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US Court Bars 'Redemption' Tax Preparer,
by Mike Godfrey, Tax-News.com, Washington
Thursday, August 12, 2010
The United States Department of Justice has confirmed that a federal judge
in California has permanently barred Thanh Viet Jeremy Cao and his business,
Phoenix Financial Management Group, from preparing federal tax returns.
The court found that Cao prepared numerous federal tax returns claiming a total
of over USD200m in tax refunds based on false representations of tax withholdings.
The court noted that in 2010 the Internal Revenue Service (IRS) continued to
receive fraudulent tax returns prepared by Cao, including a bogus USD82bn refund
claim on his own 2009 income tax return.
The court barred Cao from preparing federal tax returns for others and from
filing frivolous IRS tax returns and forms for himself. Cao is required to provide
the government with a list of people for whom he has prepared tax returns since
January 1, 2005, and notify those people of the court's order.
The court said that Cao apparently subscribes to "redemption" or
"straw man" theories. The alleged basis of these theories is that
in the 1930s the US created secret accounts in the Treasury Department for each
citizen. The proponents of these theories assert that they can draw on the secret
Treasury account by issuing an IRS Form 1099-OID or other forms to a creditor
of the citizen. Redemption scheme proponents assert that the issuance of the
form allows a creditor to make a claim with the Treasury Department and receive
full payment of the debt.
The injunction suit against Cao was one of seven lawsuits filed last year to
stop OID redemption scheme promoters. Cao was also recently indicted in Las
Vegas for allegedly filing false liens against federal employees.
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