Texas Tycoon Set to Battle IRS in $3 Billion Tax Trial

Just over a year ago, a New York court ordered North Texas tycoon Sam Wyly, along with the estate of late brother Charles Wyly, to pay back more than $299 million to the Securities and Exchange Commission (SEC), after being found liable of securities fraud through offshore trusts.

In a similar legal twist, Wyly and his late brother’s widow, Dee Wyly were at the center of opening arguments and testimony in a Dallas court this month, after the Internal Revenue Service (IRS) alleged that the family owes more than $3 billion. The IRS has pointed to the use of offshore trusts, which allegedly helped the Wylys shelter income and evade taxes – while also funding business endeavors and the purchase of luxury entities, including art, real estate and jewelry.

Though the case is against both Sam Wyly and his late brother’s estate, more than $2 billion is being sought from Sam Wyly. As a result, the IRS has since classified this case as one of the largest tax fraud cases ever seen in the history of the United States.

In addition to the use of offshore trusts, court documents also question profits from stock options acquired when the Wylys served as board members for a number of organizations. However, attorneys for the Wylys has maintained the family’s innocence, citing the fact that they turned to the expertise and professional wisdom of accountants and lawyers to assure that all actions taken were, in fact, legal.

Handling IRS Issues in Texas

When it comes to handling tax issues, regardless of where you are, it is always best to seek the sound legal advice of a qualified tax attorney. That is also the case in situations involving the IRS, which are not uncommon in the United States, or here in Texas.

We are often asked the question “what types of disputes can the IRS pursue?”. And the answer is that the IRS may contact you with disputes or issues stemming from any of the following:

Whether you are reeling from unpaid taxes or face hefty tax penalties, an attorney can work with you to help realize your goals and solve your IRS problems. This can be done a number of ways, depending on the situation, but some of the most common courses of action are:

  • Instalment Agreement
  • Penalty Abatement
  • Offer in Compromise
  • Filing suit in U.S. Tax Court
  • Filing suit in U.S. Federal Court

When Should I Contact a Tax Attorney?

Do not delay. If you have received a notice from the IRS, you should contact the tax law experts at the Scammahorn Law Firm, P.C. Our Dallas tax attorneys have the legal knowledge and proven success that you need to successfully resolve your tax issues. No matter what situation you are in, our attorneys will work with the aim of achieving a favorable resolution, with little to no penalty.

Let us be your legal resource when it comes to tax and IRS issues. To schedule your initial consultation, or to receive more information, call the Scammahorn Law Firm P.C. today at (903) 595-1000.