpayers who are unable to get some or all of those missing forms mentioned above from their employer or other payers and can't access their Individual Online Account can get a tax return or tax account transcript mailed to them by using Get Transcript by Mail on Taxpayers can also request a transcript be mailed to them by calling the automated phone transcript service at 800-908-9946. ▪ Request a wage and income transcript: Another option is for people to file Form 4506-T with the IRS to request a wage and income transcript. 'A wage and income transcript shows data from information returns received by the IRS, such as Forms W-2, 1099, 1098, Form 5498 and IRA contribution information,' the IRS says. Taxpayers can use the information from the wage and income transcript to file their tax return. ▪ Act now. If you're going the written request route, the process can take several weeks. Remember: April 15 is coming up fast. Try the other options first. Other reasons to file You may be missing out on more than the potential refund on taxes withheld or paid during 2021 if you didn't file. 'Many low- and moderate-income workers may be eligible for the Earned Income Tax Credit,' the IRS said. For 2021, the EITC was worth as much as $6,728 for taxpayers with qualifying children. The EITC helps individuals and families whose incomes are below certain thresholds. According to the IRS, the thresholds for 2021 were: ▪ $51,464 ($57,414 if married filing jointly) for those with three or more qualifying children; ▪ $47,915 ($53,865 if married filing jointly) for people with two qualifying children; ▪ $42,158 ($48,108 if married filing jointly) for those with one qualifying child; ▪ $21,430 ($27,380 if married filing jointly) for people without qualifying children. Potential stumbling blocks If you are filing a 2021 tax refund now, your refunds could be held if you didn't file tax returns for 2022 and 2023 and could have if you were working or being paid. The IRS also notes that any refund amount for 2021 will be applied to amounts still owed to the IRS or a state tax agency and may be used to offset unpaid child support or other past due federal debts such as student loans.
The Hill
11-03-2025
- Business
- The Hill
$1 billion in unclaimed tax returns to expire soon: How to claim your money
(NEXSTAR) — The IRS says an estimated $1 billion in tax refunds from the 2021 tax year may become the property of the U.S. Treasury if over 1.1 million Americans don't take action soon. The refunds belong to those who did not file their Form 1040 Federal Income Tax Return for the 2021 tax year (meaning the taxes filed in April 2022). According to the IRS, the median tax refund is $781, not including any applicable credits. Computer owners duped in antivirus scam to get over $25M: What to know about payments In some states, the IRS shows the median potential refund is even higher: In Pennsylvania, Massachusetts, and Rhode Island, median refunds could exceed $900. The searchable table below shows how many people per state have yet to file their federal income tax return for the 2021 tax year, as well as the median potential refund for each state. Because Americans typically have three years to file and claim tax refunds, the deadline to claim these payments is April 15, 2025. The only way to make your claim is filing your tax year 2021 return. Failing to claim your refund could also leave you without the Earned Income Tax Credit you qualified for in 2021. The IRS reports that, at the time, the thresholds for the EITC were: $51,464 ($57,414 if married filing jointly) for those with three or more qualifying children $47,915 ($53,865 if married filing jointly) for people with two qualifying children $42,158 ($48,108 if married filing jointly) for those with one qualifying child $21,430 ($27,380 if married filing jointly) for people without qualifying children The EITC was worth as much as $6,728 for the 2021 tax year. Even if you apply for your 2021 tax refund before the April 15 deadline, it may be withheld if you have not yet filed tax returns for the 2022 and 2023 tax years, the IRS warns. If you owe the IRS or a state tax agency, or have unpaid child support or other federal debts (like student loans), your refund will be applied to them first. The IRS recommends collecting any 2021 tax documents — Forms W-2, 1099 or 5498, for example — before filing your federal tax return. You can access tax records and transcripts using the IRS's Individual Online Account or request a tax return or account transcript via mail using the Get Transcript by Mail tool. More details can be found on the IRS's website. The deadline to file your 2024 taxes is April 15 this year.
