An elderly heiress and charity benefactor pleaded guilty in a Florida courtroom to sheltering tens of millions of dollars from the Internal Revenue Service in an offshore account.
Mary Estelle Curran, 79, admitted to violating federal tax law by failing to report more than $43 million that she hid in a number of offshore accounts in Switzerland and Liechtenstein between 2001 and 2007. The large amount of money she was able to hide from authorities makes the case one of the largest of its kind.
Curran is well-known in her Palm Beach community not only for owning a luxury home estimated at $3 million dollars, but also for her considerable charitable contributions. She has provided funding to several organizations of the years, including the Opportunity Inc. Early Childhood Center and the Rehabilitation Center for Children and Adults. She inherited the offshore accounts from her late husband, who passed away in 2000.
Curran will be forced to pay roughly $21.7 million in tax penalties following her admission of filing false tax returns. She will also be required to file amended tax returns for the years in question and pay $667,716 in overdue taxes, penalties and interest. In addition, the heiress faces up to a maximum of six years in prison. Sentencing will be held on March 29, 2013.
This tax evasion lawsuit is one of many that have been taken up by the Justice Department and the IRS in recent years, as it cracks down on unlawful offshore account activity. Currently, the two federal agencies are investigating dozens of individuals who have used offshore accounts as a safe haven for hiding income from the IRS.
Corporate Transactions: Best Practices for Successful Deals
Corporate transactions can have significant implications for a corporation and its stakeholders. For deals to be successful, companies must act strategically to maximize value and minimize risk. It is also important to fully understand the legal and financial ramifications of corporate transactions, both in the near and long term. Understanding Corporate Transactions The term “corporate […]
How to Conduct a Fair and Legal Employee Termination in 2025
Ongoing economic uncertainty is forcing many companies to make tough decisions, which includes lowering staff levels. The legal landscape on both the state and federal level also continues to evolve, especially with significant changes to the priorities of the Equal Employment Opportunity Commission (“EEOC”) under the Trump Administration. Terminating an employee is one of the […]
Admin Dissolution for Annual Report: What You Need to Know
While filing annual reports may seem like a nuisance, failing to do so can have significant ramifications. These include fines, reputational harm, and interruption of your business operations. In basic terms, “admin dissolution for annual report” means that a company is dissolved by the government. This happens because it failed to submit its annual report […]
Antitrust laws are designed to ensure that businesses compete fairly. There are three federal antitrust laws that businesses must navigate. These include the Sherman Act, the Federal Trade Commission Act, and the Clayton Act. States also have their own antitrust regimes. These may vary from federal regulations. Understanding antitrust litigation helps businesses navigate these complex […]
Dissolving Your Business: Essential Legal Steps to Protect Your Interests
If you’re considering closing your business, it’s crucial to understand that simply shutting your doors does not end your legal obligations. Unless you formally dissolve your business, it continues to exist in the eyes of the law—leaving you exposed to ongoing liabilities such as taxes, compliance violations, and potential lawsuits. Dissolving a business can seem […]
The Role of Corporate Restructuring in Mergers & Acquisitions
Contrary to what many people think, corporate restructuring isn’t all doom and gloom. Revamping a company’s organizational structure, corporate hierarchy, or operations procedures can help keep your business competitive. This is particularly true during challenging times. Corporate restructuring plays a critical role in modern business strategy. It helps companies adapt quickly to market changes. Following […]
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!
