10 Updates

IRS Alleges Iconic Pizza Shops Offered Up Slices, Hold The Taxes

Apr 3 2014, 10:40pm CDT | by

The U.S. Attorney’s Office claims that owners of an iconic pizza shop were cooking more than just slices: they were also cooking the books. Today, Charles and Mary Bangle appeared in a federal court...

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16 weeks ago

IRS Alleges Iconic Pizza Shops Offered Up Slices, Hold The Taxes

Apr 3 2014, 10:40pm CDT | by

The U.S. Attorney’s Office claims that owners of an iconic pizza shop were cooking more than just slices: they were also cooking the books.

Today, Charles and Mary Bangle appeared in a federal court in Camden, New Jersey, to face charges of conspiracy to evade income taxes, income tax evasion, and making false statements to the IRS. Charles Bangle was also charged with multiple counts of “structuring” in order to avoid reporting requirements.

The Bangles are the owners of four Manco & Manco pizza shops (the shops were formerly called Mack & Manco but the name was changed in 2011 after Mary and her husband bought the business from her parents). The shops are synonymous with summers at the Jersey shore: three of their four shops can be found on the Boardwalk (if you have to ask which Boardwalk, you’ve clearly never been to Ocean City).

According to the indictment, Manco & Manco raked in nearly $4.5 million per year in cash sales alone. And since the business was geared towards those vacationing at the shore, most of the cash came in at peak tourist season (summer, of course). The feds allege that the Bangles used a series of maneuvers in order to avoid reporting nearly $1 million. As a result, the Bangles allegedly failed to pay $336,273 in federal income tax.

The indictment alleges that the Bangles took advantage of the fact that the pizza shops were cash based and skimmed money from the business. That money was deposit into the couple’s personal account at TD Bank. To avoid detection, the feds allege that the couple purposefully deposited less than $10,000 with each visit to the bank. By law, banks are required to report cash deposits which total more than $10,000 in any single day. The reporting requirement is meant to help the government track large transactions and prevent money laundering. One of the ways to get around the law is to break down large transactions into smaller ones, sometimes called structuring. While making cash deposits of less than $10,000 is not illegal under 18 U.S.C. § 5324(a), it is a violation if you structure transactions to avoid reporting requirements.

That’s exactly what the feds say the Bangles did. The indictment outlines bundles of transactions which the Bangles allegedly structured to avoid detection, most of which occurred in 2010 and 2011.

You can read the indictment here:

The Bangles deny the charges.

Charles Bangle, who is represented by counsel, will be required to hand in his passport and his guns (12 handguns, two rifles and two shotguns). Mary Bangle is not yet represented by counsel and will be required to hand in her passport after her arraignment. The two filed joint federal income tax returns and ran the businesses together but will be represented separately.

Despite the arrests, they’re still flipping pies at Manco & Manco, just as spring is making an appearance at the Jersey Shore. That might not be the case in a few months: if convicted, the pair faces significant jail time and fines.

Want more taxgirl goodness? Pick your poison: receive posts by email, follow me on twitter (@taxgirl), hang out with me on Facebook or check out my YouTube channel. If you want to keep an eye on documents I’ve posted, check out my profile on Scribd. And finally, you can subscribe to my podcast on the site or via iTunes (it’s free).

 
Update
10

7 weeks ago

RM47mil KWSG contributions still unclaimed

Jun 9 2014 7:54am CDT | Source: Business Times Malaysia

KUALA LUMPUR: About RM47 million of contributions in the Teachers Provident Fund (KWSG) still remain unclaimed, the Dewan Rakyat was told to ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
9

7 weeks ago

Gold shop lost almost RM1mil

Jun 9 2014 3:50am CDT | Source: Business Times Malaysia

KANGAR: A gold shop owner lost almost RM1 million after after the safe on in his shop was broken into by ro ...
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Update
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7 weeks ago

Motion to debate MAS losses in Dewan Rakyat rejected

Jun 9 2014 3:39am CDT | Source: Business Times Malaysia

KUALA LUMPUR: AN emergency motion to debate the losses incurred by Malaysia Airlines last year, amounting to RM1.2 billion was rejected by the D ...
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Update
7

7 weeks ago

MH370 Tragedy: Hisham: RM27.6 mil spent on 1st phase of SAR

Jun 9 2014 2:11am CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia spent some RM27.6 million in its first phase of the search operations for missing Malaysia Airline flight MH370, said Acting Transport Minister, Da ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
6

7 weeks ago

9.1m litres of diesel seized in a month

Jun 8 2014 1:11am CDT | Source: Business Times Malaysia

PUTRAJAYA: The Domestic Trade, Cooperatives, and Consumerism ministry has seized some 9.1 million litres of diesel and property worth RM58 million since mounting ‘Operasi Diesel Selatan’ in the southern states last month. ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
5

7 weeks ago

Girl, 9, awarded RM2.78m compensation for medical negligence

Jun 6 2014 4:56am CDT | Source: Business Times Malaysia

KUALA LUMPUR: A nine-year-old girl who suffered brain damage during her birth at a government hospital was awarded over RM2.78 million in compensati ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
4

7 weeks ago

Malaysia's total trade in April up 12pc

Jun 5 2014 11:52pm CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia's total trade in April 2014 rose by 12 per cent from a year ago to RM123.86 billion due to growing trading activities, International Trade and Industr ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
3

7 weeks ago

Works Ministry to spend RM20m for upgrading works at 50 accident black spots

Jun 4 2014 11:35pm CDT | Source: Business Times Malaysia

JOHOR BARU: The Works Ministry will implement upgrading works at 50 accident prone locations in the country that have been identified this year involving an allo ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
2

7 weeks ago

Najib launches loan scheme for Ramadan traders

Jun 4 2014 10:24pm CDT | Source: Business Times Malaysia

PUTRAJAYA: Prime Minister Datuk Seri Najib Razak today launches RM45 million Ramada ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
1

8 weeks ago

Residents bring up objection against Kidex to Suhakam

Jun 4 2014 4:49am CDT | Source: Business Times Malaysia

PETALING JAYA: A group of 20 Petaling Jaya residents held a meeting with the Human Rights Commission of Malaysia (Suhakam) over their objection against the proposed RM2.2 billion Kinrara ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 

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