A San Jose medical device manufacturer was sentenced yesterday in Federal Court to 6 months in jail, according to a DOJ press release today. The IRS has also assessed a penalty against him in the amount of $14,229,744.
The sentence is actually relatively light considering the facts of his case, though. Unlike many who keep accounts offshore for asset protection, Desai’s accounts generated significant interest income, more than $1.2 million over 2007-2009. Furthermore, this is not case of a strict FBAR violation because that interest income was not reported on his returns, causing an under reporting of taxes of about $350,000.
Even acheter cialis en ligne in tax cases where a taxpayer accepts responsibility and pleads guilty, an omission of $350,000 would generally fall under offense level 16 (18 under Table 4.1, -2 for acceptance), for a guidelines sentence of 2 years, give or take 3 months. In this case, Desai went to trial and was convicted by a jury, and the guidelines advise judges to sentence between 2 years and 3 months to 2 years and 9 months.
This case, then, continues the pattern of judges giving relatively light sentences to FBAR offenders.