Florida Doctor Sentenced for Role in Income Tax Fraud Scheme
On April 27, 2015, in Miami, Florida, Dr. Krishna Tripuraneni, of Palm Beach County, Florida, was sentenced to 24 months in prison, one year of supervised release and ordered to pay a $50,000 fine. Tripuraneni previously pleaded guilty to one count of filing false tax returns. According to court documents, Tripuraneni, a physician licensed in the State of Florida, was the owner and operator of three businesses in Wellington, Florida. For the tax years 2004 to 2008, Tripuraneni received income in the form of direct compensation, distributions, and corporate funds and used these payments to cover personal expenditures. Tripuraneni utilized funds from the companies to pay for expenses on a new home, payments on condominiums, interior design improvements to his residences and tuition payments for his children. Some of these payments were fraudulently classified as professional consulting, building repairs, and miscellaneous expenses by his companies and used as profit and loss statements on his corporate and personal income tax returns. Tripuraneni caused the preparation and filing of a false 2006 U.S. Income Tax Return for an S Corporation; a U.S. Return of Partnership Income, and a U.S. Individual Income Tax Return. In total, Tripuraneni underreported his income for tax years 2004-2008 by $18,128,066 for a total of $6,383,977 in outstanding taxes.
Perform background searches on the company involved by searching the internet or Library to find financial documents—at minimum an income statement and balance sheet. Larger companies can be located using an SEC 10-K Report. If you type this in Google followed by a company name, you will see results, for example, SEC 10-K Report Coca-Cola. You can also locate financial records for companies using general Google searches and Ventureline.com, for which a link is provided below. For your report, provide a two-slide description of your company, including basic facts such as financial status, market it operates in, product or service, etc.
Ventureline.com is an excellent site to research and obtain the financial statements of companies and to obtain results from specific ratio analyses.
Provide the name of the company of your choice, URLs and/or contact information to specify where you will get your data and company information, and a short description of the company, including the type of business, products and/or services offered, markets served, size, and financial status.
Your company profile should be 2-3 PowerPoint slides with document and citation formatting in conformity with APA requirements. Add notes into your slides (at least 5 sentence).
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