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A California tax preparer utilized Form 1099-OID withholdings to seek $5.49 in phony tax refunds, a federal indictment allegedthis week. Cubby Wayne Williams, 63, of Alhambra, was indicted on 22 counts of assisting in preparation of phony returns for clients and four counts for preparing bogus returns for himself.

The Internal Revenue Service paid out about $3 million in claims on 514 tax returns Williams filed for clients for tax years 2010 through 2016 which allegedly claimed fraudulent OID withholdings. He owns and operates Williams Financial Network, based in Inglewood, Calif.

 Prior to forming this company, Williams worked from 1985 to 1996 as a compliance representative in the California Franchise Tax Board’s collection division.

Last modified on Monday, 13 May 2019
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