Alaskan Tax Evader Might Not See the Light of Day for Years

A hotel, bar and liquor store owner, Tina Yi found herself on the cold side of the law! Indicted for filing false tax returns that underreported her income the Nome, Alaska business owner has found herself in trouble with the IRS.

Yi started the business in 2007 and then, between 2014 and 2017 evaded approximately $1.5 million in taxes. She kept two sets of books, one that accurately kept track of income and expenses, and one that understated the company’s income. Yi provided the false records to her accountant and ultimately underreported her income by more than $3.2 million. An unfortunate accident was her undoing!

In October of 2017 a fire destroyed Yi’s business, killing a long time resident of Nome, and ultimately leading to the discovery of the tax fraud. She received a $1.8 million insurance payout but the discrepancy in her accounting systems was discovered when Yi submitted financial records to a forensic CPA as part of the insurance claim.

If convicted, Yi faces a maximum for 40 years in prison, as well as restitution.