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EVADING TAXES ON $450 MILLION? THAT'S NOT A SMALL NUMBER. THAT'S A VERY BIG NUMBER.

February 28, 2005

The IRS may have landed a big one. The Department of Justice today announced the indictment of a Washington D.C. "telecommunications entrepreneur" Walter Anderson on charges of evading taxes on up to $450 million of income over five years. From the press release:

The indictment alleges that over a five-year period, Walter Anderson personally earned nearly a half billion dollars through investments in business ventures he conducted through offshore corporations he set up to make it appear that he was not personally earning these amounts.

The press release says the charges could merit an 80-year sentence.

The release reminds us that "Every defendant is presumed innocent until and unless found guilty."

Tax Analysts also has coverage.

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