A Colorado dentist has been hit with six counts of tax evasion for his use of an illegal tax shelter.
A federal grand jury in Denver unsealed the indictment that charged Ryan Ulibarri with the counts and if he is found guilty then he would be responsible for a million-dollar amount of tax fraud.
Colorado dentist charged by Denver federal grand jury
If Ulibarri is found guilty then he would have defrauded the United States government to the tune of over $1 million. The IRS does not take losing out on the registered taxes that should be paid with an individual taking home $3.5m in earnings.
According to the Justice Department report, “Ulibarri owned and operated Ulibarri Family Dentistry in Fort Collins. In 2016, Ulibarri allegedly purchased a tax shelter for $50,000. From 2017 through 2022, Ulibarri allegedly used this tax shelter to conceal from the IRS over $3.5 million in income he earned.”
Ulibarri is presumed to have signed trust instruments that led to the creation of three trusts and a private foundation. He is accused of having warped one of the dental practices to be wholly owned by one of these trusts.
It is also alleged that he transferred “nearly all the funds he earned from his dental practice to the bank accounts for the trusts and foundations he created. He allegedly used those funds to pay personal expenses, such as the mortgage on his home and his credit card bills. Finally, he allegedly filed false tax returns for himself and the trusts that assigned the income he earned and controlled from his practice to the trusts.”
IRS Criminal Investigation is pursuing the case with Trial Attorneys Amanda R. Scott and Lauren K. Pope and Senior Litigation Counsel Corey J. Smith of the Tax Division prosecuting.
Ulibarri faces a maximum penalty of five years in prison for each count of tax evasion and will be sentenced by a federal court judge accordingly.
Image: Pixlr.
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