Thomas Walt Dallas, Tax Scheme, Mississippi 2024

State: Mississippi
Category: Fraud &#038; Financial Crimes
Source: <a href="https://www.justice.gov/archives/opa/pr/court-permanently-stops-mississippi-professionals-and-business-organizing-and-selling-tax" style="color:#cc0000;" target="_blank" rel="nofollow noopener">DOJ Press Release ÃƒÂ¢Ã¢â‚¬Â Ã¢â‚¬â€

Thomas Walt Dallas

U.S. District Court for the Southern District of Mississippi ruled yesterday, March [2024], that Thomas Walt Dallas, Jason Todd Mardis, and Capital Preservation Services, LLC are permanently barred from selling false tax plans. The court issued permanent injunctions against the defendants, who consented to their entry. This ruling aims to protect taxpayers from a scheme that allegedly cost the government up to $130 million in lost tax revenue since 2014.

According to the complaint, Dallas, Mardis, and Capital Preservation Services marketed a tax scheme at professional conferences and media appearances targeting medical professionals and small business owners. They falsely claimed that customers could claim multiple deductions they were not entitled to, including deducting marketing fees to sham companies, employing family members for dubious expenses, and renting their homes to their businesses.

The defendants allegedly knew or had reason to know that their statements about the supposed tax benefits of the tax plans were false. The scheme’s harm could be as much as $130 million in lost tax revenue since 2014, as stated in the complaint.

Deputy Assistant General David A. Hubbert of the Tax Division announced the ruling. The IRS warns taxpayers to beware of promoters peddling bogus tax schemes each year. In its recent list, it specifically cautioned taxpayers against promoters of tax schemes aimed at reducing or avoiding taxes altogether.

The Tax Division has obtained hundreds of injunctions against unscrupulous tax preparers and promoters over the past decade. Information about these cases can be found on the Tax Division’s website, including a list of persons enjoined from preparing returns and promoting tax schemes.

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