Indy 500 champ to face tax charges

Indy 500 champ to face tax charges

Race car driver and 'Dancing With the Stars' champion Helio Castroneves to face the music in tax evasion trial

A former winner of the blue riband Indianapolis 500 race is gearing up for a
court battle after a judge denied a motion to dismiss some of the counts in an
upcoming tax evasion trial.

Together with his sister and his attorney, Helio Castroneves has been charged
with allegedly scheming to evade taxes on more than $5m (£3.36m) of income
between 1999 and 2004,
webcpa
reported
.

Castroneves, his sister and business manager Katiucia Castroneves, and his
attorney Alan R Miller are accused of using an offshore Panamanian shell
corporation known as Seven Promotions to conceal income he received from his
racing sponsors, Coimex Internacional and Penske Racing.

Castroneves, his sister and Miller are accused of engaging in a scheme to
avoid paying tax by creating a deferred royalty plan that required Penske to
send the payment to a company in the Netherlands instead of to Seven Promotions.

US District Judge Donald Graham refused to throw out the charges last week,
but a hearing will take place today on another motion to dismiss other charges
in the case.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource