Mansion Ends Up Getting Owner in Hot Water for Tax Evasion
Is it possible to hide anything from the IRS? Even when you think you’re safe, it appears the IRS has an eye in the sky. That eye seems to be all reaching, at least in Pennsylvania. A wealthy real estate developer and CEO of Automated Health Systems owns a luxurious 32,400 square-foot mansion that apparently caught the eye of IRS agents flying in and out of Pittsburgh.
After authorities began to ask questions that eventually lead to the mansion owner’s personal secretary ending up in some serious trouble. That’s because the secretary, who also acted as the bookkeeper for her boss, recently pleaded guilty to tax evasion, which reportedly could be as much as $250 million. The mansion owner has not been charged in the case at this point and his attorney claims that the case is nothing more than a tax dispute.
However, the attorney for the secretary claims that his client was only following her boss’ direction and simply did what he directed her to do. He did concede that it was still criminal activity and his client is aware of that. The scheme reportedly involved re-characterizing her boss’ personal expenses to appear as business expenses. Formal charges include “conspiracy to fraudulently pay for and unlawfully deduct as business expenses, millions of dollars in personal expenses of co-conspirator 1.” It would appear that “co-conspirator 1” is her boss, although he has yet to be named.
The lesson here is if you’re going to build a big mansion, make sure it’s nowhere near a major airport, or else the eye in the sky might decide to take a closer look.
Could a Yacht Be Considered Your Second Home?
They say that a home is where the heart is. However, when it comes to a second home, it can be where your heart is, or just about anywhere else, as far as the IRS is concerned. In fact, not only can a second home be just about anywhere, it can actually be just about…
How Long Do I Need to Keep My Tax Records?
How Long Do I Need to Keep My Tax Records? April 15 is one of the most dreaded days of the year for many people, with the possible exception of accountants. However, what happens when all the hoopla of April 15 passes as people wake up on April 16 and go on with the rest…
India Teaming Up With United States in Joint Effort to Find Hidden Cash
India is reportedly going after so called “black money” which Indian citizens who are living abroad, are apparently hiding in offshore accounts, including here in the United States. According to reports, the Indian Government believes that as much as $350 billion is hiding in unreported bank accounts and other financial institutions. India is already gathering…
Is Your Company in the Market for a Fairness Opinion?
Is Your Company in the Market for a Fairness Opinion? Is that really fair? In my opinion, yes it is. Obviously a fairness opinion is much more than that in the financial and business world. So what is a fairness opinion, exactly? One of the final parts of any sale or merger is a fairness…