According to a Department of Justice press release, a Georgia man was recently sentenced to serve four years in federal prison after being convicted of tax evasion and failing to file federal income tax returns. This story underscores the potential consequences that can arise when federal or state tax laws are intentionally broken. If you have filed a tax return that was not truthful or have failed to file a tax return for one or more years, altogether, it is critical to discuss your case with an experienced tax defense attorney.
Defendant Earned Substantial Income Brokering Precious Metals but Failed to Pay Tax
Court documents reveal that Saleem Hakim was sentenced to four years in prison for tax evasion and failing to file tax returns. From 2009 to 2013, Hakim earned over $2.8 million in commissions from brokering precious metals but did not file tax returns, instead using the income to fund his lavish lifestyle. Additionally, from 2020 to 2022, Hakim and his wife earned over $260,000 from selling jewelry and luxury handbags but did not file returns. Hakim also attempted to conceal income by diverting it into a trust and attempted to obstruct the IRS criminal tax investigation by drafting false statements.
In addition to serving four years in federal prison, he was ordered to serve three years of supervised release, commencing upon the completion of his physical incarceration. Hakim was also ordered to pay $1,219,225.73 in restitution to the IRS, representing the tax loss that he caused.
Coming Back into Compliance With the Assistance of a Tax Lawyer
As you can tell from the penalties the defendant in the above case faced, the repercussions for willfully failing to comply with tax laws can be life-altering. If you have failed to file a tax return for one or more years, or you have filed a tax return that could not be supported upon an examination by the IRS or a state tax authority, it is in your best interest to seek the assistance of a seasoned tax lawyer. Together, you will work to understand the pertinent facts of your case and draw up a roadmap to bring you back into tax compliance.
