Attorney Indicted in Offshore Tax Scheme – $18M in Foreign Accounts
Nobody is safe from the U.S. Government’s intense drive to enforce international tax related violations. The momentum continues, as the DOJ charges another individual with Tax Evasion (this time, it was an Attorney).
*An indictment merely alleges that a crime has been committed. A defendant is presumed innocent until proven guilty beyond a reasonable doubt.
According to the Department of Justice’s website, the most recent professional to fall victim is an Attorney.
Offshore Tax Evasion
“Allegedly Conspired to Repatriate More Than $18 Million in Untaxed Money Held in Foreign Bank Accounts.A federal grand jury sitting in Houston, Texas returned an indictment today charging an attorney with one count of conspiracy to defraud the United States and three counts of tax evasion, announced Principal Deputy Assistant Attorney General Richard E. Zuckerman of the Department of Justice’s Tax Division and U.S. Attorney Ryan K. Patrick for the Southern District of Texas.According to the indictment, (Name Redacted), conspired with another individual to repatriate more than $18 million in untaxed earnings from the co-conspirator’s business bank account located in the Isle of Man.Knowing that his co-conspirator had never paid taxes on these funds, (Name Redacted) allegedly designed and implemented a scheme whereby the untaxed funds were made to appear to be stock purchases in United States corporations owned and controlled by (Name Redacted) and his co-conspirator.The indictment alleges that (Name Redacted) received more than $4.8 million and an ownership interest in the co-conspirator’s ongoing business for his role in the fraudulent scheme. The indictment further alleges that for tax years 2009 and 2010 (Name Redacted) evaded the assessment of and failed to pay the incomes taxes due on this money by, amongst other means, withdrawing the funds as purported non-taxable loans or returns of capital.(Name Redacted) allegedly used the money he received to purchase personal assets, including a vacation home in Vail, Colorado and property in Houston.If convicted, (Name Redacted) faces a statutory maximum sentence of five years in prison for the conspiracy count, and five years in prison for each count of tax evasion. He also faces a period of supervised release, monetary penalties, and restitution.
Offshore Tax Evasion and IRS Voluntary Disclosure
If you believe you may have acted willfully or with reckless disregard in failing to report or disclose income, you may qualify for one of the approved IRS Voluntary Disclosure Programs (as long as the income was from legal sources).
Golding & Golding, A PLC
We have successfully represented clients in more than 1000 streamlined and voluntary disclosure submissions nationwide, and in over 70-different countries.
We are the “go-to” firm for other Attorneys, CPAs, Enrolled Agents, Accountants, and Financial Professionals across the globe.