Former Ohio State Bar President and Harvard Law graduate, Leslie Jacobs, was sentenced to one year in prison for one count of filing false income taxes between 2004-2007. In addition, he was ordered to pay a $10,000 fine and be confined to his home for an additional four months following his release from prison. Jacobs underpaid his taxes to the amount of $75,000. He did this by filing his own tax returns without any assistance from a professional. He under-reported his income from the law firm, Thompson Hine LLP while also inflating his business expense deductions. As a result, he earned $252,257 more than he actually reported.
Due to his understatement of income, Jacobs paid about $75,000 less than what he should have paid. However prior to Jacob’s hearing, he wrote a check for $75,385 to the IRS, which included the interest and civil penalties associated with his underpayment. The response to his sentencing has caused over 150 members from local and national legal communities to seek lenient sentencing for Jacobs. Considering this is his first legal offense, many are distressed at the harsh sentencing for his crime. What do you think?
At JDKatz P.C., we understand the issues which may arise when one is accused of filing false tax returns. If you think there are any reasons to be concerned or worried about your financial situation, do not hesitate to call us at 301-913-2948.