Minnesota man convicted of preparing more than $1M in fake tax returns for clients
MINNEAPOLIS (FOX 9) - A Minnesota tax preparer has been found guilty of preparing false tax returns for clients, resulting in more than $1 million in fraudulent losses.
Tax preparer convicted for fraudulent returns
What we know:
Cortez Hollis, owner of Hollis Tax Time, was convicted by a federal jury for filing false tax returns on behalf of his clients. Evidence presented at trial showed Hollis claimed fake business losses to generate large refunds, which his clients were not entitled to receive.
Hollis often paid himself tax preparation fees of $2,000 or more from these refunds, sometimes without his clients’ knowledge. The government established that he added more than $1 million in fraudulent losses to client tax returns and sought about $387,000 in improper refunds.
"No matter the scheme, the agency, or the program involved, those who cheat on their taxes for personal enrichment undermine the very foundation of public trust," said Assistant Attorney General Colin M. McDonald of the Justice Department’s National Fraud Enforcement Division.
Hollis was found guilty of 20 counts of aiding or assisting the preparation of false tax returns. Each count carries a maximum penalty of three years in prison.
What we don't know:
It is not yet known when Hollis will be sentenced or what his final sentence will be.
The Source: Information from the U.S. Department of Justice press release.