When a person is accused of using an offshore business to commit tax evasion, he or she can face serious criminal charges. Being found guilty of these charges can have major consequences. For example, a tax evasion conviction can result in a person facing jail time.
A man is currently facing a possible prison sentence in a tax evasion case in Pennsylvania. The man in question is 64 years old and he ran an optometry business. The man has been accused of committing tax evasion through the use of an offshore company.
The man allegedly set up an offshore company and ran some of the transactions of his optometry business through it. Authorities claim that the man structured these transactions in such a way that the recorded expenses of his optometry business were artificially increased. He allegedly used these inflated expenses to claim tax deductions. Authorities claim that the man also had the offshore company pay off credit cards that he used for personal expenses.
Authorities allege that the man evaded hundreds of thousands of dollars of U.S. taxes through these actions. The man faced charges for tax evasion in connection to these allegations. On Monday, the man pled guilty to these charges. The man could be sentenced to serve up to five years in prison in connection to the crimes he pled guilty to.
Any criminal attorney in Miami understands that facing criminal charges for tax evasion is a very serious matter. This case underscores how being convicted of these charges can result in a person facing severe criminal penalties. These penalties can have major effects on a person's life.
Source: The Pittsburgh Post-Gazette, "Greene County optometrist pleads guilty to tax evasion," 5 April 2011