A Texas man has been handed a 37-month prison sentence, along with three years of supervised release, for his role in evading taxes on income generated from his business.
Additionally, he must pay $529,551 in restitution to the United States.
Business Operations and Tax Evasion
John L. Petrone operated a business selling products like the herbal extract “kratom.”
Despite earning substantial income from 2014 to 2019, Petrone failed to file income tax returns or pay taxes for those years.
His tactics included not withholding federal taxes from employee paychecks, using multiple business names, dealing primarily in cash, using business accounts for personal expenses, and providing false information to the IRS during audits.
Moreover, he neglected to pay employment taxes for his business.
Financial Impact and Legal Proceedings
As a result of his actions, Petrone caused a significant tax loss exceeding $529,000 to the IRS.
The announcement was made by Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division.
The IRS Criminal Investigation unit handled the case, while Assistant Chief David Zisserson and Trial Attorney Andres Chinchilla from the Tax Division prosecuted, supported by the U.S. Attorney’s Office for the Western District of Texas.
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