IRS Wins Two Major Cases: Sam Wyly and Morris Zukerman

On 6/27/16 the IRS won two major tax cases:

#1) Texas Investor Sam Wyly was ordered to pay $1.1B by a federal bankruptcy judge (for his offshore tax evasion involving over 50 Isle of Man companies). The Judge ruled that Wyly perpetrated a “deceptive and fraudulent scheme to cheat the IRS” and imposed tax ($135m), interest ($402m) & penalty ($570m).

Complete article: Texas Ex-Tycoon Wyly Ordered To Pay $1.1B for Tax Fraud

#2) Oil Industry Investor Morris Zukerman plead guilty to two tax crimes ( ie. felonies) : tax evasion, obstructing tax collection after failing to pay more than $40m due the IRS for taxes. Zukerman filed tax returns claiming millions of dollars in false deductions, failed to report $28m in profits from the sale of an oil company, and lied to the IRS providing false information. He has agreed to file over 80 amended tax returns and pay the IRS $37m. He faces a sentence of more than 7 years in jail.

Complete article: Oil Investor Zukerman Pleads Guilty in Tax Evasion Case

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