A federal crackdown and a new act make life tougher for lawyers and accountants.
By David Koeppel, Crain’s New York
Criminal tax attorney Robert Fink views the conviction and sentencing of his client Dr. Michael Canale – on tax fraud charges in New York state federal court in 2012 – as representative of everything that’s wrong with the government crackdown on tax shelters and fraud.
Dr. Canale, a former Army surgeon, was sentenced to six months in prison for filing false returns on a UBS Swiss bank account he inherited from his father in 2000. By 2010, the account had swelled to $1.5 million. Prosecutors said the doctor had evaded at least $216,000 and never came forward to disclose the account.