Taxable Talk

From Russ Fox, E.A., of Clayton Financial and Tax of Irvine, CA
All items below are for information only and are not meant as tax advice.
Please consult your own tax advisor to see how each item impacts your own situation.
Troutman Pleads Guilty
When I was growing up just north of Chicago my parents told me about how the dead voted. That didn't seem right to me, but I did learn at a young age about Chicago politics.

Last year I reported that former Alderman Arenda Troutman was accused of 13 counts, including mail fraud and tax fraud. She had said she was innocent...until this week.

Sam Adam, Jr., Troutman's attorney, told the Chicago Defender, "I can say that the federal government did their homework, which is evident by what we see here today. For the benefit of her family and for the benefit of her personally, we felt this was the best thing to do at this time." What she did was to plead guilty to one count each of mail fraud and tax fraud.

When she's sentenced this December she'll be spending some time at ClubFed. Her attorney is hoping to keep the sentence under 33 months; however, she's likely to spend around four years there.