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Tax preparers have been accused of participating in a scheme to deceive Covid relief programs of $65 million. They submitted claims for tax credits intended for pandemic relief on behalf of clients who were not eligible, and profited from charging high fees for filing these claims, according to authorities.
Written by Adeel Hassan
Federal prosecutors announced this week that two tax preparers in Mississippi were involved in various schemes to steal $65 million from programs intended to assist businesses during the pandemic.
Renata Walton, 44, and Nicole Jones, 36, both residing in Olive Branch, Mississippi, have been charged with over 50 counts of wire fraud, money laundering, creating fake tax returns, and obstructing justice. This information was announced by the U.S. Attorney’s Office for the Western District of Tennessee on Wednesday.
Both individuals claimed innocence and were both allowed to leave after posting a $100,000 bond, according to court records.
Ms. Walton was the owner of R&B Tax Express in Moscow, Tennessee. She and Ms. Jones worked together to help clients with their tax returns.
According to court records, federal prosecutors stated that two women reached out to small business clients to inquire if they wanted grant money related to the pandemic. The women would then apply for tax credits related to the pandemic on behalf of the clients, even though they did not qualify for the funds, officials explained.
According to court documents, the majority of the funds were received through the Employee Retention Credit and the Sick and Family Leave Credit programs.
Companies could receive financial assistance through the Employee Retention Credit program if they could prove that the pandemic was negatively impacting their business, yet they were still compensating their employees. Employers who provided paid sick and family leave to their workers during the pandemic could also benefit from tax breaks through the Sick and Family Leave Credit program.
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