A man has recently been convicted of several federal charges. According to California authorities, the man was charged with tax crimes due to his attempt to hide certain assets. It was alleged that the man attempted to hide these assets so that he would not be subject to any tax liability.
The tax crimes were shown by the prosecutor to have been committed in 2005 and 2006. During the two week trial, prosecutors showed that the man had hidden over $200,000 in assets. The man, according to prosecutors, attempted to evade federal authorities by creating several corporations that were designed to shield him from paying taxes on these assets.
The 44-year-old man was arrested last year in Florida. Federal law enforcement subsequently extradited him to California to answer to the charges. As a result of his convictions, which also included his misrepresentations of high value artwork, he now faces up to 55 years in prison.
Understanding the wide range of tax laws can be a difficult process for many California residents. If there is any question as to what assets need to be reported, it may be important for individuals to take a cautious approach so they can avoid any potential exposure to being prosecuted for tax crimes. By taking such an approach, not only may the criminal exposure be eliminated, but an individual will be able develop an accurate picture of their overall finances that can serve as a guidepost. In that manner they can gauge where their revenue is coming from and compare these current figures with other years to gain an accurate picture of their continued financial development.
Source: tcpalm.com, “Vero Beach man found guilty of art theft, tax evasion in California case,” Elliott Jones, Aug. 15, 2012