SAN FRANCISCO (CN) - A San Francisco tax preparer allegedly promoted tax schemes that generated more than $515 million in false deductions and caused the government to lose at least $129 million in revenue, the Justice Department said.
Timothy Vu allegedly promoted tax shelter and tax avoidance schemes "that helped taxpayers illegally avoid large income tax liabilities," according to a complaint filed by the government April 22.
The government says Vu was the sole officer, director and manager of five companies that he allegedly used to facilitate the schemes, which involved avoiding corporate income taxes on gains from selling corporate assets and avoiding taxes on gains from selling transferrable state tax credits.
Vu earned $3 million for his role in the alleged fraud, the lawsuit says.
The government seeks to stop Vu from promoting the alleged schemes and to bar him from preparing tax returns.
Neither Vu nor attorney Gregory Seador of the DOJ Tax Division could be reached for comment by press time.
Contact Arvin Temkar at [email protected]
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