Lake Forest man uses fake tax theories to get tax refunds for his clients:
Cao used a theory called “redemption” or “commercial redemption” – which prosecutors called a “rejected tax defier theory.” This theory claims that the U.S. Treasury keeps millions in a secret treasury account for each taxpayer. The secret account can be used to pay a taxpayer’s debts and tax liabilities if a taxpayer sends the IRS and banks certain documents, the theory goes.
“Cao’s theory is complete fiction,” the complaint reads.
I am pretty sure that his clients didn’t pay too much for his valuable tax advice. You get what you pay for.
I once reviewed my parents’ tax return which was prepared by some hack with an office and a computer with tax software installed. I’m not a tax CPA, but I’m pretty sure that it’s not a good idea to tell married couples to fraudulently file as “single”.