Join 250,000+
professionals today
Add Insights to your inbox - get the latest
professional news for free.
Indianapolis CPA Sentenced in Over $2.5M Tax Shelter Scheme
Join our 250K+ subscribers
Join our 250K+ subscribers
Subscribe24 JUL 2025 / ACCOUNTING & TAXES
-1753362773.webp)
Two Certified Public Accountants (CPAs), Jason L. Crace from Indianapolis and Illinois tax preparer Farooq Khan, have been sentenced to prison terms for fraudulent practices involving the misuse of royalty deductions and Coronavirus Aid, Relief, and Economic Security Act (CARES Act) funds respectively. The cases underline the increasingly stringent and technologically advanced efforts by the Internal Revenue Service (IRS) to detect and penalize financial fraud by tax professionals, with serious implications for their professional standing and personal liberty.
When CPAs start playing fast and loose with the IRS, the consequences hit harder than a surprise audit in April. Just ask Jason L. Crace, an Indianapolis CPA sentenced to three years in prison for orchestrating a bogus royalty deduction scheme. And he’s n...
Until next time…
Don’t forget to share this story on LinkedIn, X and Facebook
Subscribe now for $199 and get unlimited access to MYCPE ONE, from CPE credits to insights Magazine
📢MYCPE ONE Insights has a newsletter on LinkedIn as well! If you want the sharpest analysis of all accounting and finance news without the jargon, Insights is the place to be! Click Here to Join
Transforming Finance & Accounting Operations for Enterprises!
We help 100+ clients streamline F&A operations with our full-suite outsourcing services-eliminating the need for in-house teams. Partner with us for Top-tier finance & accounting talent, Cutting-edge technology, and World-class infrastructure.
Our Full-Suite F&A Services Include:
We collaborate with CPA and accounting firms to drive real business value.
Schedule a no-obligation discovery callYou’ve reached the 3 free-content piece limit. Unlock unlimited access to all News & CPE resources.
Subscribe Today.
Already have an account?
Sign In
-1790696521.webp)
-1790682118.webp)
