Thursday AM Linklube

by Alex Stenback on September 21, 2006

Local
· Sotheby’s To Open Real Estate Office [TCBJ]
· For Sale: Luxury Student Housing [MNDaily]
· Rapist Poses as Homebuyer [KARE]
· Real Estate Investment Scam in Brooklyn Park [Strib]
· Wave Condo’s Stir Controversy [Downtown Journal]
Elsewhere & Otherwise
· Fed Stands Pat: No Rate Hike [mortgagereports]
· HomeBuilders Association: Green is the New Black [NAHB.com]
· More Fed Parsing From The Matrix [matrix.com]
· A House is a Home, NOT an Investment [soapbox]

{ 2 comments… read them below or add one }

Duane September 21, 2006 at 1:16 pm

With regards to

· Real Estate Investment Scam in Brooklyn Park [Strib]

I met Joe Cole before he started IPM, also Jim Abbott. Collegues and friends and I have always referred to bad or sketchy real estate deals as a “Joe Cole Special” – althought I never thought this was going on, just people getting in over their heads on $0 down deals for Florida condos that were worth less than they paid…

The recent MNAR forms change (legal to letter size forms) had me at a webpage of “approved forms” vendors, and I was surprised to see Joe Cole Inc (or whatever) on that list. I suppose he needed to make his own forms to pull off whatever was really going on there.

Jamie January 10, 2008 at 2:55 pm

Old Neighbor-

Ham Lake couple facing felony tax charges

St. Paul, Minn. – A Ham Lake couple faces felony tax charges in Anoka County, the Minnesota Department of Revenue announced today. William Peter McCann, 65, and Patricia Mary McCann, 63, both of 14101 Coral Sea St. N.E., allegedly filed false individual income tax returns from 2003 through 2005.

During a department investigation, it was discovered that from 2003 through 2005 the defendants allegedly received over $140,000 of taxable income that was not reported to the State of Minnesota.

According to the complaint, the McCanns owe the state at least $9,750 in income tax for those years. A full formal audit has not been completed.

William McCann allegedly admitted that he had been doing remodeling jobs since 2002 and had received $25 an hour, even though he is not a licensed contractor in Minnesota. He admitted to running a lawn sprinkler service for the past four years as well. The income he received from both of these jobs was not reported on the couple’s tax returns.

Patricia McCann allegedly acknowledged that she knew her husband was involved in remodeling and construction projects, and that the money was put into their checking accounts, but was not reported on their individual income tax returns. She also admitted to failing to report that she had received $225 per week for house cleaning services since April 2003.

Each felony count is punishable by a maximum sentence of five years in prison, a fine of up to $10,000, or both.

The Minnesota Department of Revenue is dedicated to enforcing tax laws, collecting no more and no less than taxpayers owe. The department takes progressively stricter measures against taxpayers who demonstrate that they will not voluntarily meet their obligations.

Leave a Comment

 

Previous post:

Next post: