Business Briefs: Man charged with tax fraud in Hixson

Man charged with tax fraud in Hixson

The U.S. Department of Justice moved Wednesday to shut down a Hixson tax preparation business that regulators say may have cheated the federal government out of hundreds of thousands of dollars over the past five years.

In a 21-page civil injunction request filed in federal court, the U.S. Attorney's Office claimed that Kevin Walker prepared income tax returns for his customers with fake businesses. Regulators said Walker reported false profits and losses and expenses, including erroneous claims for the Earned Income Tax Credit and education-related tax credits. According to the complaint, two returns prepared over a two-year period for one customer claimed bogus receipts from a fictitious business that improperly gave the taxpayer improper refunds of more than $6,000.

The Justice Department wants Walker enjoined from any tax preparation activity and says the IRS could subject him to penalties for tax law violations.


CBL prices debt issue

CBL & Associates Properties, Inc., said Wednesday that it priced a $300 million senior 10-year debt offering at 4.6 percent through its majority-owned operating partnership subsidiary, CBL & Associates Limited Partnership. The issue is scheduled to be closed next Wednesday.

CBL said it will use net proceeds from the issue to reduce unsecured revolving credit facilities and for general business purposes.

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