Indicted Cryptocurrency Schemer Faces $13 Million Tax Bill

A man indicted for conspiring to defraud investors in a cryptocurrency scheme is challenging a $13 million tax bill.

Shane Hvizdzak petitioned the US Tax Court on Sept. 10 to appeal tax deficiencies from 2020 and 2021. According to IRS information submitted with the petition, the agency imputed $10.97 million in deficiencies from the 2019 and 2020 tax years, as well as $2.41 million in penalties under IRC 6662(a) and 6651(a)(1). Additional penalties are expected under IRC 6651(a)(2) to be computed at a later date, the IRS said. These sections penalize not filing tax return information as well as accruing ...