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[The Stanford Series] IRS says Sir Allen owes $200m in back taxes

Posted by Stacy-Marie Ishmael on Mar 16 13:44.

Not a day goes by without some sort of juicy court filing related to Sir Allen Stanford popping up on the Bloomberg.

Like this one, filed on Friday, in which the IRS asked for permission to seek unpaid back taxes from Sir Allen and his soon-to-be ex-wife Susan:

The IRS asserts that R. Allen Stanford and Susan Stanford are indebted to the United States for $226,645,537.00 in unpaid federal income taxes for the periods and in the amounts listed below:

Period – Income Tax – Penalties -  Interest
1999 $3,250,466.00 $ 1,462,910.00 $ 2,528,512.00
2000 $14,481,227.00 $ 6,516,552.00 $ 9,062,953.00
2001 $36,985,575.00 $16,643,292.00 $19,126,704.00
2002 $14,794,010.00 $ 8,283,640.00 $ 8,991,770.00
2003 $40,586,009.00 $22,931,828.00 $21,000,089.00

Total $110,097,287.00 $55,838,222.00 $60,710,028.00

In addition, R. Allen Stanford and Susan Stanford may owe additional federal income taxes as they have not filed their income tax return for 2007 nor have they made any estimated quarterly tax deposits for that year.

There is also, in the filing, a “US motion to compel R. Allen Stanford to file his income tax return for 2007″:

The United States expects that the receiver in this case will establish a deadline for creditors of the defendants to file claims. The IRS shall file a fairly significant claim against R. Allen Stanford. To file an accurate and complete claim, the IRS will need to resolve the amount of R. Allen Stanford’s unpaid federal income tax liabilities for tax years 1999-2008 as well as the short period of January 1, 2009 to February 17, 2009. Thus, the United States has moved this Court to allow the continuation and completion of the Tax Court cases for tax years 1999-2001 and the collection due process cases for tax years 2002-2003. In addition, for its claim in this proceeding, the IRS needs Mr. Stanford to file his federal income (1040) tax return for tax year 2007. Sir Allen has plead the fifth and effectively declined to participate in the investigation,  so we wish the IRS luck with their “motion to compel” him to do anything.

Article Series - The Stanford Series

  1. As Stanford allegations fly, the SEC investigates...
  2. US MARSHALS SEEN ENTERING HOUSTON OFFICE OF STANFORD FINANCIAL GROUP - REUTERS EYEWITNESS
  3. Arise, Sir Allen...lest we assume the worst
  4. Sir Allen's Antigua, or the curious case of Stanford International Bank
  5. ROBERT STANFORD ACCUSED OF `MASSIVE FRAUD' BY SEC
  6. The fractal Stanford
  7. The full SEC complaint against Stanford
  8. Stanford scandal in pictures
  9. It's just not cricket
  10. Have you seen this bank?
  11. Where in the world is Sir Allen?
  12. What does the 'F' stand for in FINRA?
  13. Stanford's mysterious billions
  14. Stanford's AIM foray
  15. A Freudian slip?
  16. Sir Allen Stanford, you've been served
  17. But which passport will he surrender?
  18. SIB and Stanford Trust Company Limited put into receivership
  19. Eastern Caribbean Central Bank "takes control" of the Bank of Antigua
  20. The Stanford campaign donations: pay 'em back, not forward
  21. Clients of Allen, by the numbers
  22. This land is our land, Antigua government to say
  23. Antigua government moves closer to seizing Stanford properties
  24. From "investment fraud" to "massive Ponzi scheme"
  25. New details on alleged "massive Ponzi scheme"
  26. Stanford's US employees join the jobless queue
  27. Irony du jour
  28. Invested with Sir Allen? The FBI wants you (to contact them)
  29. Stanford pleading the fifth
  30. IRS says Sir Allen owes $200m in back taxes
  31. Ralph Janvey to Stanford employees: BYOB
  32. Laura Pendergest-Holt agrees to extend indictment deadline
  33. Vantis reports "significant shortfall of assets" at Stanford International Bank
  34. Sir Allen speaks
  35. Stanford victims unite!
  36. Frozen-out Stanford investors petition Congress
  37. Antiguan financial services providers launch PR offensive
  38. The SEC has strong words for Sir Allen Stanford
  39. When it came to Sir Allen Stanford, many warnings went unheeded
  40. Sir Allen's cowboy lawyer
  41. Authorities still failing to get along
  42. Laura Pendergest-Holt to face more charges, Fox Business says
  43. The DEA connection
  44. Avast, ye salty Stanford lawfirm website
  45. Judge rules Sir Allen Stanford must stay in jail pending trial
  46. Stanford CFO James Davis "intends to plead guilty", laywer says
  47. Sir Allen's request to unfreeze funds for legal fees denied
  48. The Tripoli-St John's Nexus
  49. "Fraud victims" want $24bn from the government of Antigua and Barbuda
  50. Sir Allen discovers there's no air conditioning in jail
  51. James Davis pleads guilty to charges related to that $7bn Ponzi
  52. Big Brother's blood oaths
  53. "The investors ought not have to pay for the receiver's PR firm"
  54. Sir Allen's Bellagio problem
  55. Stanford's Bellagio debt, redux
  56. A public defender rides to Sir Allen's rescue
  57. Allen Stanford, puppetmaster: By Freddie Flintoff
  58. Jail proving a big headache for Sir Allen [UPDATED]
  59. Arise Allen Stanford, un-knighted...
  60. Ponzi victims, unite!
  61. Strategies to cope with the SEC

This entry was posted by Stacy-Marie Ishmael on Monday, March 16th, 2009 at 13:44 and is filed under Capital markets. Tagged with , , . Edit this entry.

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