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PAYBACKS ARE HECK
August 27, 2007
Last year we told the story of Gene Haas, a prominent California businessman and Nextel Cup Team Owner. Mr. Haas was indicted for tax evasion, allegedly triggered when by his desire to get even with the government after he lost a patent lawsuit.
Now he has much more to avenge. The New York Times reports that he has reached a plea deal that will cost him two years in prison and $70 million in penalties and interest for cheating the government out of $34.3 million in taxes.
It could have been worse. If convicted for the $20 million tax evasion charged in the original indictment, Mr. Haas would have faced 6 1/2 to 8 years in prison under federal sentencing guidelines.
Taxable Talk and the TaxProf have details.
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