You'd think doctors would have less incentive to cheat on their taxes than other professionals—after all, most physicians earn a good income, and presumably are more able to pay their obligations than teachers or plumbers. That's not necessarily the case, though, as evidenced by the recent conviction of a Rapid City, SD doctor for five counts of income-tax evasion, five counts of filing false tax returns, and three counts of failing to report assets stashed in foreign banks.
According to the Rapid City Journal, surgeon Edward Picardi exported millions of dollars of his income to foreign banks in an attempt to avoid U.S. income taxes. Here's an excerpt from the article: “At the opening of the three-week trial, assistant U.S. Attorney Kevin Koliner told the jury that Picardi owes more than $1 million in back taxes on income that he ferreted away in foreign bank accounts... Picardi used an elaborate scheme that involved dummy corporations and several foreign banks to divert a significant portion of his income. The plot made it appear that he was a contracted employee paid only a minimal salary.”
What's next for Picardi? Well, according to the Rapid City Journal, he faces a potential 55-year prison sentence, over $3 million in fines and penalties, and (of course) he needs to pay the entire $1.15 million tax debt. Adding insult to injury, as a convicted felon, Picardi was forced to give up his prized shotgun, which he claimed he needed to defend his isolated rural home.
Are you an Oklahoma resident who is in trouble with the IRS? Contact the Oklahoma tax experts at Travis W. Watkins, PC today (800-721-7054) for a free consultation!