False Prophet Found Guilty of Tax Evasion
by Terri Eyden on
By Terri Eyden
Ronald Weinland ‒ the "doomsday prophet ‒ was found guilty of federal tax evasion on June 13, 2012. It appears the jury didn't buy in to Weinland's excuse: he didn't pay his taxes because he believed the end of the world would soon be upon us.
However, apparently he did believe the money he funneled into the Swiss banking system would be spared from the "end of times."
Weinland runs a church from his home in Cincinnati, Ohio, and delivers sermons via the Internet. In 2006, he predicted the world would end September 30, 2008. When that didn't pan out for him, he changed the date to May 27, 2012. When May 27 came and went, he revised his calculation yet again - now it's May 19, 2013.
During the trial, he was asked the question: If you thought the end of the world was near, would you pay your taxes? Weinland said he wouldn't.
And, indeed, Weinland avoided paying more than $357,065 in taxes between 2005 and 2010 by moving money into a foreign bank account, lying on his tax forms, and writing off personal expenses ‒ a stay at The Venetian hotel and casino in Las Vegas, tickets to the Blue Man Group, shopping trips to Nordstrom, a home security system, and more. Forbes reported that he lives in a $400,000 home, with closets full of expensive suits.
There's more on AWEB!
Do you have colleagues or clients who might like to receive the free AccountingWEB newsletter?
• Wealth Management
• Wealth Management
Weinland was found guilty on five counts of tax evasion, according to Northern Kentucky News, and was put on house arrest after posting a $300,000 bond. He'll be sentenced September 24 and faces five years in prison.
You may like these other stories...
School tax breaks get House support as Democrats objectRichard Rubin of Bloomberg reported that the House of Representatives on Thursday voted to expand and simplify tax breaks for education as Republicans continue to pass...
Many senior US tax professionals believe that a streamlined audit process will be the top benefit resulting from the IRS Transfer Pricing Audit Roadmap, a new toolkit organized around a notional 24-month audit timeline,...
Tax accounting to be simplified for money-market fundsThe US Securities and Exchange Commission (SEC) voted 3-2 on Wednesday for sweeping changes to institutional money-market funds, Emily Chasan, senior editor of...
Upcoming CPE Webinars
In this session Excel expert David Ringstrom helps beginners get up to speed in Microsoft Excel. However, even experienced Excel users will learn some new tricks, particularly when David discusses under-utilized aspects of Excel.
FRF for SMEs Series--Measurement and Disclosure Principles for various Consolidations and Business Combinations, Part 4B
This webcast will focus on accounting and disclosure policies for various types of consolidations and business combinations.
In this session we'll review best practices for how to generate interest in your firm’s services.
Meet budgets and client expectations using project management skills geared toward the unique challenges faced by CPAs. Kristen Rampe will share how knowing the keys to structuring and executing a successful project can make the difference between success and repeated failures.