Al’s Notes for Tax Day – Tax Advice from Capone?

Time is almost up for next Tuesday’s tax deadline, but if you are seeking tax advice from Capone, you may want to look elsewhere. If you’re filing your return online, or using a tax-preparation service, the pressure is on for last-minute filers trying to get their 2016 forms in on time. This year, you have a 3 extra days to file your taxes. Tax Day is April 18, 2017, not the 15th, because the 15th falls on a Saturday this year. It isn’t on Monday either, because Emancipation Day is observed on the 16th, which falls on a Sunday, so it is celebrated on Monday. That has pushed Tax Day back to Tuesday, April 18.

Tax Advice from Capone and his attorney

Capone consults attorney, Mike Ahern, in 1929. Ahern, with other Capone attorneys, filed several appeals to stave off Capone’s 11-year sentence for tax evasion. The last one was rejected in May, 1932.

We don’t have to tell you the problems taxes presented for our own Al Capone. Between 1925 and 1930, Capone controlled speakeasies, bookie joints, gambling houses, brothels, horse and race tracks, nightclubs, distilleries and breweries at a reported income of $100,000,000 a year. He even acquired a sizable interest in the largest cleaning and dyeing plant chain in Chicago. The popular belief in the 1920s and 30s was that illegal gambling earnings were not taxable income. However, the 1927 Sullivan ruling claimed that illegal profits were in fact taxable. Capone never filed an income tax return, owned nothing in his own name, and never made a declaration of assets or income. He did all his business through front men so that he was anonymous when it came to income. The government wanted to indict Capone for income tax evasion, and eventually did.

Tax Advice from Capone?

Now using tax advice from Capone may not work so well today. Al wouldn’t want to give out any advice when it comes to filing taxes, so here are some recommendations from the Internal Revenue Service:

  1. E-file. The IRS said filing online is safer, saves time and gets your refund to you much faster.
  2. Double check your figures. Agents said they see large amounts of number mistakes every year. Be sure to make sure your figures and refund balance are correct. You should also double check all your identification numbers, especially your Social Security number.
  3. Don’t forget to sign it. Your signature is required on paper tax forms, and the e-filing process will walk you through submitting an electronic signature.
  4. If you owe a payment and need to write a check, make it payable to United States Treasury and send it to the correct address.

Forgetting any of these steps could delay the process. If you don’t think you can make Tuesday’s deadline, you can file for an extension that will give you until October 16. There’s no shame in putting it off, just ask Al.

Even though you won’t be getting tax advice from Capone, the wise guys would like to give out one important piece of advice…When you’re all done filing, getting the extension, evading all-together (we don’t recommend), treat yourself and your gang to a night at Capone’s Dinner & Show! Taxes are hard work and if anyone would sympathize with the pain of filing, it would be Al. Let’s take our minds off of it for a night and have a good time! Let ‘the family’ entertain and take care of you!

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