Seattle Businessman Convicted of Tax Evasion: A Cautionary Tale
When facing IRS debt, some taxpayers make the mistake of hiding income or filing false returns. But as one recent case shows, those decisions can carry life-changing consequences.
A Seattle businessman, Steven Loo, was convicted of tax evasion and filing false returns after concealing more than $4.7 million in income from his commercial property ventures. By funneling funds through shell entities and failing to report them between 2015 and 2020, he racked up over $1.6 million in unpaid taxes.
Now, Loo awaits sentencing and faces the very real possibility of years in federal prison.
What This Means for Everyday Taxpayers
Most people with IRS problems will never face criminal prosecution. But this case is a powerful reminder:
Hiding income doesn’t make tax debt go away. It compounds the problem.
The IRS takes fraud seriously. Once intentional concealment is proven, penalties escalate quickly.
There are always legal options. From installment agreements to Offers in Compromise, taxpayers have paths forward that don’t involve risk of prison.
A Smarter Way to Resolve Tax Problems
At King Palm Tax, we help individuals and business owners address tax issues legally, effectively, and without judgment. Whether you’re behind on filings, facing IRS notices, or worried about collections, the worst thing you can do is ignore the problem or try to hide it.
Instead, we’ll work with you to:
✔ Review your IRS account and filing history.
✔ Identify the best resolution strategy for your situation.
✔ Communicate with the IRS on your behalf.
✔ Protect your assets and give you a clear path forward.
Don’t Wait Until It’s Too Late
Cases like the one in Seattle show what happens when tax problems spiral out of control. You don’t have to go down that road.
📞 Contact King Palm Tax today for a free consultation and start resolving your IRS issues the right way—before they grow into something much bigger.