Emeritus Professor of Business Administration Needs An Education on Paying Taxes
A professor at the University of Rochester, Dan Horsky pleaded guilty to conspiracy and had to pay a record $100 million penalty to the IRS for failing to disclose off-shore accounts.
Horsky amassed approximately $200 million by investing in start-up companies and held the funds in accounts in a bank in Zurich. He didn’t disclose the funds to the IRS, or pay the required taxes on them.
Owners of offshore accounts are required to file a Foreign Bank Account Report (FBAR) with the government. Failure to file an FBAR can result in a penalty of up to 50% of the offshore account balance. Horsky’s penalty is the largest FBAR penalty to date.
Horsky faces a possible prison sentence and additional monetary fines. His sentencing hearing is scheduled for this month.
About the Author
Gregory McCauley Jr., Esq.
Tax Attorney · Villanova University School of Law · Admitted in Delaware, New Jersey, United States Tax Court
Gregory McCauley Jr. is an experienced tax attorney who has personally represented more than 1,000 clients in matters ranging from civil tax controversy and IRS examinations to criminal tax defense, U.S. Tax Court litigation, and complex business disputes. His practice is built on a foundation his c...
