A South Korean citizen living in Orange County, Santa ANA, California, has been charged with tax evasion for failing to report interest income on a federal income tax return on deposits in bank accounts he controls in Hong Kong and Singapore.
About the case
It would draw your attention to know about Jean-Guy Minn, who is 56 years old and lives in Irvine, a legal permanent resident of the United States but was later charged with one count of tax evasion in a criminal information filed late Monday. According to the document containing the information, Minn is accused of failing to register $552,454 in interest income generated from a foreign bank account on his 2016 personal tax return.
The 56-year-old man has failed to pay $162,369 in federal income tax that year, and as a result, he has been booked under the charges of tax evasion. The man has also submitted a plea bargain with the information on Monday, in which Minn agreed to plead guilty to the felony tax crime. Minn confessed in his guilty deal that he failed to report a total.
Minn was taken to court for a trial for the charges that he was booked. It came out in the court after Minn filed a 2016 tax return that showed no interest income of $ 552,454 from a foreign bank account. So that was the reason that Minn did not pay $ 162,369 in federal income taxes that year.
It was the statement from the prosecutor. It is always a good habit to be cooperative with the government related to tax. The tax collected is being utilized for the welfare of the people. It provides basic facilities to the public, and evading tax is an offense not less than theft or robbery.
As the court hearings proceeded, the facts started coming out. In April, the prosecutors presented a plea deal in which the defendant admitted that he had failed to declare a total of $2,365,427 in interest income from 2010 till 2017. According to the court records, he paid $573,916 in back taxes for those years.
Prosecutors claimed that the 56 years old man later agreed to pay a 50% penalty for one of his international bank accounts with nearly $18 million in it.
The case was presented in the Court in Santa Ana after Minn was ordered to appear before the United States District Court in Santa Ana on April 26 to hear the case. Under the law, the maximum penalty for tax evasion is five years in federal prison. Assistant Attorney Lawrence E. Kole from the Santa Ana branch is handling this case.
Some people go to great efforts to save money, but there is a stark distinction between innovation and illegal behavior. While it is lawful and understandable to avoid paying taxes, tax avoidance has serious repercussions. As in the case of Jean-Guy Minn of tax evasion, the problems demonstrate, what you save now will not be worth what you will have to pay afterward.
People involved in illegal businesses often commit tax evasion because revealing their true personal income could serve as an admission of guilt and could result in criminal charges.
Four thousand four hundred forty-four individuals who attempt to report that these proceeds come from a legitimate source may face money laundering charges. If you act to evade or waive taxes owed by the IRS, you could be fined up to $ 250,000. Even if you are not formally charged with tax evasion, you will be fined if you file your tax return more than 60 days after the due date.
The penalty for non-payment is ten times greater than the penalty for non-payment. Therefore, the IRS recommends that you file your taxes and pay as much as possible, even if you cannot pay the full amount.