Julius T. Price, Tax Return Fraud, Florida 2023

Florida Tax Preparer Sued for Tax Return Fraud

The Justice Department has filed a civil injunction suit to permanently bar Julius T. Price and his tax return preparation business, Price’s Accounting Firm Inc., from preparing federal income tax returns for others.

The complaint, filed in the U.S. District Court for the Middle District of Florida, alleges that Price prepared thousands of federal income tax returns from 2018 through 2023 that understate his customers’ tax liabilities and overstate the refunds to which they were entitled through a variety of schemes.

According to the complaint, Price knowingly made up businesses on returns he prepared to generate bogus losses, included fraudulent claims for the Earned Income Tax Credit (EITC), claimed fictitious deductions and credits for tuition and fees, and fabricated itemized deductions for medical expenses, mortgage interest, and gifts to charity.

The complaint describes how Price’s pattern of fraudulently understating his customers’ tax liabilities and overstating their refunds has resulted in the loss of significant federal tax revenue, estimated to exceed $1.5 million.

‘Taxpayers seeking a return preparer should remain vigilant against unscrupulous tax preparers,’ said Deputy Assistant Attorney General David A. Hubbert of the Justice Department’s Tax Division.

The IRS has information on its website for choosing a tax return preparer and has launched a free directory of federal tax preparers. The IRS also offers guidance on the credentials and qualifications that taxpayers should seek from their return preparer.

Price’s Accounting Firm Inc. allegedly engaged in a widespread scheme to defraud the IRS, and the Justice Department is seeking a permanent injunction to stop the practice.

This case is the latest in a series of actions by the Justice Department’s Tax Division to protect taxpayers from unscrupulous return preparers.

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