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11271 Ventura Blvd. #612 Studio City, CA 91604 Inside This Issue pg 1 ∙
The IRS Is Growing — And You Can Take Advantage
New Year — New You?
pg 2 ∙
Significant Changes to the OIC Program
pg 3 ∙
Founder’s Mastermind Member Spotlight
pg 4 ∙
Show Off Your Plaque!
pg 5 ∙
Shout Outs!
pg 6 ∙
A Russian Billionaire’s Daring Attempt to Escape the IRS
pg 8 ∙
IRS Terror Tale of the Month A Russian Billionaire’s Daring Tax Escape — and How the IRS Caught Him
No one can escape the IRS — not even Russian-born billionaires. In the fall of 2021, entrepreneur Oleg Tinkov found that out the hard way. After years on the run, he pled guilty to filing a false tax return and agreed to pay the IRS over $500 million in back taxes, interest, and penalties. Tinkov’s story is worthy of a “James Bond”movie. He was born in Russia and became a U.S. citizen in 1996. From there, he went on to found Tinkoff Credit Services (TCS), an online bank based in Russia. That was all well and good until 2013, when TCS went public. Tinkov’s net worth soared to more than $1.1 billion — and three days later, he renounced his U.S. citizenship.
Tinkov hoped that by renouncing his citizenship and fleeing the country, he could avoid hefty U.S. taxes on his IPO gains. When his accountant reminded him that he was legally required to fill out an expatriation statement and pay exit taxes on assets over $2 million, Tinkov lied to his face. Then, he did something worse. “When his accountant later inquired whether his net worth was under $2 million, rather than answer the question, Tinkov filled out the expatriation formhimself falsely, reporting that his net worth was only $300,000,” the Department of Justice (DOJ) reported.
paperwork, he fled to London in 2014, but he couldn’t stay ahead of the agency for long. The IRS caught up with him, and he pleaded guilty to filing a false tax return in October 2021. In a DOJ press release about the case that same month, acting U.S. Attorney Stephanie M. Hinds for the Northern District of California delivered a stern message: “Tax evaders should take notice of the long reach of U.S. law enforcement.” The IRS made an example of Tinkov, forcing him to pay more than double the amount he originally owed. Nomatter how clever a tax evader’s plan is, the agency is always two steps ahead.
Tinkov cheated the IRS out of nearly $250 million in exit taxes! After filing his false
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