Miami, FL: A South Florida lawyer was given a sentence of eight years for tax fraud. The fraud is alleged to be involving many millions of dollars. He is identified as Michael L. Meyer.
The attorney was found guilty of tax evasion and conspiracy to defraud the United States, and he was sentenced to eight years in federal prison for his actions. He sold what he referred to as the “Ultimate Tax Plan.” His intended customers were the rich people who wanted to evade taxes.
According to the Department of Justice (DOJ), Meyer was responsible for the creation and sale of the “Ultimate Tax Plan,” which was an illegal tax scheme.
Meyer and his co-conspirators, who recently pleaded guilty, allegedly promoted the scheme as a means for high-income clients to cut their taxes by claiming deductions for charitable gifts that Meyer knew were fake.
To make it look as though his clients had contributed substantial property to charities that Meyer controlled, the investigators stated that Meyer had fabricated the papers. The Department of Justice stated that the clients continued to exercise full control over the “donated assets.” Meyer would sometimes backdate documents to allow his clients to claim the supposed donations on their tax returns from years before the time of the actual donation.
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In addition, according to the documents filed with the court, Meyer gave clients the incorrect impression that they could legally access their donated assets for their personal use through tax-free loans and carry out an “exit strategy” to purchase back their gifts at a drastically reduced rate.
The Internal Revenue Service (IRS) informed Meyers that his strategy was unlawful, but the warning was ignored. The Internal Revenue Service eventually took action and carried out several audits of Meyer’s charitable organizations, ultimately concluding that the Ultimate Tax Plan was an “economic sham.”
In April 2019, a court ordered that Meyer’s “Ultimate Tax Plan” be shut down and that he be prohibited from ever being affiliated with it again. The jury concluded that Meyer made more than ten million dollars from the sale of the plan. He then used the money to purchase a multi-million dollar mansion as well as a collection of luxury automobiles that included a Lamborghini, Rolls Royce, Mercedes Benz, a Bentley, and a Ferrari as per CBS12.
As part of the sentencing process, the judge ordered that Meyer be placed on supervised release for three years following the completion of his eight-year prison sentence.