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Californian Sentenced to Nearly 2 Years in Prison for Failing to Report Offshore Accounts on Federal Tax Returns

On Behalf of | Oct 11, 2019 | DOJ |

Teymour Khoubian, a businessman based in Southern California, was recently sentenced to 21 months in prison for filing false tax returns that failed to report his offshore accounts in Germany and Israel from 2005 through 2011, representing a total tax loss to the U.S. of about $1.2 million. In addition to the prison sentence, Khoubian was ordered to pay over $600,000 in restitution to the Internal Revenue Service (IRS) and penalties of over $7 million.

“Today’s prison sentence reinforces the message that the Tax Division alongside its strong partners in U.S. Attorneys’ Offices and the IRS is committed to prosecuting U.S. taxpayers, who willfully hide offshore accounts, and that the penalty for such criminal conduct is not just a financial penalty, but prison,” said Principal Deputy Assistant Attorney General Richard E. Zuckerman.

To read more about this case, click here.

The IRS’ 2014 Offshore Voluntary Disclosure Program (OVDP), which was offered to help taxpayers get into compliance with their foreign account reporting requirements, officially ended on September 28, 2018. Taxpayers who missed the OVDP opportunity still have options available and should get into compliance as soon as possible. Contact our office to discuss your tax compliance matter today.


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