(Memphis) The US Department of Justice has filed a lawsuit against a Mo’ Money tax office in Nashville.
WREG On Your Side Investigators have learned the defendants are from Memphis.
The suit states Toney Fields and his girlfriend Trumekia Shaw ran Fields Mo’ Money Taxes.
According to the suit, the Memphis couple faked W2s, filed bogus credits and even claimed ineligible kids on tax returns prepared from their Nashville office.
Attorneys say Fields and Shaw would set up shop as early as December and illegally prepare taxes off customers’ end of year pay stubs. The lawsuit reads, “By preparing returns before the end of the tax year, the Defendants unfairly solicit business before their competitors.”
The suit claims the two ignored tax law and didn’t fill out proper forms for certain credits, like the Earned Income Tax Credit.
It goes on to state the defendants would simply have customers fill out forms specific to Mo’ Money Taxes.
The lawsuit states the IRS checked out more than 40 returns from 2011, and there was a 100% error rate which may caused the government to lose more than $5 million during that tax year alone.
The government isn’t the only one facing a loss. In the lawsuit, attorneys say, “Many customers now face large income tax deficiencies and may be liable for sizeable penalties and interest.”
The paperwork also notes Mo’ Money Co Founder Markey Granberry gave Fields a $50,000 loan to operate Fields Mo’ Money Taxes.
It states the two also shared a Regions Bank account until Granberry’s name was replaced by Shaw’s.
Granberry couldn’t be reached for comment.
He recently told WREG everything had been “blown out of proportion.”
He’s opening a new business in Memphis called Marquis Taxes.
A spokesperson for the DOJ wouldn’t confirm or deny an investigation into the Memphis based company.
WREG On Your Side Investigators went to Fields’ Memphis home for comment. There was no answer at the door.
Read More About This Story: http://wreg.com/?s=mo+money&search_submit=