Michigan Ferrari Mechanic Convicted of Tax Fraud | WPN World People News

A Smiths Creek, Michigan, resident who specialized in repairing classic and rare cars was convicted by a federal jury in the Eastern District of Michigan of one count of tax evasion and four counts of failure to file income tax returns on April 29, announced Acting Assistant Attorney General Caroline D. Ciraolo of the Justice Department’s Tax Division.

According to the evidence presented at trial, the Internal Revenue Service (IRS) assessed Terry Myr approximately $195,000 in taxes, interest and penalties for his failure to report all of his income for the years 2000 through 2003. Myr willfully evaded payment of this tax assessment. To prevent the IRS from collecting the taxes that he owed, Myr transferred property that he owned to a third party, used nominee companies to conceal his income and assets and otherwise dealt in cash. In addition, in 2009, Myr sold a rare Ferrari car engine for $610,000 and attempted to hide the proceeds. The evidence established that although Myr was required to file individual federal income tax returns, he had not filed a tax return or paid federal income taxes since 2001.

Myr faces a statutory maximum sentence of five years in prison and a $250,000 fine for the tax evasion count and a statutory maximum sentence of one year in prison and a $100,000 fine for each of the four failure to file counts. Myr’s sentencing is scheduled for Aug. 25, before U.S. District Court Judge Nancy Edmunds.

Source: U.S. Department of Justice