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Most people in Missouri and across the country have likely experienced financial struggles at some point in their lives. Unfortunately, some people are left to prioritize what bills are paid and other financial obligations are met during times of hardship. However, federal officials claim that one business owner was deliberately engaging in tax evasion.
The case involves a 61-year-old man. Though the man started his own business in 1984, he has reportedly experienced some struggles with the company. He reportedly split with his business partner, which resulted in lost employers and clients. Additionally, he claims that clients of his financial management firm failed to pay on time.
Reports indicate that during certain years, the man reported his income on tax returns but failed to pay the taxes. As a result, he was audited and his wages were garnished in addition to facing liens; federal officials say that he attempted to circumvent these measures by paying for his personal expenses from his company’s bank account. The IRS also claims that he failed to file tax returns for several years.
The man recently pleaded guilty to tax evasion charges. Despite his plea, he and federal prosecutors disagree on the mount the IRS lost as a result, with him claiming the amount is someone between $550,000 and $1.5 million and prosecutors claiming it is between $1.5 million and $3.5 million; if the two sides cannot come to an agreement before sentencing, they will have to present evidence to the judge. He is facing up to five years in prison. Unfortunately, these allegations are complex, and many people in Missouri who face them lack the experience and training to fully understand the cases in which they are involved. Fortunately, there are experienced professionals who can help them with all aspects of their case.