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07 Apr 2009
A BDO Seidman partner has been charged with attempting to help a client evade tax and could face up to 11 years in jail and a multi-million dollar fine if found guilty.
A US federal grand jury returned the indictment charging Stephen A. Favato, a partner at the firm’s Woodbridge, New Jersey office, with tax evasion over his work for Daniel Funsch, president of perfume maker Intarome Flavor and Fragrance Corp.
Favato was also charged with corruptly endeavoring to obstruct and impede the administration of the tax laws and willfully aiding and assisting in the preparation and filing of the client’s false 2002 tax return, according to WebCPA.
Favato is accused of advising Funsch to reduce his salary payments and instead have this compensation paid to his company, Great Escape Yachts, in the form of lease payments for a yacht. But since the corporation had not leased the yacht it allowed Funsch to fraudulently deduct personal yacht expenses as business expenses.
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