A certified public accountant (CPA) from neighboring New Jersey pleaded guilty to participating in a conspiracy to defraud the United States by promoting fraudulent tax shelters to wealthy clients, according to a recent news release by the U.S. Department of Justice.

James H. Benkoil, of Avon-by-the-Sea, New Jersey, is accused of promoting fraudulent syndicated conservation easements, which involved several investors forming a partnership or company to purchase or invest in land. The investors then donate the property for a charitable deduction.

The scheme gave rise to false claims of inflated charitable contribution tax deductions related to the so-called donation of the conservation easement over land. This enabled Benkoil's high-income clients to buy deductions in order to shelter their income from taxation.

From 2009 to 2020, while practicing as a CPA, Benkoil and others promoted these fraudulent syndicated conservation easement tax shelters. They obtained falsely inflated land appraisals to achieve a targeted tax deduction. As part of his guilty plea, Benkoil acknowledged that his actions resulted in a tax loss of nearly $2.5 million to the Internal Revenue Service (IRS). He has agreed to make full restitution for his wrongdoing.

Benkoil faces potential consequences for his actions, including up to five years in prison, a period of supervised release, restitution, and other monetary penalties. A federal district judge will determine his sentence after considering the U.S. Sentencing Guidelines and other relevant statutory factors.

Accused of Tax Fraud or Other Financial Crimes?

You face an uphill battle when the federal government accuses you of defrauding the IRS. Understanding federal tax laws requires a sharp mind and depth of knowledge, and sometimes an unintended misstep can result in serious consequences, including federal criminal charges. Many accusations of white-collar crimes turn out to be unfounded. But sometimes, the temptation of evading hefty tax payments is too difficult to resist. These are often one-time offenses less likely to be repeated than street crimes. Either way, you need strong legal representation to achieve the best possible outcome in your case.

The LLF Law Firm Can Help

If you have been charged with tax fraud, you need an experienced criminal defense attorney on your side. You need someone who understands the nuances of ever-changing tax laws and who can navigate through the Byzantine labyrinth of legal proceedings. That someone is the Criminal Defense Team at the LLF Law Firm. We can help those accused of tax fraud and other white-collar crimes clear up complicated matters and restore their professional reputation and good name. For more information or to schedule a consultation, call 888.535.3686 or reach out through our contact form, and learn more about how they can help you defend your case.