Dr. Mingqing Xiao, a mathematics professor and researcher at Southern Illinois University-Carbondale, was convicted by a federal jury on Wednesday, May 4, 2022, in connection with lying to federal authorities about a foreign bank account in China in 2017, 2018, and 2019. He was convicted of three counts of Making a False or Fraudulent Statement to the Internal Revenue Service (IRS) on his tax returns and one count of Failure to File a report of a Foreign Bank Account (FBAR). Evidence presented at the trial established that Xiao opened a foreign bank account in China in 2016 and received monthly deposits from Shenzhenalo University in Shenzhen, China, from 2016 to 2020. Some of the funds were linked to additional sources in China. By 2020, Xiao had accumulated more than $100,000 in the Chinese account.
According to the US Bank Secrecy Act, since 2009, he United States person: including US citizens, residents, companies, trusts, and estates, must report FBAR to the US government. American Internal Revenue Service pays attention to the integrity and authenticity of taxpayers' taxes. Failure to disclose overseas financial accounts or submitting false tax returns to the Internal Revenue Service (IRS) are regarded as tax fraud.
The charge of making and subscribing false income tax returns provides for a sentence of up to three years in prison, one year of supervised release and a $100,000 fine. The charge of failing to file an FBAR provides for a sentence of up to five years in prison, three years of supervised release, and a fine of $250,000.
USCPA Sophie Luo (羅霞) reminds you that a failure to file an FBAR when required to do so may result in civil penalties, criminal penalties, or both.
If you want to know more about how to file FBAR in conjunction with IRS regulations, please contact us at the USCPA Sophie Luo (羅霞) +886 4 22520309
or E-mail: ustaxproservice@gmail.com
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IRS Source: https://reurl.cc/j1Kp82
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