Here's something you might be interested in.
Former San Diego dentist L. Donald Guess has been found guilty of two felony counts of filing false income tax returns following a trial in federal court. He will be sentenced Sept. 16 at 9 a.m. in the chambers of U.S. District Court Judge Jeffrey T. Miller. Through his Xelan entities, Guess ran a money management operation for doctors and dentists. He had relationships with offshore tax havens such as Barbados and the British Virgin Islands, and Xelan had more than $500 million of assets belonging to healthcare professionals. But the Internal Revenue Service declared Guess's programs were tax avoidance schemes. It raided his office. The government lost its initial case against Xelan, but Guess's operation subsequently agreed to shut down and pay $2.3 million to the IRS. Two years ago Guess was indicted for filing false tax returns. After the recent trial, the court declared he had falsely claimed an $800,000 donation in stock to an entity that he fully controlled.
Former San Diego dentist L. Donald Guess has been found guilty of two felony counts of filing false income tax returns following a trial in federal court. He will be sentenced Sept. 16 at 9 a.m. in the chambers of U.S. District Court Judge Jeffrey T. Miller. Through his Xelan entities, Guess ran a money management operation for doctors and dentists. He had relationships with offshore tax havens such as Barbados and the British Virgin Islands, and Xelan had more than $500 million of assets belonging to healthcare professionals. But the Internal Revenue Service declared Guess's programs were tax avoidance schemes. It raided his office. The government lost its initial case against Xelan, but Guess's operation subsequently agreed to shut down and pay $2.3 million to the IRS. Two years ago Guess was indicted for filing false tax returns. After the recent trial, the court declared he had falsely claimed an $800,000 donation in stock to an entity that he fully controlled.
Just like I always say--money does not confer brains, especially if you are going to try to pull a fast one on Uncle Sam.
Our dentist-in-question should have heeded the fates of Al Capone and Leona Helmsley. Their best-laid schemes ended up with them laid up in the Federal Crossbars Hotel for a few years.
Better to stick a crowbar in your wallet and pay your share than it is to flip the bird at the IRS--and get stuck into durance vile for your pains.
Sooner or later, Uncle Sam gets his share!
--LPR
Better to stick a crowbar in your wallet and pay your share than it is to flip the bird at the IRS--and get stuck into durance vile for your pains.
And those felony convictions sure don't help.....
Response to post #1: I agree with you. Overpaying one's taxes is better than trying to work every angle to avoid or evade them. I am hoping that the U.S. moneybags that have stashed their loot in Switzerland will eventually be brought to justice. And that applies to those who use Caribbean, Liechtenstein, etc. havens. Best, Don Bauder
Response to post #2: Until 9/11, the U.S. was one of the only major countries resisting international moves to restrict money laundering, tax stashing, etc. Then when it became known that terrorists use the same methods as U.S. nabobs, we finally started to move. The IRS is finally going after the upper-income knaves. Best, Don Bauder
guys like this are just greedy, they don't use the "take the money and run" system, they just go after more and more ( more then they need)
maybe its the "temporary " thrill of getting away with their scheme that keeps them going
Response to post #5: Greed kills. Best, Don Bauder