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A federal grand jury today (Dec. 16) indicted former dentist L. Donald Guess on two counts of filing false income tax returns. Guess ran a tax avoidance operation for medical professionals named xelan Inc. Four years ago it had more than $500 million of assets belonging to doctors and dentists. It also had connections in offshore tax havens such as Barbados and the British Virgin Islands. In 2004, the Internal Revenue Service raided xelan's offices. The indictment charges that Guess falsely stated that he donated $800,000 worth of stock in a related entity, Pyramidal Funding Systems, to Guess's xelan Foundation, and falsely claimed itemized deductions for 2001 and 2002.
A federal grand jury today (Dec. 16) indicted former dentist L. Donald Guess on two counts of filing false income tax returns. Guess ran a tax avoidance operation for medical professionals named xelan Inc. Four years ago it had more than $500 million of assets belonging to doctors and dentists. It also had connections in offshore tax havens such as Barbados and the British Virgin Islands. In 2004, the Internal Revenue Service raided xelan's offices. The indictment charges that Guess falsely stated that he donated $800,000 worth of stock in a related entity, Pyramidal Funding Systems, to Guess's xelan Foundation, and falsely claimed itemized deductions for 2001 and 2002.