A federal grand jury indicted a dentist in Fort Collins, Colo., with six counts of tax evasion for using an illegal tax shelter.
Ryan Ulibarri, DDS, has been the owner and operator of Ulibarri Family Dentistry since 2014. In 2016, he purchased a tax shelter for $50,000, according to an Aug. 26 news release from the Justice Department.
From 2017 through 2022, Dr. Ulibarri used the tax shelter to conceal more than $3.5 million in earned income from the Internal Revenue Service.
Dr. Ulibarri created three trusts and a private foundation, setting up bank accounts for each. He then transferred nearly all the money he earned from his practice to the accounts, using the funds to pay for personal expenses.
In addition, Dr. Ulibarri allegedly submitted false tax returns for himself and the trusts.
In total, Dr. Ulibarri has caused a tax loss of more than $1 million for the IRS. He faces a maximum penalty of up to five years in prison for each count of tax evasion, the release said.