Tuesday, October 6, 2020

Antivirus Innovator John McAfee Indicted for Tax Evasion - Good Software Writer But Very Bad Tax Planning

According to DoJ, an indictment was unsealed October 5, 2020 charging John David McAfee with tax evasion and willful failure to file tax returns. 

The June 15, 2020 indictment was unsealed following McAfee’s arrest in Spain where he is pending extradition. 

According to the indictment, John McAfee earned millions in income from promoting cryptocurrencies, consulting work, speaking engagements, and selling the rights to his life story for a documentary. From 2014 to 2018, McAfee allegedly failed to file tax returns, despite receiving considerable income from these sources. 

The indictment does not allege that during these years McAfee received any income or had any connection with the anti-virus company bearing his name. According to the indictment, McAfee allegedly evaded his tax liability by directing his income to be paid into bank accounts and cryptocurrency exchange accounts in the names of nominees. 

The indictment further alleges McAfee attempted to evade the IRS by concealing assets, including real property, a vehicle, and a yacht, in the names of others. 

If convicted, McAfee faces up to five (5) years in prison and a $250,000 fine on each of five (5) tax evasion charges and up to one (1) year in prison and a $100,000 fine on each of five charges for willful failure to file a tax return.

An indictment merely alleges that crimes have been committed. The defendant is presumed innocent until proven guilty beyond a reasonable doubt.

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