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Correction on Vern Buchanan tax payment | News

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Correction on Vern Buchanan tax payment

Attorneys for Sarasota Congressman Vern Buchanan abruptly withdrew a motion for a protective order to keep an attorney from talking about an upcoming video deposition in a lawsuit.

The motion was filed late Friday afternoon, following a series of stories about Buchanan being investigated by the House Ethics Committee, the IRS and the FBI.

We do want to make a clarification.

We stated in a report last week on Rep. Buchanan's federal election law issues and a lawsuit filed against his former partner, that Congressman Buchanan did not pay taxes on the sale of his car dealerships and that S corporations shield people from paying taxes. That portion of the report was inaccurate. 

Congressman Buchanan reported the gain from the sale of the dealerships and paid taxes on that gain. Typically, the tax on a transaction involving an S corporation is paid personally.

However as we reported last week, Buchanan's former Chief Financial officer, Sal Rosa, testified Buchanan was involved in a conspiracy to evade taxes. Rosa also testified he told Buchanan he was violating the integrity of the S corporation's structure. 

On our web script we reported Congressman Buchanan was found last week to have submitted a forged document to a Hillsborough Court in connection with his former partner's  motion to vacate a final judgment obtained by one of Buchanan's companies. The document was submitted to the court but by the  attorneys of one of Buchanan's companies The Hillsborough County Court granted the motion to vacate the final judgment. 

It should be noted  the signature of Congressman Buchanan's  former partner's wife on the  document for  which the final judgment was entered,  was not signed by her. That was confirmed by a handwriting expert.