Offering tax-saving services to high-net-worth individuals is a lucrative business model in the US. The wealthy often explore diverse tax-savings strategies to avoid paying tax bills worth billions of dollars. Amid concerns of a proposed wealth tax, many billionaires are even moving to different states with more favourable tax structures.
However, some companies offering tax-savings services appear to be going overboard with deductions. Marcia Predmore, Roderick Prescott, Suzanne Thompson, and Weldon Wulstein promoted an illegal 'layered' trust tax shelter to hundreds of high-net-worth business owners across the US. They were convicted by a federal jury in the District of Colorado for orchestrating the tax evasion scheme, which resulted in $40 million in losses to the US.
