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Enough Is Enough.

By Rob Lambert - Email Editor

Date : August 21, 2008

Dear Valued Reader,

It seems like August is the month that the crooks get their due….or maybe I just report on it more then.

A federal jury convicted Evanson of conspiracy to commit mail and wire fraud (a good reason to use Fed. Ex.), tax evasion and assisting in the filing of false tax return charges. Evidence introduced during trial showed that Evanson’s scheme cost the U.S. Treasury more than $20 million in taxes. 

Evanson’s fraud scheme took multiple forms, including the use of false documentation for fictitious currency transaction losses, false insurance expense deductions and bogus capital losses, all for the purpose of fraudulently offsetting taxable income for clients.

According to the evidence introduced by the U.S. Attorney, Evanson conspired between 1996 and April 2005 to conceal portions of his clients’ income from the IRS and to create false deductions. This evidence showed that Evanson knew that the deductions on the tax returns were false and fraudulent. Evanson and a co-conspirator were paid a fee for their services that was typically equal to 30 percent of the tax evaded by the clients.

Nathan Hochman, Assistant Attorney General of the Justice Department’s Tax Division stated: "As today’s sentence demonstrates, professionals, such as Evanson, who promote fraudulent tax schemes and assist others in participating in these schemes, will be investigated, indicted, tried, convicted and incarcerated… Those who participate and promote fraudulent tax scams and schemes do so with eyes wide open to the severe consequences of their illegal conduct, including long prison sentences, steep fines and loss of real and personal property." 

OK, so what if Nathan can’t say it straight, the bottom line is that offshore accounts and banks just don’t provide any meaningful insulation from your obligations to OLD Uncle Sam.  For the 20th and probably last time (for at least a couple of months) please do not depend on offshore bank secrecy to protect you from your tax obligations.  The U.S. taxes you on ALL of your WORDWIDE income.  Just don’t play the tax cheat game.  If you do, it will soon be all over.  As I have said for years, the government has all the information… it is only a matter of time until they discover you if you are cheating.

The real bottom line is that it is never worth it.  The USA has one of the lowest tax rates in the world.

So, pay your taxes and enjoy yourself.   Don’t follow the path of the tax cheaters like Dennis Evanson.  It just isn’t worth it.

Have a healthy and protected week.

Rob Lambert

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