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Reading: Indiana accountant prepped fraudulent tax returns for clients in Mississippi, costing IRS millions
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Reading: Indiana accountant prepped fraudulent tax returns for clients in Mississippi, costing IRS millions
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Indiana accountant prepped fraudulent tax returns for clients in Mississippi, costing IRS millions

Ben Milam
By Ben Milam July 11, 2024
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An Indianapolis CPA pled guilty on Wednesday to assisting in the preparation of false tax returns on behalf of clients in Mississippi and elsewhere in an illegal tax shelter. 

According to court records, Jason L. Crace prepared income tax returns for clients that claimed millions of dollars in fraudulent deductions for what were called “royalty payments.” But, in reality, the payments were circular flows of money designed to appear as genuine business expenses. 

Tax shelter participants allegedly sent funds to bank accounts that were controlled by scheme promoters, who then sent the money back to different accounts that the participants held. They are said to have then deducted the transfers as business expenses on their tax returns.  

Crace’s preparation of false tax returns claiming fraudulent deductions totaled at least $2,543,936. With a sentencing hearing scheduled for January 14, 2025, he faces a maximum penalty of three years in prison, along with potential restitution and other monetary penalties.

The case is being prosecuted by the U.S. Justice Department’s Tax Division and the U.S. Attorney’s Office of Mississippi, while IRS Criminal Investigation is investigating the case. 

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By Ben Milam
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Ben Milam is a multimedia journalist for SuperTalk Mississippi News. Prior to joining the news team, he spent three years as a radio and TV play-by-play broadcaster at the NCAA Division I, NJCAA, and high school levels – including time with William Carey, ESPN+, and most recently as the voice of the University of Louisiana Monroe women’s basketball team. He also is a staff writer for Big Gold Nation of the Rivals Network. Ben is a born-and-raised Mississippian and a graduate of Southern Miss. For inquiries or story tips, email [email protected].

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