Michigan luxury car tax
A mechanic who specializes in repairing exotic foreign cars and other high-end luxury vehicles was arrested on Friday after being indicted on tax charges by a grand jury in Detroit, the Justice Department announced.
Terry Myr, a resident of Smith’s Creek, Michigan, was charged with tax evasion and failure to file tax returns. If convicted, Myr faces a maximum sentence of nine years in prison and a $650, 000 fine.
According to the indictment, the Internal Revenue Service (IRS) assessed Myr approximately $195, 000 in taxes, interest and penalties for his failure to report all of his income for the years 2000 through 2003. To avoid the IRS collecting this money, Myr transferred property that he owned to a third party, used nominee companies to conceal his income and assets, and otherwise dealt in cash. The indictment alleges that Myr failed to file tax returns from 2002 through 2010.
The case was investigated by special agents of the IRS – Criminal Investigation. Trial Attorneys Tiwana Wright and Kenneth Vert from the Justice Department’s Tax Division are prosecuting the case.
An indictment merely alleges that a crime has been committed, and the defendant is presumed innocent until proven guilty beyond a reasonable doubt.
Additional information about the Tax Division and its enforcement efforts may be found on the division website
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What is the michigan luxury tax?
Not Financial Advice: The Michigan Luxury Tax is a proposed tax to be levied upon sports, concert & movie tickets, golfing, bowling, & health club memberships.