A billionaire – ranked 286th in Forbes list of the 400 richest Americans –
accused of hiding millions in foreign bank accounts, has pleaded guilty to
filing false tax returns and paid back more than $52m in back taxes and
Igor Olenicoff – a property magnate who owns more than 10,000 apartments and
33 residential communities in Las Vegas and Florida, as well as 65 commercial
properties in Orange County – made the admissions in a federal court, after the
Internal Revenue Service charged him with filing a 2002 tax statement denying he
had offshore accounts.
According to his plea agreement, Olenicoff managed to keep $346m in
According to the IRS, Olenicoff faces up to three years in prison but is
unlikely to serve less than six months when he will be sentenced in April.
‘I’m pleased with the outcome,’ Olienicoff told reporters after the hearing.
‘I’m not happy about it,’ he added.
Crowe Clark Whitehill , the top 20 accountancy firm, has announced the promotion of Chris Mould to partner
The latest opinions from Accountancy Age on Making Tax Digital, and outline plans to evolve the UK's corporate governance regime
Five million taxpayers are ow using digital personal tax accounts (PTA) as part of the making tax digital strategy, HMRC said
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy