Lake Forest, Ill., cardiologist Krishnaswami Sriram, MD, was charged with tax evasion and filing false returns for himself and his children, the Justice Department said Aug. 26.
From 2011 through 2017, Dr. Sriram allegedly attempted to avoid paying $1.6 million in taxes, penalties and interest owed to the IRS, the Justice Department said. He also allegedly set his children as the nominal owners of two rental properties he owned, operated and continued to collect income from.
Dr. Sriram allegedly transferred more than $600,000 from U.S. bank accounts into his accounts in India, the Justice Department said. He allegedly filed false tax returns that did not report his income from the rental properties or disclose his ownership of the foreign accounts.
He allegedly filed tax returns for his children that falsely reported income and expenses related to his rental properties, the Justice Department said. No guilt has been determined in the case, but if convicted, Dr. Sriram faces up to five years in prison for tax evasion and up to three years apiece for each false tax return charge.